Learn more about the different concepts that surround the cryptocurrency ecosystem. The general picture is becoming clearer. Therefore, it is easier and more understandable to execute the different processes that are immersed in crypto-asset transactions. An example of this is that basic concepts such as the use of a wallet or those that are a little more complex such as the different digital asset transfer networks are understood.
That is why, in this article, we are going to explain fully the theory surrounding the different cryptocurrency transfer networks used in Ccoins. Sometimes you can find in our informative content references to networks that operate in a cryptocurrency or token and that are also linked to our Ccoins wallet.
At Ccoins, we are very proud of our crypto-asset transfer system, and we are sure that our users will enjoy all the services our wallet can offer. We know our users not only use our wallets as a means of protection, but they also have accounts on other platforms that operate with their wallets. Sometimes these platforms can operate with different transfer networks for the same cryptocurrency or token, and this is where the processes of sending or receiving digital assets can be a bit complicated.
Sometimes you will find platforms that allow you to send, for example, Tether through different networks. You could send it through the Ethereum, Tron, or Omni Tether network. The complication of this feature is that if we send our USDT through the Tron network, but the receiving wallet only accepts Tether through the Ethereum network, we run the risk of losing the tokens sent.
At Ccoins, we seek to simplify this dilemma and leave only one option to our users, and we will always be reminding this feature so that they are attentive at all times.
The first thing we should know is that at the moment Ccoins only operates with four digital assets divided into Cryptocurrencies (Bitcoin and Ethereum) and Tokens (Tether and USD Coin).
Currently, each one works with a single transfer network, but in the future, we are sure that we will add many more cryptocurrencies and tokens, and with the help of our users’ feedback, we will know whether to add more transfer networks for the same cryptocurrency or token.
Sending: When using the sending option, every user must ask the person receiving a Bitcoin wallet address and only Bitcoin, not Bitcoin Cash or Bitcoin Gold, since they are different currencies. In addition, it is necessary to ensure that said address operates in the protocol of the Bitcoin blockchain network and not from another network since Bitcoin can currently be sent by different networks depending on the platform through which it is sent.
Deposit: When a user wants to deposit their bitcoins into their Ccoins account or to another user. They must look for the Bitcoin wallet address of their Ccoins account, or request said address from the other user to whom you want to deposit if the wallet you send allows multiple sending networks to select the Bitcoin network.
Sending: Any user who wishes to make shipments from Ccoins to another wallet must request a valid Ethereum address that has been generated using the Ethereum ERC-20 network as a reference and not another network, since ETH can currently be sent through different networks.
Deposit: If a user wants to deposit their Ether into their Ccoins account or that of another user, they must look for the Ethereum wallet address of their Ccoins account that is automatically generated to work under the Ethereum ERC-20 network, or request said address from another user to whom you want to deposit if the wallet where you send allows multiple sending networks, select the Ethereum ERC-20 network to be able to make the deposit.
Shipping: When we talk about tokens when choosing a network to send them through, it is necessary to be especially careful since tokens like Tether have a wide range of networks where they can be transferred. This is why the first thing we must do is request a valid Tether address that has been generated using the Ethereum ERC-20 network as a reference and not another network, since USDT can currently be sent through different networks.
Deposit: If a user wants to deposit their USDT to their Ccoins account or to that of another user, they must look for the Tether wallet address of their Ccoins account that is automatically generated to work only under the Ethereum ERC-20 network, or request said address to the other user you want to deposit. If the wallet where you send allows multiple sending networks, select the Ethereum ERC-20 network to be able to make the deposit.
Shipping: As with other Tokens, USD Coin has multiple networks where it can be sent. For this reason, it is necessary to be careful when choosing a sending network. The first thing we must do is request a valid USD Coins address that has been generated using the Ethereum ERC-20 network as a reference and not another network, since USDC can be currently sent over different networks.
Deposit: If a user wants to deposit their USDC to their Ccoins account or to that of another user, they must look for the wallet address for USD Coin of their Ccoins account that is automatically generated to work only under the Ethereum ERC-20 network, or request said address to the other user to whom you want to deposit if the wallet where you send allows multiple sending networks, select the Ethereum ERC-20 network to be able to make the deposit.
It is of vital importance that all users must bear in mind these characteristics of our Wallet Ccoins since when making a shipment or deposit with a network not available in Ccoins, you may incur the loss of cryptocurrencies or tokens.
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The CCUSD, being the digital dollar of Ccoins, does not work in the same way as a cryptocurrency, which is why you should not worry about this feature in internal shipments to other Ccoins users.
Of course! later we will expand the catalog of digital assets that you can exchange in Ccoins, and when this happens we will update the transactional information.
In summary, the transactional networks of our currencies are Bitcoin (Bitcoin network), Ethereum (Ethereum ERC-20 network), Tether (Ethereum ERC-20 network), and USD Coin (Ethereum ERC-20 network).
