BTCNEXT FAQ

Beginners

What is the simplest way to exchange my funds for another currency?

You can purhcase crypto on any available exchange by trading it with either real money(fiat) or another crypto. Example of an exchange that accepts fiat: Coinbase

How to choose the best cryptowallet?

You would need to do your own research to choose which wallet you would like to have. When selecting a reliable wallet, irrespective of whether it is a software or a hardware wallet, one should judge it based on the following criteria - Control private keys: A wallet where you own and control your keys. Backup & security features: Seed backup keys and pin codes. Developer community: Active development community for maintenance. Hot/Cold Wallet: Whether a wallet is a hot or cold wallet. Ease of use: Elegant UI for fast and easy use. Compatibility: Compatible with different operating systems. KYC: A wallet that doesn't require KYC

How do I buy cryptocurrency?

You can purchase crypto on any available exchange by trading it with either real money(fiat) or another crypto. You can easily purchase or trade cryptocurrency through the BTCNEXT indeed, you'll be surprised with how easy it is! On the top, our user's interface is very easy to use, and there is always customer support in case you need it!

How do I cancel my transaction?

Blockchain transactions are irreversible. Once money is sent, it cannot be rolled back. So if you are going to exchange cryptos, think twice and check attentively all the payment details prior to sending money.

Why is my final amount different?

All transactions take time to be processed (usually 5-20 minutes). For quite volatile currencies this time is crucial as the final rate may surprise you. This happens due to the fact that Crypto Exchange Now doesn't fix currency rates.

When should I receive my money?

Crypto Exchange Now transactions take 5-20 minutes to be processed. If a transaction is large (over 1 BTC worth), processing may take longer depending on the size of your transaction and blockchain capacity.

Why is my wallet address recognized as invalid?

Crypto Exchange Now supports most of wallets. If your wallet address is recognized as invalid, there is always a reason: 1 You confused Dash (DASH) with Dashcoin DSH). These are two different coins with two different amounts. 2 You confused Factom (FCT) with Fantomcoin (FCN). Different currencies as well. 3 Typo or character missing. Make sure that the address you specify matches the actual address of your wallet.

Why does my transaction take so long?

As a rule our transaction takes 5-30 minutes to be processed. It your transaction takes longer, this might be due to a wide range of factors. 1. Blockchain overloaded. There are many transactions pending including yours. The issues takes place on the Bitcoin and Bitcoin based blockchains. All you have to do is to wait. The blockchain overload doesn't depend on Crypto Exchange Now. 2. Coin updates. We may turn off some coins to update a client. It will take some time. Once we turn it on, you will get your money. 3. DDoS attacks. Any platform may experience such issues. In this case, all you have to do is wait. 4. Read detailed explanation of each issue in this article: About delays

What do you do to prevent other people from hacking into my account?

Please note that while we employ the highest level of security measures to protect your wallet assets, holding hot (online) cryptoassets is not without risk. You are strongly advised to protect your mobile device with adequate security measures at all times. Such measures include, among others, an access PIN, biometric verification, and two factor authentication when logging into the wallet app.

Why is my transaction still waiting for payment if I've already paid?

There are several reasons this might be happening: The transaction hasn't been included to a blockchain. Cryptocurrencies aren't stable, so minor errors sometimes occur. If this happens we will either refund you your money or push the payment through if you can provide the hash (a tx ID) of your transaction. ETC and ETH confusion. The addresses of Ethereum (ETH) and Ethereum Classic (ETC) have the same structure. If you send ETC or ETH, make sure that you've selected the appropriate transaction type on Changelly. For example, if you create an ETH to BTC transaction, make sure that you send ETH, not ETC. Otherwise your transaction will get stuck. Wrong XEM message. While sending XEM, make sure that you've put the correct message. It's indicated here and looks like a combination of digits and letters. Messages like 'Hey how are you', or 'I love Changelly' are lovely but won't work, unfortunately. In case you indicated or forgot to put the valid destination tag for XRP or the valid memo for EOS/Stellar, the transaction won't be processed automatically and you'll have to contact our support team in order for your transaction to be either pushed or refunded manually.

