A cross-chain deposit occurs when tokens are sent from one cryptocurrency blockchain to another (e.g. sending Bitcoin Cash to a Bitcoin address).
Key Points
- Blockchain Segregation: Wallets are designed to support specific blockchain tokens
- Network Limitations: Not all blockchains can directly communicate or transfer value
- Potential Loss Risk: Sending tokens to an incompatible wallet can result in irretrievable assets
Features of Cross-chain Deposits
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Transaction Irreversibility
Blockchain transactions are irreversible. Wallets for one blockchain token cannot support tokens from another blockchain (e.g. sending Bitcoin Cash to a Bitcoin wallet) would result in the loss of the token sent.
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Recovery Attempts
An internal investigation will be conducted to verify if the asset you have sent is recoverable. Users should be aware that success is not assured.
Important Considerations
- Blockchain transactions remain fundamentally irreversible
- Case-by-case evaluation of recovery potential
- No absolute assurance of token retrieval
How to Avoid Cross- Chain Deposits
To prevent the loss of funds due to Cross- Chain Deposits, consider the following tips:
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Check Supported Tokens
Always verify the list of supported tokens on the Coins.ph platform before initiating a transfer. This list is regularly updated and can be found through the Portfolio tab or the Coins Help Center.
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Verify Network Compatibility
Ensure that you are using a network supported by Coins.ph (e.g., Ethereum, Ronin) for your transactions.
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Conduct Test Transfers
If you are unsure about a transaction, perform a small test transfer first. This helps confirm that everything is set up correctly before sending larger amounts.
Frequently Asked Questions
How can I check which tokens are supported by Coins.ph?
You can find the list of supported tokens directly in your Coins.ph account (through the Portfolio tab, or on the Coins.ph Help Center article here).