FAQ

A crypto-currency address is like an account at a financial institution. It is a unique identifier that can own digital coins and tokens. People can transfer digital coins and tokens to you by sending them to an address that belongs to you. Everyone is able to see the coins and tokens owned by an address, but you need your address Private Key (see below) in order to send something from that address to another address.

A Wallet is a convenient way for you to organize your crypto-currency addresses. You can think of a Wallet as a portfolio that contains multiple accounts. Each wallet has a Wallet ID. When you create a new wallet we generate a brand new random Wallet ID for you. This ID enables you to login and access your wallet so Please BACKUP/SAVE your Wallet ID and your Wallet Password somewhere safe, but separately. If you lose your Wallet ID or Wallet Password, you could lose the addresses and the funds in them.

A Private Key is needed to send digital coins or tokens from an address you own. It's used to sign any transaction before it can be broadcast to the network. The private key is the secret key used to generate your Address (Wikipedia). Cryptox allows you to import your private key in several formats (hex, base64, Wallet Import Format, Wallet Import Format Compressed). The Wallet Import Format (WIF) is probably the most common format and its private key will always start with the number 5. The My Address page displays a little padlock for addresses with known private keys.

Fees charged from the transactions are needed to support the networks that run the coin/token. This fee doesn’t go to us, it goes to reward miners (thereby ensuring that the transaction is logged into the blockchain in a timely fashion) and to support the Ethereum network itself. As the new coins are implemented, each coin is a subject to its own transaction fee that is paid to their respected networks.

We kindly ask you to keep in mind that network fees may vary due to the current high volatility of cryptocurrency markets.

Confirmation means that the transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and then for each subsequent block. Even a single confirmation can be considered secure for low-value transactions.

Although, for larger amounts like $1000 equivalent, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction. It usually takes about 20 minutes to finish a transaction.

In case you’d like to accept tips, payments or donations, you can publicly state your wallet address without concerns for the security of your funds – it’s impossible to steal crypto if only a public address is provided.

The only way someone could access your funds would be if they had access to your Cryptox account, so please make sure to maximise the security of your wallet.

Cryptox is a hosted wallet, that’s why it’s not possible to provide the private keys to the individual wallet addresses. Doing so would prevent you from taking advantage of our secure cold-storage technology, which is crucial to the safety of your funds.