Cryptocurrency is a digital asset which can be exchanged, it uses cryptography for security and verification purposes so that it cannot be counterfeit. Cryptocurrency transactions are processed using the blockchain technology which keeps a record of all data exchanges like a ledger book. Transactions are verified and then added to the ledger as a block. A cryptocurrency holder does not have to rely on financial institutions like banks for exchanges and can send and receive cryptocurrencies from any part of the world at any time.
Below are the steps to deposit cryptocurrency in CBANX:
1. Logon to www.cbanx.com and login to your account.
2. Click on Funds.
3. Select Deposit from the drop down option.
4. Select the coin or token you would like to deposit from the drop-down menu. Here we have selected 'BTC - Bitcoin' as shown in the picture below
On selecting BTC, the wallet address where the cryptocurrency needs to be sent or deposited will be displayed. The QR code can also be scanned to copy the address.
(Please note that all cryptocurrencies will have different wallet addresses, make sure the coin or token is sent to the correct wallet address - or else it will be lost and cannot be recovered.)
5. Scan the QR code or copy the alphanumeric wallet address from your above destination crypto wallet.
6. Paste your alphanumeric wallet address in the 'send to' address of your origination crypto wallet, enter amount of crypto, and press 'send.'
(Once the send request has been executed, then your origination wallet will show you a transaction ID, which you usually can click on to track the status of your transfer between crypto wallets. If you are sending from an exchange wallet, it can usually take some minutes before such transaction ID is generated and linked to the specific cryptocurrency blockchain for tracking.
Each blockchain usually runs new transaction blocks (also known as network confirmations) on a different time frequency and the CBANX exchange requires a specific number of transaction confirmations before it will acknowledge the crypto transaction as approved. These confirmations can in some cases take 30-60 minutes before accumulated and the crypto deposit transaction is recorded and balance updated in your CBANX wallet.
If you want to know how many confirmations are needed for your deposited crypto, it can be reviewed here)
7. Once your crypto has been sent, it will take some time (confirmations) before it arrives and the balance is updated in your CBANX wallet.
(How long time? and why? Please see above comment in point 4. If your deposit has experienced a higher amount of confirmations that required and your balance still has not been updated, then please contact our support team.)