At UGLYCASH, we want to make it easy and intuitive for any member of our app to start investing in Bitcoin or Ether.
That’s why we’ve prepared the following list of articles, where you’ll not only learn how to use this new feature but also gain the essential knowledge to take your first steps in the world of cryptocurrencies.
What is Bitcoin?
Bitcoin is one of the most significant cryptocurrencies in the world today. Launched in 2009 by a developer under the pseudonym Satoshi Nakamoto, its primary function is to enable the exchange of value between parties in a decentralized manner.
What is Bitcoin Used For?
The primary use of this cryptocurrency is to allow users to send and receive money in the form of BTC or Bitcoins, which can be executed on its blockchain at any time.
Additionally, Bitcoin can also be used as an investment medium due to its speculative nature, as its value fluctuates based on various economic conditions.
What is Ether?
Ether (ETH) is another essential cryptocurrency developed within the Ethereum blockchain. Like other cryptocurrencies, it facilitates digital payments, and its management is also decentralized.
Ether stands out from other cryptocurrencies because it functions as a resource within the Ethereum Blockchain, enabling the payment of fees for executing actions on the network.
What is Ether Used For?
Unlike Bitcoin, Ether has use cases beyond sending and receiving digital money. As mentioned, it can be used to pay for the fees of any executable action on the Ethereum blockchain.
It can also serve as an investment medium, as its value is also subject to fluctuations.
How to Buy BTC/ETH with Your UGLYCASH Balance?
In the BTC & ETH transactions section, select the cryptocurrency you want to buy and tap the "Buy" button, identified with a plus (+) symbol.
You will see various purchase amounts to choose from, along with your current balance and a calculator to enter a custom amount.
Once you’ve made your decision, tap "Continue". On the next screen, you will be prompted to enter your Security PIN.
After entering the PIN, confirm the transaction details and swipe the button at the bottom to complete the purchase.
Done! You will now see your Bitcoins or Ethers reflected in the corresponding cryptocurrency balance.
How to Sell BTC/ETH for UGLYCASH Balance?
In the same BTC & ETH transactions section, select the cryptocurrency you want to sell and tap the "Sell" button, identified with a minus (—) symbol.
Enter the amount of Bitcoin or Ether you want to sell. You will also see your current balance of the respective cryptocurrency.
Enter your Security PIN, review the transaction details, and slide the button at the bottom of the screen to confirm.
Done! Your order is now completed, and you will see the proceeds of your sale in your UGLYCASH account balance.
How to Receive Cryptocurrencies in the BTC & ETH Transactions Section?
Receiving Ether or Bitcoin in the BTC & ETH transactions section of UGLYCASH is very simple. Follow these steps:
In the BTC & ETH transactions section, select the cryptocurrency you want to receive (Bitcoin or Ether), and tap "Wallet".
Once done, swipe right to "Receive" to see the total amount available.
The app will generate a wallet address to which you should send the funds. You can either scan the QR Code with your wallet app or copy the address.
Once you send the funds and the transaction is confirmed on the corresponding blockchain network, the amount will be credited to your account automatically.
Note: You can only receive the cryptocurrency on its respective network. For instance, if you want to receive Bitcoin, you can only transfer BTC to the provided address using the Bitcoin Mainnet (Legacy).
What Happens If My Deposit is Canceled?
If your Ether or Bitcoin deposit is canceled, it may be due to the wallet address used being unacceptable for security reasons.
If you have already sent the funds, contact our support team to review your case.
If you haven’t sent the funds, we recommend using a different wallet address.
How to Send Cryptocurrencies in the BTC & ETH Transactions Section?
Sending Ether or Bitcoin within the BTC & ETH transactions section of UGLYCASH is straightforward. Follow these steps:
Select the cryptocurrency you want to send (Bitcoin or Ether) and tap "Wallet".
Swipe left to "Send".
Enter the amount to be sent, and the app will calculate the estimated amount in ETH or BTC to be received.
Tap "Review Order".
Copy the destination address.
Confirm the transaction by entering your Security PIN, review the transaction details, and slide to confirm.
Note: You can only send the cryptocurrency to the respective network. For instance, if you wish to send Bitcoin, you can only transfer BTC to the provided address using the Bitcoin Mainnet (Legacy).
What Happens If My Transaction is Canceled?
If your Ether or Bitcoin transaction is canceled, it may be due to the provided wallet address being unacceptable for security reasons. We recommend using a different address.
BTC & ETH Fees and Credit Times
Transactions using blockchain networks involve network fees, which are calculated by the app at the time of withdrawal.
For Bitcoin, the fee is known as a Transaction Fee.
For Ethereum, the fee is referred to as a Gas Fee.
These fees can fluctuate based on network congestion and are displayed in the app during the transaction process.
The credit amount received may slightly differ from the amount shown in the app due to the changing price of cryptocurrencies.
Credit Times
The time it takes for a cryptocurrency to be credited to an address may vary based on network congestion.
UGLYCASH requires approximately 3 to 6 network confirmations to validate the transaction.
These times are determined by the blockchain network and are not controlled by the app.
Withdrawal Limits for BTC & ETH in UGLYCASH
Here are the monthly and daily withdrawal limits for BTC & ETH in UGLYCASH:
✅ ETH Limits (30 days):
2.18 ETH (equivalent to $5,000 USD)
Maximum of 10 transactions per day
✅ BTC Limits (30 days):
0.12 BTC (equivalent to $5,000 USD)
Maximum of 3 transactions per day
If these limits are exceeded, the transaction cannot be processed until the transaction quota is renewed.