Bitcoins transferred from cold storage wallet ended up in Gatehub's own hot bitcoin wallet instead of my gatehub bitcoin wallet -SOLVED-

[Roy]

Dear all,

I am new here and is currently has this noob enquiry.

Just this morning, I initiated bitcoin transfer from my cold storage wallet over to my gatehub (bitcoin) wallet. Few hours later, I logged onto my gatehub account and did not see the receipt of the bitcoins into my bitcoin wallet. I then proceed to verify the transaction via blockchain and found that the transaction has been confirmed and completed. Upon collapsing the details of the transfer, I noticed that the bitcoins was first received into my gatehub bitcoin wallet address but then, transferred out to gatehub's own bitcoin hot wallet address 1Ccb4vrC5atJHHdj3hHhYwJmYxtVZLZXWc. Is this normal?

Need some advice here

Thank you for your time

[thinlyspread]

It sounds normal to me, since Gatehub acts as an exchange, and bitcoin is (way, waaay) too slow to be used to exchange/trade, so a bitcoin deposit may be "automagically" transported into Gatehub's wallet (as issuances?) as part of the ToS, where they can be then traded in real-time. I expect when you "check out" it re-converts into "real" bitcoin in your original wallet.

[Roy]

1 minute ago, rippledigital said:

It sounds normal to me, since Gatehub acts as an exchange, and bitcoin is (way, waaay) too slow to be used to exchange/trade, so a bitcoin deposit may be "automagically" transported into Gatehub's wallet (as issuances?) as part of the ToS, where they can be then traded in real-time. I expect when you "check out" it re-converts into "real" bitcoin in your original wallet.

Hi @rippledigital, this means I would probably be seeing an update to my bitcoin wallet a couple more hours from now when Gatehub updates my bitcoin wallet?

regards

[thinlyspread]

Well, best ask @enej of Gatehub.

But I suspect that it's because Gatehub is using the Ripple network, which cannot hold true bitcoin, only issuances ("copies") of it. So when true bitcoin hits an address it immediately issues an "IOU" onto the Ripple network inside the Gatehub exchange. Then in reverse, you'd have to wait for however many confirmations, so yes, I'd assume delays as the bitcoin network is slow.

But I could be wrong on this – maybe other forum members are in a similar situation. It's been a while since I touched BTC or traded anything.

[Roy]

5 minutes ago, rippledigital said:

Well, best ask @enej of Gatehub.

But I suspect that it's because Gatehub is using the Ripple network, which cannot hold true bitcoin, only issuances ("copies") of it. So when true bitcoin hits an address it immediately issues an "IOU" onto the Ripple network inside the Gatehub exchange. Then in reverse, you'd have to wait for however many confirmations, so yes, I'd assume delays as the bitcoin network is slow.

But I could be wrong on this – maybe other forum members are in a similar situation. It's been a while since I touched BTC or traded anything.

Thanks for the response!

[enej]

20 minutes ago, Roy said:

Dear all,

I am new here and is currently has this noob enquiry.

Just this morning, I initiated bitcoin transfer from my cold storage wallet over to my gatehub (bitcoin) wallet. Few hours later, I logged onto my gatehub account and did not see the receipt of the bitcoins into my bitcoin wallet. I then proceed to verify the transaction via blockchain and found that the transaction has been confirmed and completed. Upon collapsing the details of the transfer, I noticed that the bitcoins was first received into my gatehub bitcoin wallet address but then, transferred out to gatehub's own bitcoin hot wallet address 1Ccb4vrC5atJHHdj3hHhYwJmYxtVZLZXWc. Is this normal?

Need some advice here

Thank you for your time

Please PM me your email and we'll take a look right away.

In general you should see BTC in your wallet soon after the original bitcoin transaction receives 3 confirmations.

 

[Roy]

12 minutes ago, enej said:

Please PM me your email and we'll take a look right away.

In general you should see BTC in your wallet soon after the original bitcoin transaction receives 3 confirmations.

 

Dear Enej,

 

Just PMed you the details. Thanks for your response

 

regards

Roy

[mazi]

Deay Roy,

This is Matija from GateHub Fifth. Your deposit (and all other that have been waiting since this morning) has now been processed; apologies for the delay.

Please note that, whenever you send bitcoins to an exchange or a gateway, they will hold the bitcoins on their own addresses (and may move them internally at will between their hot/cold wallets etc). The exchange/gateway will, after your deposit has been confirmed on the Bitcoin network, credit your personal account, or, in the case of a Ripple gateway, your Ripple account, with BTC IOUs that you can use for trading. These IOUs are recorded in another ledger -- either the exchange's internal ledger eg. the Ripple ledger -- that is separate from the actual bitcoins on the Bitcoin network. What happened today was a delay in automatic crediting of the IOUs to our user's accounts; the issue is now resolved.

