Crypto Trading FAQ
Posted from: https://cryptoportfoliotracker.com/blog/crypto-trading-faq
Why is my BTC transfer taking so long?
Bitcoin transfers need a certain number of confirmations on the blockchain before the receiving exchange will credit your account. This process can take an hour or even longer for Bitcoin. To check the confirmation progress, enter your transaction ID into a blockchain explorer, such as Block Explorer.
Can one buy an ICO using Bittrex?
No. An ICO generally uses a smart contract which swaps Ethereum (ETH) for the ICO token. If you send Ethereum to a smart contract using Bittrex, you will not get credited with the ICO token. Bittrex only credits you for direct deposits by clicking the [+] plus button on their balances page.To buy an ICO, you need to use an Ethereum wallet where you control the private key, such as MyEtherWallet.
Are the trading pairs on Bittrex backwards?
In name only. For example, what one would normally call LTCBTC is listed as BTC-LTC on Bittrex. It still represents how much BTC required to purchase 1 LTC.
How does one buy crypto using USD on Bittrex?
Most assets on Bittrex are quoted in Bitcoin (BTC). Bitcoin needs to be bought from another exchange (such as Coinbase) and then transferred to Bittrex.
How does one sell crypto for USD on Bittrex?
This cannot be done directly. However, one can sell the asset for BTC on Bittrex and then transfer the BTC to an exchange that has BTCUSD. Be aware that the transfer may take over an hour to complete.Do not confuse USDT on Bittrex with USD. USDT is not USD.
What is the difference between xxxBTC and xxxUSD?
As long as you don't use margin, then you will receive the same asset, regardless if you paid BTC or USD (obviously the amount paid is different in each case).For example, a received LTC is the same no matter if you bought it through LTCUSD, LTCBTC, or LTCETH, as long as margin is not used.
Are USD and USDT the same thing?
No. USD is US dollars, while USDT is a crypto called Tether which is marketed as being backed by US dollars. However, Tether has no legal obligation to redeem USDT for US dollars. See Tether Legal:
Tethers are not money and are not monetary instruments. They are also not stored value or currency. There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money.
Are XBT and BTC the same thing?
Yes. XBT is the unofficial ISO 4217 currency code for Bitcoin. However, BTC is the "de facto" currency code for Bitcoin, and is more commonly used.
Are BCC and BCH the same thing?
Be careful. BCC is also being used for a crypto called BitConnect. BitConnect is not Bitcoin Cash. However, some exchanges (such as Bittrex) use BCC for Bitcoin Cash. Be sure what BCC refers to on your exchange.
What is a crypto fork? Is it like a stock split?
No. Each crypto has its own ledger residing on its blockchain. The ledger contains a list of all transactions that have ever been done in that crypto. When a crypto forks, the list of transactions is copied into a new separate ledger. The ledger in the original crypto is not modified in any way.Since all transactions were copied, anyone who holds a balance in the existing ledger will also hold an balance of equal quantity in the new ledger. However, the two ledgers (and blockchains) are distinct and cannot interact with each other. You cannot send coins from the forked crypto to the original crypto, or vice versa.
Can you store Bitcoin or Litecoin in MyEtherWallet?
No. Bitcoin, Litecoin, and Ethereum are separate blockchains and cannot be stored in each other's wallets.
Is Coinbase a wallet?
It depends on the context of "wallet". Originally, the term wallet (also known as a "real wallet") specifically refers to the private keys used to authorize transactions from a crypto address. However, Coinbase and some exchanges also use the term wallet to refer to any address where you can send and receive crypto, even if you do not have access to the private keys.It is important to distinguish between the two. Some actions, such as buying an ICO using a smart contract, require using a real wallet where you have access to the private keys. If you try to execute a smart contract using a Coinbase wallet, you will likely lose your funds.
What is NEO GAS and how do you receive it on Bittrex?
GAS is used to execute smart contracts on the NEO blockchain. It is automatically distributed to all real NEO wallets. However, Bittrex is not a real NEO wallet, since you don't control the private keys. As a result, you don't receive GAS for holding NEO on Bittrex.To receive GAS, you must withdraw NEO to a real wallet, such as the official NEO client.
Does two-factor authentication (2FA) work while you're offline?
If using TOTP, yes. Most exchanges use TOTP, however, check with the specific exchange to be absolutely sure.TOTP uses the current time to generate the authentication code. As long as the clock on your device is correct, then the authenticator will generate the correct codes, even without an internet connection.
This FAQ is not a recommendation to buy any cryptocurrency or asset. This FAQ is provided "as is" and in no event shall the author be liable for any losses or damages whatsoever arising out of the use of this information.
Updates posted at: https://cryptoportfoliotracker.com/blog/crypto-trading-faq