![]() Tip: You can use a QR code instead of copying a string of characters.ĥ) Blockchain transactions are not instantaneous 4) Public addressesĪ public wallet address is a string of characters you use to send a transaction to someone or to receive a transaction in your wallet.įor Bitcoin in ZenGo, a public address will look like thisĮach blockchain has different address formats (for example Ethereum public addresses start with 0X) and you should never send an asset to an incompatible address format – you will lose your funds. Tip: You can verify transaction confirmations in a blockchain explorer by tapping on the transaction in your ZenGo activity history. Until full confirmation, a transaction is considered “pending”. This affects the time it may take for you to see a transaction arriving on the other side. ZenGo, for example, requires only 1 confirmation for Bitcoin before adding it to your balance, but other services may require 6 or more confirmations. In addition, each crypto service, such as a wallet or exchange, may have different requirements regarding how they consider a transaction as “final”. But that’s not all.Įach blockchain has a different number of confirmations it recommends to wait before considering a transaction “final”. after you confirm it in ZenGo), the blockchain operators need to “confirm” it on the blockchain in order for it to be considered final. Once a transaction is broadcast to a blockchain (e.g. 3) Blockchain transactions require “confirmations” Tip: Always verify the transaction details before confirming your transaction. ![]() Read more on this on our account safety page. That’s why it’s critical to trust the person or organization to whom you’re sending and verify that you’re sending to the correct address which can be done conveniently in ZenGo. 2) Blockchain transactions cannot be reversed once completedīlockchain transactions are similar to payments made in cash: once it leaves your possession there’s no way to cancel it. Tip: Tap on a transaction in your activity history to view it in a blockchain explorer. This is an example of explorer which is also available in ZenGo ZenGo has a built-in explorer if you’d like to verify your own transactions. You can verify your transactions on the blockchain anytime by using an “explorer” which is a website that helps you navigate all the transactions that you made or received. You’re in control and only you can make transactions 24/7, each of which is registered on the blockchain. ZenGo is just your safe and simple gateway to the blockchain. That means that your funds are not stored in a centralized database, like a bank or an exchange (like Coinbase, or Paypal or Robinhood), but distributed across a global network of independent machines (also called miners) that maintain a safe record of your transactions and guarantee their security. ![]() In ZenGo, your crypto is “on-chain” and controlled by you. 10 10) When purchasing or trading crypto the price may differ from the spot market price.9 9) Blockchain network fees are dynamic and change all the time.8 8) Crypto asset prices are highly volatile.7 7) Sending a transaction requires paying a blockchain network fee.6 6) Bitcoin public addresses change for each new transaction.5 5) Blockchain transactions are not instantaneous.3 3) Blockchain transactions require “confirmations”. ![]() 2 2) Blockchain transactions cannot be reversed once completed. ![]()
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