Where is my coin wallet address?

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  • Avatar
    Lachlan

    How long does it take to receive coins into the coinspot BTC wallet when sent from external wallets?

  • Avatar
    Ampickles1992

    I've sent 0.58 BTC from one exchange into Coinspot. The transaction has so far taken 13 hours. I'll update you when the transfer clears. It should be a lot less, but I think there's some serious congestion ATM.

  • Avatar
    jack

    how did you do that without a coinspot address?

  • Avatar
    Ampickles1992

    Coinspot has an address you can send to, but only for BTC, DOGE and Litecoin. 

    Go to wallets. Click on the coin. Then on the left, click generate deposit address. 


    Also, Lachlan. It took about 18 hours the other day. I've had anything from almost instantly up to 18 hours. The time needed to send coins is heavily dependent on how busy the blockchain is. 

  • Avatar
    Robert Lavington

    How do you backup your wallet that you have with coin spot??

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    j-ppaix

    How do you backup your wallet that you have with coin spot?? as well as how can I save it onto an external device?

  • Avatar
    Ampickles1992

    Aimed at Robert Lavington and j-ppaix

     

    You can't backup a wallet that is hosted on the Coinspot website. By definition, backing up as saving a hardcopy. As you can't have a hardcopy and a softcopy of money (can only be one or the other), you have to choose whether you save it on a wallet yourself, or whether you trust coinspot's security. 

  • Avatar
    Zachary Michael Peters

    @Ampickles1992 is there a fee when depositing into your coinspot address from an external bitcoin wallet?

     

  • Avatar
    Ampickles1992

    Hi Zachary, 

    No there is not. But you can only send BTC, LTC or DOGE into Coinspot. 

    I commonly buy BTC on other exchanges (for cheaper than CS), and then transfer to Coinspot, and then sell for a good percentage more than I bought them for. 

  • Avatar
    Zachary Michael Peters

    Cheers for the response mate, may I ask what other platforms you would recommend buying BTC on?

    Thanks again.

     

  • Avatar
    Ampickles1992

    Australian ones? 

    I use Independent reserve. Price is usually lower than Coinspot, and the fees are significantly lower. 

    I buy on Independent reserve, send into a big exchange like Binance, play around in there for a bit, and then sell on Coinspot because the price is higher. 

    The higher fees are usually covered by the higher price. 

  • Avatar
    Ronnel Gultiano

    What happens for coins you don't have a wallet for when the transactions are malformed? My coins for stellar were sent to no address yet it is marked as completed. I assume this is because it comes out of a shared wallet? there is no TXID so this should have failed! Why have the coins been taken out of my account! Can someone please check my case I raised on this!

  • Avatar
    Ampickles1992

    Hi Ronnel, 

    It is your responsibility to ensure that the address you're sending to is correct. It's impossible to send to no address, so you must've put something in the 'to' box. If you put anything in there and hit send, it's likely your coins are gone. 

    Crypto is decentralised, and there's no bank that can reverse the transaction for you. If it went through, it's gone. Sorry bud. 


    I'm not a representative or employee of Coinspot, so my word isn't gospel, but this has happened a fair bit in the past. Call Coinspot and get them to confirm that the transaction has in fact been placed. . 

    Regards, 
    Andrew. 

     

  • Avatar
    Swahil Patil

    I transferred few BTC into Coinspot around 36 hours ago and the transaction still says pending. When I did this previously it came through within few hours. Any idea on why is it taking so much time? I submitted several requests on this but haven't heard back from anyone yet.

  • Avatar
    Ampickles1992

    This isn't a Coinspot issue, this is a bitcoin issue. 
    Currently, due to the amount of demand and the mining setup (because segwit 2x didn't go ahead), the bitcoin transfer rate is incredibly slow. If you want to transfer bitcoins from one exchange to another, I'd avoid doing a transfer, and would instead use www.shapeshift.io to transfer your bitcoin into another coin, then send, then transfer back into bitcoin. 

    This is going to be the most difficult thing for bitcoin to overcome as litecoin is exactly the same except infinitely faster. 