How do I choose a wallet?

Choosing a wallet to store your cryptocurrencies in is a very important step to make when deciding to buy and sell crypto. We recommend that you choose a wallet that you can use day-to-day. We encourage you to read about this as there are plenty of wallets in different formats: desktop, mobile, web, paper and hardware. For more information on choosing the right wallet to store your bitcoin, here's a handy guide on bitcoin.org on how to choose your bitcoin wallet. For storing your Ether, we recommend MyEtherWallet.

How do I get a wallet address?

Just figure out, what coin do you want to buy and seek for a stable wallet version. As a rule, each coin has its official wallet client. Note that each wallet has its unique address or a tag with a private key that is required to restore your wallet if lost. Crypto Exchange Now never asks your private keys. Store them in a safe place and never show anyone. Once private keys are stolen, you wallet with all the coins will be lost forever.

Cryptocurrencies keeps crashing and then rising. Is there cause for concern?

It is normal for any stock, currency or cryptocurrencies etc to rise and fall as part of its cycle. The key is to know when the right time to enter and exit is using proper risk management.

Is it possible to invest in cryptocurrencies from India? I'm looking forward to get started.

Yes, it is possible. First you need to create your own wallet to store it, then you can go ahead and go onto an availble exchange in India and purchase some. Example: http://Zebpay.com

Anyone know where to get tick by tick, or at least, by the minute, trade data from the main exchanges globally for the top 10 currencies by market cap? Preferably, data since inception but, at the minimum, 6-12 months of data would be great.

https://www.quandl.com/data/BNC2 Contains historical global price indexes for a number of cryptocurrencies

Which exchanges would you suggest for security? Which ones to avoid? How to tell a good one from a bad one?

No exchange is fully secure unfortunately. Exchanges can close in an instant and you could lose all your coins. The best way to secure your coins is to keep them in a specialized wallet that only you control.

What other exchanges should I use if I am in America? Will I have any problems with BTC next?

At the moment our exchange does not accept people from US to purchase crypto unfortunately, if you would like to purchase crypto from US. You can use exchanges such as Coinmama.

Thoughts on ETC vs ETH? Both as a platform and investment opportunity?

Ethereum Classic (ETC) is the original chain and Ethereum (ETH) is the new chain. The core developers, including the founder, went on and developed the new chain, and now when one talks about Ethereum they're referring to the new chain. Those that sticked to the original chain (ETC) -a small community- was ideologically opposed to any change imposed on the Blockchain, since they argued that it's nature should be immutable (not prone to change).Is there any real differences? In terms of functionality, both chains are the same since the originate from the same chain. It is more of a ideological difference. However it is important to take note that in terms of progress, the new chain would be more equipped with the latest updates and continual improvement of the system since the core developers are working on ETH, the new chain.

I want some opinion from you guys for the following altcoins (a) Basic Attention Token (b) Steem (c) Quantum Resistance Ledger. I see definitely potential in those projects. What do you guys think? Long term I'm with ETH

That's a great list of coins you're interested in! If I may, I would give a little insight on the fundamentals if the coins: BAT - Theoretically, it sounds great: imagine getting paid to turn off your adblock. But diving down, there are still fundamental difficulties towards its viability such as dealing with fraud, and the traction of advertisers on board. Steem - Many have compared steem to a ponzi scheme since there's no monetization model while content creators and editors gets paid a considerably large amount. But it could also be pointed out that social media sites like Facebook & twitter sort of started out that way with a high burn rate and no monetization. The great potential of steemit is that multiple social media platforms can be built on it, which if fulfilled could be big. QRL - It seems that the coins utility is more of a value reservoir in the event quantum computing poses a threat to the current industry. That's quite a big contingency, as it assumes that other coins will not have the capabilities or freedom in changing their protocol/ mechanisms to defend from quantum computing. Hypothetically, it should be a good hedge for other cryptos.

Will the government ban crypto?