[Roy]

3 minutes ago, mazi said:

Deay Roy,

This is Matija from GateHub Fifth. Your deposit (and all other that have been waiting since this morning) has now been processed; apologies for the delay.

Please note that, whenever you send bitcoins to an exchange or a gateway, they will hold the bitcoins on their own addresses (and may move them internally at will between their hot/cold wallets etc). The exchange/gateway will, after your deposit has been confirmed on the Bitcoin network, credit your personal account, or, in the case of a Ripple gateway, your Ripple account, with BTC IOUs that you can use for trading. These IOUs are recorded in another ledger -- either the exchange's internal ledger eg. the Ripple ledger -- that is separate from the actual bitcoins on the Bitcoin network. What happened today was a delay in automatic crediting of the IOUs to our user's accounts; the issue is now resolved.

Dear Mazi and Enej,

Thank you for your prompt follow ups to resolve this and clarification on the automatic crediting delay issue, greatly appreciated.

On a separate note, I did previously transferred bitcoins over from coinbase wallet without any hiccups. In your opinion, would transaction be much smoother via an online wallet such as coinbase compared to an offline cold storage wallet such as mulitibit HD which i just used today for transaction?

regards

[mazi]

5 hours ago, Roy said:

On a separate note, I did previously transferred bitcoins over from coinbase wallet without any hiccups. In your opinion, would transaction be much smoother via an online wallet such as coinbase compared to an offline cold storage wallet such as mulitibit HD which i just used today for transaction?

 

Dear Roy,

As far as GateHubs internal transaction processing is concerned, it doesn't matter where you send the coins from; GateHub's internal transaction processing time does not depend on this at all. Having said that, we will of course wait for the Bitcoin network to confirm your transaction, and the time for this to happen depends (among other things) on the sending wallet, especially on the fee (per transaction kb) paid. In my experience, exchanges and hosted wallets (like Coinbase) usually pay high enough fees; personal wallets (like Multibit HD) can usually be configured to pay higher fees for faster transaction confirmations.

 

[Roy]

4 hours ago, mazi said:

 

Dear Roy,

As far as GateHubs internal transaction processing is concerned, it doesn't matter where you send the coins from; GateHub's internal transaction processing time does not depend on this at all. Having said that, we will of course wait for the Bitcoin network to confirm your transaction, and the time for this to happen depends (among other things) on the sending wallet, especially on the fee (per transaction kb) paid. In my experience, exchanges and hosted wallets (like Coinbase) usually pay high enough fees; personal wallets (like Multibit HD) can usually be configured to pay higher fees for faster transaction confirmations.

 

Dear Mazi,

noted with thanks, have a great day ahead

 

regards

[CloutedKnight]

This same thing happened to me today, my bitcoins still have not shown up, I also had BGP send me 1 XAU which hasnt shown up in GATEHUB. I just made my wallet a few days ago but I have XAU annd BTC gateway activated without pending. 


I really need access to money, and support is not answering. 


What could be the problem? 

[Roy]

4 minutes ago, CloutedKnight said:

This same thing happened to me today, my bitcoins still have not shown up, I also had BGP send me 1 XAU which hasnt shown up in GATEHUB. I just made my wallet a few days ago but I have XAU annd BTC gateway activated without pending. 


I really need access to money, and support is not answering. 


What could be the problem? 

Hi CloutedKnight,

A few days of lapse is no joke. You may perhaps, liked to bring this to @enej. He has been most helpful and influential in resolving my earlier episode of bitcoin issue.

However, I am again, stuck with the same issue today as i initiated a fresh round of bitcoin transfer to my Gatehub wallet. It is currently still stuck at Gatehub's hot wallet (based on blockchain historical transaction). That said, I will be following up again with the support team later

hope this helps

 

[CloutedKnight]

I have contacted @enej through PM. Hopefully this can get sorted soon.

[enej]

4 hours ago, CloutedKnight said:

This same thing happened to me today, my bitcoins still have not shown up, I also had BGP send me 1 XAU which hasnt shown up in GATEHUB. I just made my wallet a few days ago but I have XAU annd BTC gateway activated without pending. 

I really need access to money, and support is not answering.

What could be the problem? 

 

4 hours ago, Roy said:

Hi CloutedKnight,

A few days of lapse is no joke. You may perhaps, liked to bring this to @enej. He has been most helpful and influential in resolving my earlier episode of bitcoin issue.

However, I am again, stuck with the same issue today as i initiated a fresh round of bitcoin transfer to my Gatehub wallet. It is currently still stuck at Gatehub's hot wallet (based on blockchain historical transaction). That said, I will be following up again with the support team later

 

I just spoke to our support, GateHub Fifth and BPG. It looks like all transactions has been successfully processed.

I'll get back to both of you via PM shortly.