This article briefly explains the technical background of transactions on the Ripple, Bitcoin and Ethereum networks. It is a bit technical in nature.
Each deposit or withdrawal of cryptocurrency (BTC, ETH, ETC, REP, etc.) from and to the Ripple network consists of two transactions: one on the Ripple network, and the other on the native currency blockchain (Ethereum or Bitcoin). Each of the the two transactions has a distinct hash, and different sending and receiving address.
(Besides the two transactions that are publicly visible, there are also several steps that need to be completed within GateHub, but we will not get into this here.)
A withdrawal from your Ripple wallet to a, say, Bitcoin address goes like this:
- The funds are first sent from your Ripple wallet to GateHub's issuing address on the Ripple network;
- The funds are sent from GateHub's Bitcoin hot wallet address to your destination Bitcoin address.
A deposit from your desktop, mobile, or 3rd party Bitcoin wallet to your Ripple wallet goes like this:
- You send the funds to your Bitcoin deposit address;
- GateHub detects the deposit and sends the corresponding amount from GateHub's Ripple hot wallet wallet to your Ripple address.
Ethereum (ETH, ETC, REP) deposit and withdrawal process is analogous.
Please also note that the deposit address (for cryptocurrencies other than XRP) you get at GateHub is not "your wallet", i.e. it is not an address you control. Anything sent to your deposit address from a 3rd party service will be credited to your account, but your withdrawals will not come from your deposit address.
Also, do not send any Ethereum tokens or other currencies that GateHub Fifth does not support to your deposit address. Such deposits will be ignored. We cannot guarantee such deposits will be returned.