How do I send crypto-assets to the correct blockchain?

Summary

When withdrawing crypto-assets from your Cryptonow account, it is essential to use the correct blockchain (network) for the crypto-asset and destination wallet. If you send crypto-assets using an incorrect or unsupported blockchain, the transaction cannot normally be reversed and your crypto-assets may be permanently lost.

Why choosing the correct blockchain is important

Different crypto-assets operate on different blockchains. For example, BTC uses the Bitcoin network, ETH uses the Ethereum network, and SOL uses the Solana network.

Before confirming your withdrawal, always verify that:

  • The receiving wallet supports the crypto-asset you are sending.

  • The receiving wallet supports the blockchain used for the withdrawal.

  • The receiving address is compatible with that blockchain.

  • All withdrawal details are correct before you confirm the transaction

Example

Imagine you want to withdraw BTC from your Cryptonow account.

The destination wallet and address must support BTC on the Bitcoin network. Do not assumethat an address for another blockchain, such as Ethereum or Solana, can also receive your BTC.

Sending crypto-assets to an address on an incorrect or unsupported blockchain may result in permanent loss of your crypto-assets.

The same principle applies when withdrawing other supported crypto-assets, such as ETH or SOL: always make sure that the destination wallet and address support the blockchain used for the withdrawal.

Before confirming your withdrawal

Always check:

  • Which crypto-asset you are withdrawing.

  • Which blockchain is being used.

  • Whether the receiving wallet supports that blockchain.

  • Whether the destination address is correct and compatible with the selected blockchain.

If you are unsure, check with the provider of the receiving wallet or exchange before initiating the withdrawal.

Important

Blockchain transactions are generally irreversible.

Once a withdrawal has been confirmed and broadcast to the blockchain, Cryptonow cannot cancel, modify, or reverse the transaction.

If you send crypto-assets to an incorrect address or an unsupported blockchain, your crypto-assets may be permanently lost and Cryptonow may not be able to recover them.

Still need help?

If you have questions about a withdrawal before confirming it, please contact Cryptonow Support.

Contact support
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Cryptonow GmbH, Marc-Aurel-Straße 10-12/15a, 1010 Vienna, Austria, provides the regulated service of exchanging crypto-assets for other crypto-assets and/or fiat currency as the principal counterparty to the client.

Cryptonow GmbH is licensed as a Crypto-Asset Service Provider (CASP) under Austrian law. Trading in crypto-assets involves substantial risk and may not be suitable for all investors. Prior to engaging in any transaction, investors should carefully assess their investment objectives, level of experience, and risk tolerance. The value of crypto-assets is highly volatile and may result in significant losses within a short period. Each crypto-asset possesses distinct characteristics, and investors should undertake thorough research and ensure they fully understand an asset before engaging in any trade. Past performance is not a reliable indicator of future results. This content qualifies as a marketing communication within the meaning of the Markets in Crypto-Assets Regulation (MiCAR), does not constitute an investment recommendation or financial advice, and investors must ensure they understand all associated risks, including the potential loss of the entire invested capital. Funds should not be invested if their loss cannot be financially sustained.