Yes and no. From a technical standpoint, it is very hard for a government to ban a cryptocurrency. All that Bitcoin needs to survive are two individuals that want to make a transaction and a miner. Chasing those down and prosecuting them all around the globe would be very difficult. The second option in which Bitcoin could be physically banned is if a country shuts down the local internet.

How many cryptocurrencies exist in the web?

There is no exact number of existing cryptocurrencies exist in the ecosystem, this is because the code of the cryptocurrency is an open source, this means that anyone has the chance to create their own version of cryptocurrency by just using the code. But as to this moment, the estimated cryptocurrencies in the marketplace is about more than 900, along with the data embedded on them, which can be seen on the list of registered coins.

What is cryptocurrency exchange and market?

A cryptocurrency market and exchange are both service in web, allowing cryptoccurrency token holder to trade to other currency or conventional monetary to their system.

How is the cryptocurrency value determined?

The value of cryptocurrencies are ranked in a value or unit times and the cost of exchange to buy equals the capitalization in the market. For instance 1 Steem coin is worth $1.50 on Some exchange, this rate was in the previous month. But the price can move at any moment, the market capitalization is only an estimate of the overall value of the digital currency.

What will be the worst part about cryptocurrencies?

Like any other reasons on the digital world, losing your password or make mistake in your transaction then you will lose your funds or the account itself forever with no chance of getting it back. Cryptocurrencies are extremely serious and there's no second chance at all, so make sure to take extra careful to everything you do with your wallet. Once locked then it's a good bye to your account. To make worse, your cryptocurrency wallet are easy to rob compared to a what bank has. For instance your wallet is open on a computer then anyone has access with it, your overall balance could be washed out without any trace. Even Law enforcement at less than NSA level is not able to help out unless the thief itself is sloppy beyond belief because of its convenience of moving the funds to any cryptocurrency through anonymous transaction makes tracking nearly impossible to those individual that has no access to the real time worldwide electronic monitoring system which is no one is going to allow use in case of a stolen cryptocurrency.

Which cryptocurrency is the best to date?

The best cryptocurrency to purchase is the one that you want to hold on, whether the value goes down and goes up. I believe Bitcoin is the type of crypto that I am willing to hold even it totally goes down and will buy more eventually when the price goes really down. I don't have any intention to sell these tokens and continue to invest in the long term because I believed that there are community behind it. One more thing focus on the established one. And only invest to what you can afford to lose.

When is the right time to sell a cryptocurrency?

The best time to sell a cryptocurrency is when you get 25% increase from the original purchase of your token. If it goes down, the option is to hold and wait till it gets back to higher price. As mentioned cryptocurrency are extremely volatile, you can lose 95 percent of your asset anytime or earn 95 percent.

When is the best time to invest in cryptocurrency?

When is the right time to invest? The best strategy that most successful people did was consistently investing over time, this strategy minimizes the strong impact of volatile prices. For instance, you want to invest on Monero, but don't have the idea if this currency is going to go down in the next days, buying every week instead of buying them at once is the ideal way because you will have a track of the changes in the marketplace, and with the strategy you will get a higher chances of getting a good deal. In short, investing in time is ideal, because this helps you adjust on the ups and downs of the prices effectively.

Is Bitcoin really used by people?

Yes. There are a growing number of businesses and individuals using Bitcoin. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services such as Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. As of May 2018, the total value of all existing bitcoins exceeded 100 billion US dollars, with millions of dollars worth of bitcoins exchanged daily.

What is "Market Capitalization" and how is it calculated?

Market Capitalization is one way to rank the relative size of a cryptocurrency. It's calculated by multiplying the Price by the Circulating Supply. Market Cap = Price X Circulating Supply.

What is the difference between "Circulating Supply", "Total Supply", and "Max Supply"?

Circulating Supply is the best approximation of the number of coins that are circulating in the market and in the general public's hands. Total Supply is the total amount of coins in existence right now (minus any coins that have been verifiably burned). Max Supply is the best approximation of the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.

Why is the Circulating Supply used in determining the market capitalization instead of Total Supply?

