Sending and receiving cryptocurrencies
Of course. Here’s how to do it: From the “Wallet” screen, select the currency that you want to send and click “send.”
Add an amount, either in euros (€) (if you live in the eurozone) or in crypto, enter the recipient wallet (make sure the receiving wallet supports the currency you are sending) and select “send.” You will need to validate the transaction by entering the code that we will send you via SMS.
Of course. Let’s look at where to find your address so you can use it from the wallet you are going to use for the order.
From your “Wallet” choose the currency that you want to receive and click “receive.” Choose between these three options:
- Send my address to my email: When you select this option, an email will automatically be sent to you with your cryptocurrency address.
- Send my address by SMS: When you select this option, your cryptocurrency address will automatically be sent to you via SMS.
- Show my address: When you choose this option, a new window will open with your address in the box. To share it, you can copy it or generate a QR code to share in the event you are physically with the person who is going to send you crypto.
Criptan does not charge any fees for depositing or withdrawing euros or other currencies. The only additional cost for using cryptocurrencies in our platform is when sending them, since it is necessary to include network fees. The amount in this case is variable and depends on the cryptocurrency involved and the degree of network congestion at the time of sending.
There are many factors that influence the time from when a send order is initiated from our platform until it is received. This makes the total duration very variable, so it may take some time:
- Sometimes less than an hour
- Usually between 1 to 3 hours
- Occasionally more than 3 hours
Therefore, if you need to send a currency urgently, or if it needs to be received within a certain time period, it is better to contact us beforehand.
We can distinguish between two main time periods:
The time that elapses between the moment you enter the send order in our app or website and the moment a transaction is created and sent to the corresponding cryptocurrency network. We call the latter “executing the order.”
The time that elapses from the moment we have executed the order and the transaction is accepted in the network until it is integrated into its blockchain and gets enough confirmations to be considered secure. We call this a “confirmed send or transaction”.
The sum of these two times will be the total time it can take to be considered completed and safe for the recipient.
In these two phases, the send order enters into two queues:
An internal queue at Criptan awaiting execution.
A queue on the cryptocurrency’s network waiting to be included in its blockchain.
The send order may be pending execution for a variable amount of time, sometimes it may be a few minutes, most commonly 1-2 hours, and in some cases, especially if done at night, it may be up to 8 hours or more.
The factors affecting this possible delay are multiple and variable, but the main underlying reason is security protocols. These procedures in some cases require human intervention to validate the send order and this involves a wait until a qualified and authorized operator is available to do so. These manual procedures are designed to protect our customers from attempted theft and are essential to ensure that the cryptocurrencies we hold are immune to cyber-attacks.
Security checks are progressively more exhaustive depending on the quantity to be sent. Therefore, in general, the smaller the quantity, the faster on average the execution time tends to be.
After completing Criptan’s internal procedures, the send order is executed and a transaction is created on the corresponding cryptocurrency network. From this moment on, Criptan no longer controls the process and the transaction is in the hands of a decentralized network. Each network has its particularities, but the general operation is the same: first the transaction is included in a queue of pending transactions. Through the process called “mining” a certain number of transactions are “packed” into a “block” and new blocks are sequentially chained together. We say that the transaction has received the first confirmation when it has been included in a block. From then on, each time a new block is added to the chain we say that the transaction has received a new confirmation.
No computer system connected to the Internet is immune to attacks. There are many known instances of cryptocurrency theft in trading platforms due to attacks. Aware of this danger, we have opted for a drastic solution: none of our systems connected to the Internet hold our customers’ cryptocurrencies.
In other words: the private keys that give access to withdraw cryptocurrencies are located in systems completely isolated from the Internet. The downside to this level of security is that automatic withdrawal is not possible, as this would require connecting the keys to the Internet. Instead, a manual process must be performed that allows the execution of transactions without breaking the isolation of the private keys. This creates a delay, variable depending on the circumstances.
Blockchains, due to their decentralized nature, can undergo “reorganization” (reorg). This means that some blocks have already been validated (mined); then they are discarded and replaced by others. This can happen at the end of the chain, i.e., in newly added blocks. The older a block is, i.e., the more blocks it has behind it, the less likely it is to be discarded by a reorganization. Once it has a certain number of blocks behind it, it is practically impossible for it to be discarded and, consequently, the transactions included in this block are considered secure. In other words, when a transaction accumulates a certain number of confirmations, it is considered secure. This number is not fixed, it is up to the receiver of the send order to decide how many confirmations to wait for before validating it.
Wallet programs usually register that they have received cryptocurrencies as soon as the transaction has been detected in the network, i.e., without the need for previous confirmations. In other words, if you send an order from your Criptan account to your own wallet or to someone else, the transaction will appear within a few minutes once Criptan has executed the send order. In these cases you will see the transaction in the wallet, although in reality it is not yet fully secure.
However, if you send it to a company, for example another exchange platform, an e-commerce site, or to make any type of payment, it is most common for the receiving entity to wait for a certain number of confirmations before notifying you of its receipt.
These are the number of confirmations and the estimated amount of time that generally apply:
Queuing time: variable depending on whether there is network congestion:
- No congestion: between 1 minute to 1 hour
- Congestion: several hours, even days in extreme cases
- Bitcoin: 3–6 confirmations, 30–60 minutes
- Ethereum: 12–35 confirmations, 3–9 minutes
- Litecoin: 6–12 confirmations, 15–30 minutes
Each network has a maximum hourly transaction processing capacity. When many more transactions accumulate than can be processed, congestion occurs and may take more or less time to relieve.
A typical Bitcoin order can take about 2-3 hours, for example:
Criptan’s process: 1 hour
Waiting for the first confirmation: 30 minutes
Time to receive 6 confirmations: 1 hour
One “lucky” Ethereum order can take 15 minutes
Criptan’s process: 10 minutes
Waiting for the first confirmation: 1 minute
Time to receive 16 confirmations: 4 minutes
An “unlucky” Bitcoin order can take 12 hours (for example, sent early in the morning when congestion is high):
Criptan’s process: 6 hours
Waiting for the first confirmation: 5 hours
Time to receive 6 confirmations: 1 hour