     

    Out of interest, you should have a look into the amount of electricity burned per transaction. Last time I checked, it was enough to power a Tesla Model 3 for 1000km, per transaction - which is insanely power inefficient. 
    Ethereum is about to swap to POS (proof of stake), instead of POW (proof of work), which will make mining obsolete. 

    In short, bitcoin has had a huge run recently, but it's very quickly becoming redundant. As soon as ETH gets POS, it'll absolute blow bitcoin out of the water. 

  • Avatar
    Mark Collis

    I’ve just bought bitcoin via coin spot. Where is it kept? I thought I needed s wallet

  • Avatar
    Ampickles1992

    There are three ways to hold your coins. 

     

    On exchange - held in Coinspot, but not the safest method. You don't need to worry about losing a USB or hard drive though. This is the exchange, like Coinspot, Binance etc.

    Virtual wallet - held in a virtual wallet, where you manage your own private key (string of numbers). Safer than exchange, but I think it's a bit riskier as I'm more likely to lose my private key than to be hacked. Like Electrum, or Blockchain Wallet.

    Hard wallet - held in a hard disk like s wallet. More risky in my opinion as the disk could be lost, damaged, stolen, or burned down in a fire, with all your money going up in flames. Like Nano S Wallet.


    My opinion is a bit different to the norm, and this is the case because you can setup Coinspot to require text verification for anyone to send or withdraw your coins from your account. To do this, the hacker will need both your login, and your mobile phone. Even more difficult if you've activated 2FA (but make sure you have your 2FA details backed up). 

    Exchanges like Binance, Bittrex etc are all different, and have different security methods. Do your own research, but my preference is in the exchanges and I've had no problems. But I've heard so many horror stories about people losing their old computers and forgetting private keys. 

     

     

    Coinspot - you should give me a job given the amount of questions I'm answering. Haha

     

  • Avatar
    Multigalacticuniverse

    Hey @Amypickles1992

    I have a bit of litecoin on a hard wallet, and I was planning to cash it out. Besides transferring the coins to coin spot, and paying a 3% fee, is there any other trusted site/method of cashing it out into a bank, or even paypal account with lower fees? (Due to the high Coinspot fee (3%) from LTC to AUD).

    Cheers mate.

     

     

  • Avatar
    Ampickles1992

    Hey mate, 

    At the time of writing, LTC/AUD on most exchanges is at $414, and because Coinspot adds an extra bit of meat on top of all coins, the LTC/AUD chart on CS is $437. After the 3% in fees, this works as $423.9, which is still higher than the normal going rate.That being said, you could use Shapeshift to sent into another coin like BTC or BCC, depending on how many LTC you have this may work out more economical. 

    How many LTC are you talking? I would put that LTC into REQ for the next week, before the Collosus Network upgrade. Price will go up 20%, and then that's your fees and a bunch else covered. 

  • Avatar
    Ryan Zahrai

    Copying from an email I sent Coinspot, only to be sent a reply that due to volume of requests, to post here instead. Hoping I get a reply:

    On 12 December 2017, 16:40 GMT+10 (Sydney) time, I transferred US $599.99 worth of LiteCon from Coinbase to my Coinspot account, to an address generated by my LiteCoin wallet, being:

    LXgAoyf31wLAMByDuLdUWPJxZuAtrP6PYG

    Having checked CoinSpot for the receipt of LTC, I now note that the LTC wallet address is completely different, being LMemJ1YqKMAyP9C9KaPmSbPyjH5szSBtJZ. See below screenshot.

    Inline images 1

    Note, I did not type the previous Litecoin address into my Coinbase send request, but copied and pasted the address which Coinspot generated for me into the Coinbase send request field. I did not use another buy/sell platform or exchange, as I only use Coinspot and Indepedent Reserve, and specifically used Coinspot to receive the LTC. Independent Reserve does not trade in LTC.

    Coinbase had the send status as "Complete" after 19 confirmations with the LTC address.

    It seems Coinspot has somehow changed the LTC deposit address between the time I generated it and the last 24 hours.

    Please advise how I can rectify this issue. Otherwise, I would have lost US$599.99.

    I look forward to your response,
    Ryan

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