We've found that Circulating Supply is a much better metric for determining the market capitalization. Coins that are locked, reserved, or not able to be sold on the public market are coins that can't affect the price and thus should not be allowed to affect the market capitalization as well. The method of using the Circulating Supply is analogous to the method of using public float for determining the market capitalization of companies in traditional investing.

What is the difference between a "Coin" and a "Token" on the site?

A Coin is a cryptocurrency that can operate independently. A Token is a cryptocurrency that depends on another cryptocurrency as a platform to operate. Check out the crypto tokens listings to view a list of tokens and their respective platforms.

Why are markets with no fees excluded from the price average and total trading volume?

When no fees are being charged at the exchange, it is possible for a trader (or bot) to trade back and forth with themselves and generate a lot of "fake" volume without penalty. It's impossible to determine how much of the volume is fake so we exclude it entirely from the calculations.

Why are you listing [insert random cryptocurrency]? It's clearly a scam!

Nearly every cryptocurrency has been called a scam at some point in its lifetime. We're not here to judge the merits of any cryptocurrency, but we provide the best tools for you to make your own conclusions. As long as it meets the listing criteria, it's eligible to be on the site.

proof of address / residence

Proof of Address / Residence is a document that allows us to ensure that you actually live at the address used in the registration form. The document must be dated less than three months and contain your full name and address.

Can I open a corporate / company account if I already have a personal account?

Yes, you can open as many company or corporate accounts as you need, so long as: 1 Each account created is for a different legal entity. 2 You are the authorized signatory of each legal entity.

Should I invest in a cryptocurrency?

No financial advice: Any information provided by BTCNEXT is NOT intended to be and does NOT constitute financial advice, investment advice, trading advice and/or any other advice to buy or sell cryptocurrency. Information provided should also not be construed as advice of any other type, for example, of a fiscal or legal nature. You should understand that you are using information available on or through the BTCNEXT website at your own risk. All the investment decisions you make shall be based exclusively on your own assessment of your financial situation or in undertaking independent due diligence and consultation with a professional broker or financial advisory. Risk statement: Investments in cryptocurrencies have potential rewards, and there are also certain risks involved. The future performance of cryptocurrencies cannot be guaranteed by past performance. We STRONGLY RECOMMEND anyone wishing to invest to seek independent financial or professional advice before making a decision.

Terminology

Reverse Indicator

A person whom you may use as an indicator of how not to place buy or sell orders because they are always wrong at predicting price movements of cryptocurrencies.

Over The Counter (OTC)

Over The Counter is defined as a transaction made outside of an exchange, often peer-to-peer through private trades. In jurisdictions where exchanges are disallowed or where amounts traded will move the markets, traders will go through the OTC route.

Margin Call

When an investor's account value falls below the margin maintenance amount. The broker will then demand that the investor deposit additional money or securities to meet the minimum required maintenance amount to continue trading.

Dildo

A dildo is a long green or red bar found on a graph showing the changes in price of a cryptocurrency, in relation to the green and red candles found on price charts.

Derivatives Market:

A public market for derivatives, instruments such as futures contracts or options, which are derived from other forms of cryptocurrency assets.

Depth Chart:

A graph that plots the requests to buy (bids) and the requests to sell (asks) on a chart, based on limit orders. The chart shows the point at which the market is most likely to accept a transaction.

DEX

A peer-to-peer exchange that allows users to buy and sell cryptocurrency and other assets without a central intermediary involved.

Candlesticks

Candlesticks is a graphing technique used to show changes in price over time. Each candle provides 4 points of information: opening price, closing price, high, and low. Also known as candles for short.

Buy Wall

A situation where a large limit order has been placed to buy when a cryptocurrency reaches a certain value. This can sometimes be used by traders to create a certain impression in the market, preventing a cryptocurrency from falling below that value, as demand will likely outstrip supply when the order is executed

Bull Trap

A false market signal where the declining trend of an asset appears to be on the upturn, but does not actually materialize, leading bulls to lose money after going long.

Bubble

A bubble describes a situation where market participants drive prices up above their value, which is usually followed by a steep, rapid drop in prices as the market corrects.

