Frequently asked questions about the alternative blockchain
Last updated: 1 March 2023
What is an alternative blockchain?
In the cryptocurrency industry, an alternative blockchain refers to blockchains that are different from the default blockchain of the cryptocurrency. For example, the default blockchain for the stablecoin USDC is Ethereum, but transactions also work on other alternative networks such as Binance Smart Chain, TRON and Polygon.
How to set up the alternative chain when buying cryptocurrency?
When starting the exchange, choose the amount and the cryptocurrency to be exchanged.
Enter your "Wallet address"!
Check which blockchain is used by the wallet address you have entered.
- In the "Select Blockhain" menu that pops up under the "Wallet address" line, you must select which chain you want to use for the transaction.
It is very important to choose the right chain, cryptocurrency transferred on the wrong chain cannot be recovered due to the way blockchains work, and so the transaction cannot be reversed. Cryptocurrency transferred to the wrong address can be lost forever!
What to look out for when switching?
Correctly select the blockchain and enter the correct wallet address. Cryptocurrency sent on the wrong blockchain or to the wrong wallet address cannot be recovered due to the way blockchains work, and cryptocurrency sent on the wrong network or to the wrong wallet address may be permanently lost.
One of the main advantages of blockchain technology is that it is decentralized and does not require an intermediary for transfers. As a result, there is no central authority that can reach in and reverse transactions from the outside. It is therefore very important to check your wallet details carefully and choose the right blockchain.
What happens if I choose the wrong alternative blockchain?
The transaction is irreversible due to the way the blockchain works. Cryptocurrency sent over the wrong network may be lost. One of the main advantages of blockchain technology is that they are decentralised and do not require an intermediary for transfers. As a result, there is no central authority that can interfere with transactions from the outside, i.e. reverse them. It is therefore very important to check your wallet details carefully and choose the right blockchain. CoinCash cannot be held liable for any financial loss resulting from entering the wrong chain or incorrect wallet address