Confused with Coin Space

Bitcoin Questions and AnswersCategory: QuestionsConfused with Coin Space

sandra asked 10 months ago

I just opened a coinspace account and is confused about the “exchange” page that’s been saying awaiting deposit for days; after selecting the only one that’s available that included my wallet address, my email compose appeared for me to send exchange, but doesn’t state whom am I supposed to send it to; but only to a bunch of numbers/letters that’s not an email address;this is the copy of the information:

0.00
USD
1420.83 USD

Send

Receive

Exchange

History

Tokens
Cancel
Awaiting deposit…
Send up to 0.5252934 BTC to deposit address.
It will be converted into BCH, and sent to
17S3hf5x5f3s28A1VUSon4riK8vAooawsE
Deposit address (BTC)
3JQm……

Deposit minimum
0.0210295 BTC
Exchange rate
1 BTC = 6.8883034 BCH
Miner fee
0.0002 BCH
Powered by ShapeShift

1 Answers
Steven Hay answered 10 months ago

Hey Sandra,
 
OK, so in cryptocurrency, one doesn’t send value to or from accountts denoted by email addresses, as is common in systems like PayPal.
 
Instead, value is sent between “addresses,” which are these long random character strings which you mention. No names or other details are associated with these addresses. So, to send Bitcoin to a friend, you ask for their BTC address, copy it, paste it into your wallet’s “Send” tab, and enter the desired amount (and set a miner fee, if you choose to do so manually).
 
Now it seems like Coinspace’s Exchange feature is for turning one cryptocurrency into another – for example, converting Bitcoin into Ethereum. If that’s not your intention, then you shouldn’t be using the Exchange feature at all. If what you want to do is send money, there should be a tab for that, probably called Send or Pay.
 
I hope that helps you figure things out. Crypto is confusing at first so it’s best to take things slowly. I suggest viewing our introductory video series, as it’ll lay a solid foundation for your future learning:

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