Bots

Automated trading software bots that execute trade orders extremely quickly, based on a preset algorithm of buy-and-sell rules.

Bear trap

A technique played by a group of traders, aimed at manipulating the price of a cryptocurrency. The bear trap is set by selling a large amount of the same cryptocurrency at the same time, fooling the market into thinking there is an upcoming price decline. In response, other traders sell their assets, further driving the price down. Those who set the trap then release it, buying back their assets at a lower price. The price then rebounds, allowing them to make a profit.

Bollinger Band

A margin around the price of a crypto that helps indicate when a coin is overbought or oversold.

MACD

Moving Average Convergence Divergence. A trend indicator that shows the relationship between two moving averages of prices.

TA

Trend Analysis or Technical Analysis. Refers to the process of examining current charts in order to predict which way the market will move next.

ROI

Return on Investment. The percentage of how much money has been made compared to an initial investment. (i.e., 100% ROI means someone doubled their money).

Market Cap

The total value held in a crypto-currency. It is calculated by multiplying the total supply of coins by the current price of an individual unit. This site shows a great run-down of each coins market cap: http://coincap.io/

Bagholder

Someone still holding an altcoin after a pump and dump crash. Can also just refer to someone holding a coin that is sinking in value with few future prospects.

Pump And Dump

The recurring cycle of an altcoin getting a ton of attention, leading to a fast price increase, and then of course followed by a huge crash.

FUD

Fear, Uncertainty, and Doubt. Baseless negativity spread intentionally by someone that wants the price of something to drop. FUDster is Someone that is spreading FUD.

FOMO

Fear Of Missing Out. The overwhelming sensation that you need to get on the train when the price of something starts to skyrocket.

Arbitrage

Taking advantage of a difference in price of the same commodity on two different exchanges. Often mentioned when it comes to comparing ETH prices on Korean exchanges against US exchanges.

Bearish

An expectation that price is going to decrease.

Bullish

An expectation that price is going to increase.

Going short

A margin trade that profits if the price decreases

Bag

A significant quantity of a specific cryptocurrency is considered a bag. How many depends on the definition of the person using the expression

Going long

A margin trade that profits if the price increases.

Sell wall / buy wall

Using a depth chart, traders can see the current limit buy and sell points

Limit order / limit buy / limit sell

Orders placed by traders to buy or sell a crypto-currency when the price meets a certain amount. They can be thought of as for-sale signs. These orders are what are bought and sold against when traders place market orders.

Whale

Someone that owns absurd amounts of crypto-currency.

Exchange

A cryptocurrency exchange or a digital currency exchange (DCE) is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.

Order

An order is the instruction to buy or sell a currency at a specified rate. The order remains valid until executed or cancelled.

Lot

the minimum amount of an asset that can be sold or purchased at a time. The lot size is determined by the exchange rules.

Broker

A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. (We are broker)

Forex

Forex (FX) is the market in which currencies are traded. Trading is carried out in currency pairs

Margin Trading

The act of magnifying the intensity of your trades by risking your existing coins.

SPOT Trading

A spot trade is an asset or commodity transacted and delivered immediately

Memo

A memo is a combination of digits and letters required to assign Stellar to a certain Stellar wallet user.

Destination tag

A destination tag is a short complementary combination of characters required for certain Ripple wallets. When buying Ripple, make sure that you have specified a destination tag, if required. Likewise, when you send Ripple to us, do not forget to include the destination tag, provided near the address you should send to.

Message

A message is an additional tag that is obligatory for certain XEM wallets. When you send or receive XEM, make sure that you input a message if required.

Litecoin

Litecoin (LTC) is a peer-to-peer cryptocurrency created by Charlie Lee. Lee wanted to create a lighter version of Bitcoin, quicker and cheaper. Thus, on October 13, 2011 a fork of Bitcoin Core client went live. The creation and transfer of Litecoins is, like Bitcoins, not controlled by any authority, and thus is decentralized.

