Waves and ledger


#1

Hello.
Please explain me.
If I opened account on waves using ledger an if I will sent BTC to waves platform. Will my BTC be on ledger or waves account?

I had short information when I opened fire account, but I did not understand.

Thx for help.


#2

Hei. Can explain some one?


#3

There are so called gates between different networks. There is one between BTC blockchain and WBTC token on WAVES blockchain. Also there are gates for fiat.
All tokens on the WAVES network are not real BTC, USD etc - they need to pass via gate outwards to become real ones


#4

What this means.
When I use ledger for saving XML (for example). I can sent crypto to public address. Privet key I have on ledger and I can open wallets everywhere .
Is that the same with waves wallet?
Inside waves app I see few most common crypto and now I still do not understand and do not know how it is working.
Do addresses for other crypto in waves wallet are public addresses connected together with privet key on ledger? Can I recover everything?


#5

Maybe I try explain my fears from other side.
Every body say. Do not store crypto on exchange. Only hard wallet , paper wallet er save.
The few day ago Coinroom disappeared and did not let to withdraw crypto into outside wallets.

Do waves works like outside wallet?


#6

Yes, waves wallet is safe unless you tell someone your seed phrase. Unlike any centralized resource (exchanges etc) waves funds are ‘nowhere’, and no one can control them. But if someone will know your seed phrase he can easily create wallet with it and steal your crypto


#7

That super information.
But … Are you talking only about waves coin or about all coons inside a wallet?


#8

I mean all coins/tokens inside waves wallet


#9

Hello brox. Thank you for information. Not that I do not believe you, but that is internet.
Can you show me officially document where can I read about this.
Thanks , thanks for help.


#10

I fear I cannot show you such document. My understanding came from own experience, including losing money on Mtgox, BTC-e and WEX exchanges. No more centralized exchanges for me :slight_smile: Also as a developer, I examined some WAVES source code and it convinced me enough


#11

Decentralised exchange is a great idea. Worst side of waves platform is that volumen on this exchange is very low and that complicated buying and selling.
If you compare volume to volumes on bitflyex or fcoin will you see that waves is weak. Volumen Is wort the usd/BTC on bitbay . I hope will it changed.

You told something about getway. What this mean? I do not have real BTC? If not, what have I. Where er BTC What value have BTC or USD in waves wallet.??


#12

Gateways convert BTC to WBTC tokens (and backwards) 1:1, the same for USD and others. You just cannot have any currency outside of its existance space, e.g. BTC outside of its blockchain, so gate plays role of escrow and it has enough coverage to exchange both ways. As for volumes - yes, currently it is much lower, than centralised exchanges, but situation improves constantly. And you don’t need to trade against USD, just trade against WAVES and volume is decent.