FAQ on Cryptocurrency Deposit and Withdrawals

What are Destination Tag and Memo Tag ?

Bitcoin, Litecoin and similar wallets create multiple addresses, so users have option to use multiple addresses. But XRP, Stellar, EOS and Cosmos wallets create a single address per private key and provides an extra code to seperate incoming transfers.

 

Private Keys are the digital signatures of cryptocurrency wallets which grant the control over the funds in the wallet. To be able to sends funds, transaction must be signed digitally with the private key. Anyone who owns the private key have rights to manage the wallet.

 

As BtcTurk is an exchange platform, it's main focus is to provide exchange services to the users. BtcTurk users are able to transfer funds to their BtcTurk accounts using the assigned deposit addresses which are managed by BtcTurk. All the deposit addresses are being monitored by BtcTurk for crediting incoming transfers to users' accounts and swiping funds to offline multi-signature cold wallets afters each address recieves funds to keep user funds safe. (Please visit Security page for more information)

 

As anyone has the private key, has right to manage funds, BtcTurk does not share private keys with users to ensure, user funds are safe without any possibility of uncontrolled access. If you would like to manage your funds on your own, you must use your own wallet which you have the private keys. (Please keep in mind that you should keep your own private keys safe too, to keep your funds safe)

 

Information about Ethereum contract addreses

When depositing Ethereum to your BtcTurk | PRO account, you must verify that the sender address is not a contract address. BtcTurk doesn't support contract addresses at the moment and transfers through Ethereum contracts won't be credited your BtcTurk | PRO account.

 

Most cryptocurrency platforms show a warning to users as they can't withdraw to non-supported address. But if you are not sure if the platform is using a contract address or not please contact support team before initiating the Ethereum transfer.

 

You can also withdraw to your own wallet from these platforms and then transfer to your BtcTurk deposit address to prevent any confusions.

 

If you have sent Ethereum from a contract address please contact support team via Contact Form.

 

Which Litecoin addresses can I use to deposit and withdraw?

BtcTurk provides two types of Litecoin address to each user.

In past legacy Litecoin wallets were using addresses starting with 1 and after SegWit activation wallets started creating addresses starting with 3. But these addresses created a confusion as Litecoin's algorithm is similar to Bitcoin. That's why Litecoin developers changed address creation method in August 2017 and wallets started creating addresses starting with M instead of 3. Addresses starting with 3 or M are interchangeable which means that you can use each address to receive Litecoins and transfers will be received by the same account.

 

 

When you are withdrawing Litecoin, you are able to send to standard Litecoin addresses both starting with 3 or M which are interchangeable or SegWit addresess starting with ltc1. As we don't support legacy addresses you can't withdraw to a Litecoin address starting with 1. Also, keep in mind that updated Litecoin wallets don't support addresses starting with 1. If you are using any wallet which generates LTC addresses starting with 1 we advice you to move your funds to an up to date Litecoin wallet.

What's a Bitcoin Wallet?

Bitcoin wallet is a software which stores Bitcoin addresses, private keys of these addresses and used to sign transactions digitally to be able to transfer Bitcoin. Bitcoin wallets do not store Bitcoins! Bitcoins are stored on Bitcoin blockchain since the beginning and no Bitcoin left the blockchain. Actually users, do not transfer Bitcoins, they do transfer, ownership of their Bitcoins. Bitcoin wallets are used to transfer the ownership of Bitcoins stored in the wallet by signing transactions using the private keys.

 

We can classify Bitcoin wallets as

Desktop wallets are softwares run on desktop computers or laptops. They are able to sync full blockchain which grants full control to user.

Mobile wallets are 3rd party softwares that allows users to control their Bitcoins.

Hardware wallets are devices that store private keys and address in a secured portable flash disks specialized for managing Bitcoin and other cryptocurrencies.

Online wallets are 3rd party services which provide services to manage your private keys.

Paper wallets are actually receive-only wallets, which includes QR code of the Bitcoin address and the private key used to receive Bitcoins.

 

BtcTurk doesn't provide wallet services at the moment, but you can store your cryptocurrencies in your BtcTurk | PRO account for free and receive any amount above the minimum deposit amounts.

 

How does Bitcoin work?

Bitcoin uses technologies such as public key encryption (asymmetric encryption), peer-to-peer network connection and proof of work. On Bitcoin network, all transactions from senders to receivers are signed by private keys digitally. Users have multiple Bitcoin addresses in their wallets and are able to use any number of wallets as much as they need. Transactions may be signed offline but every transaction must be broadcasted to the network to transfer ownership of the Bitcoins to the receivers. Every transactions is being confirmed and verified by softwares called miners by calculations of complex mathematical problems. This process prevents double spending and ensures all transactions are reliable.

How does Tether (USDT) work?

Tether (USDT) was created on OMNI protocol but currently being issued on multiple blockchains as well as Ethereum, Tron, Liquid, EOS, Algorand and Simple Ledger Protocol (SLP). So, Tether is dependent on these blockchains but the highest Tether volume is on Ethereum blockchain as ERC20 contract.

BtcTurk uses ERC20 contact based Tether (USDT) on both receiveing and sending. You can send Tehter (USDT) to your BtcTurk | PRO account from any Ethereum wallet or ERC20 supported platform.

What is Liquid Network?

Liquid is a co-managed parallel chain adaptation with different features, advanced capabilities and advantages over Bitcoin blockchain. Liquid Network was created to meet the special needs of users trading on trading platforms. It offers solutions to delays caused by the approval process in the Bitcoin network and allows users to perform fast, confidential and secure transfers between each other.

 

You can send Bitcoin through Liquid network to any supported wallet or platform. On BtcTurk | PRO, you can send Liquid Bitcoin using Withdraw > Bitcoin page. Any Bitcoin amount sent as Liquid Bitcoin (LBTC) will decrease your available Bitcoin balance. When you deposit LBTC using Deposit > Bitcoin page to your Liquid Bitcoin address, all LBTC amount will be converted to Bitcoin and credited automatically.

 

Do you support InstantSend and PrivateSend for Dash?

Unfortunately we don't support InstantSend and PrivateSend features of Dash withdrawal requests.

If you deposit Dash using InstantSend feature, your deposit will be credited after 10 confirmations.

 

If you deposit Dash using PrivateSend feature, your deposit will be credited after 10 confirmations. But keep in mind that PrivateSend transactions can not be verified. This means, if you have any problems on deposits with PrivateSend, you may loose the funds and we are not able to recover or refund these transfers.

How can I deposit Dash using Ledger hardware wallets?

BtcTurk is using multi-signature wallets to ensure users' funds security. The multi-signature addresses are not being validated through Ledger Live application. We have contacted both Ledger and Dash development teams.

 

If you would like to transfer Dash from your Ledger Nano S or Ledger Nano X device, Ledger software company advices use of Electrum Dash at the moment. Please manage your Dash wallet on your Ledger device using Electrum Dash desktop wallet until a suitable Ledger Live application published.