Bitcoin (BTC)

Bitcoin (BTC) is the first known and decentralized cryptocurrency created by an unrevealed person or group called Satoshi Nakamoto in 2009. The concept of Bitcoin lies in the opportunity for peer to peer transactions of digital money with no need for any middle party like banks. These transactions are processed by network nodes and recorded in blockchain digital and public ledger. Bitcoins are unable to be printed as FIAT money; they are mined and do not have a physical form. Mining is a process of adding transaction records to the blockchain; or, in simple terms, working out computationally difficult problems by computer software.

Ethereum (ETH)

Ethereum (ETH) is a software blockchain-based platform that keeps immediate reports of digital transactions. Ethereum was produced by Vitaliy Buterin and his team in 2015. This platform does not involve any central maintenance or securing authority, and allows only smart contracts' highly programmable digital money for peer-to-peer transactions running without any contribution of a third party. As a payment method, Ethereum blockchain platform recognizes only Ether native Ethereum cryptocurrency, also called digital oil/fuel, the second digital currency after Bitcoin. The price of ETH as the price of BTC also depends on public supply and demand.

Bicoin Cash (BCH)

Bitcoin Cash (BCH) is a cryptocurrency created on August 1, 2017. BCH is an upgraded version of Bitcoin Core software. The Bitcoin Jesus, Roger Ver, says this about Bitcoin Cash: Bitcoin Cash is the real Bitcoin and will have the bigger market cap, trade volume and user base in the future. Bitcoin Cash is not an altcoin, it is Bitcoin. Or, better say, Bitcoin Cash is a hard fork of Bitcoin Core. Hard fork is the only method for developers to update Bitcoin software. Developers just split the existing network and create another Blockchain with another set of rules. It means that BCH shares the same transaction ledger and history of Bitcoin Core. Bitcoin Core and Bitcoin Cash are different networks, have different prices and market cap. The reason for Bitcoin Cash creation was Bitcoin's scalability. The size of a block of transactions is limited to 1 MB. This limit in Bitcoin Core causes considerable setbacks in transaction processing period and limits the number of transactions that can be handled in the network.

2-factor authentication? (2FA) (MFA)

Two-factor (2FA) or multi-factor authentication (MFA) is an additional security layer for your business helping to address the vulnerabilities of a standard password-only approach.

Wallet address

A wallet is a digital place where you can store cryptocurrency coins and tokens. A wallet address is a randomly generated combination of digits and letters that is associated with a particular wallet. Changelly does not provide wallet addresses and never stores user deposits. To exchange cryptocurrencies on Changelly, you need to provide a previously-existing wallet address where you can receive your exchanged currency.

Recipient's address

In any transaction there is always a sender and a recipient. The recipient's address is the wallet address where you will receive currency you buy. For example, if you want to buy Ether (ETH), you should specify an ETH wallet address in the recipient field, and Changelly will send coins to this address once the transaction is complete. In general, the recipient's wallet address is a customer's address Changelly will send coins to once a transaction is complete.

PEP

PEP stands for Politically Exposed Person who has been entrusted with a prominent public function: Individuals who are or have been entrusted with prominent public functions by a foreign country, such as heads of state or of government, senior politicians at national level, senior government, judicial, military or political party officials at national level, and senior executives of state-owned corporations of national significance (foreign politically exposed persons). Individuals who are or have been entrusted with prominent public functions at national level in Switzerland in politics, government, the armed forces or the judiciary, or who are or have been senior executives of state-owned corporations of national significance (domestic politically exposed persons). Individuals who are or have been entrusted with a prominent function by an intergovernmental organizations or international sports federations, such as secretaries general, directors, deputy directors and members of the board or individuals who have been entrusted with equivalent functions, (politically exposed persons in international organizations).

MRZ code

The MRZ code stands for Machine Readable Zone. It is a special code on your passport or ID

Augur and REP

Augur is a decentralized oracle and prediction market protocol built on the Ethereum blockchain. Reputation (REP) is the cryptographic token used on the platform. Reputation token holders are responsible for truthfully reporting on event outcomes and are what allows Augur's decentralized oracle consensus to exist