When to Use a Payment ID Te Electroneum Transactions – Electroneum 101
Last updated on March Trio, 2018 Two Comments
When sending Electroneum to someone else or to an exchange, should you use a Payment ID?
This article discusses payment IDs, what they’re used for, and how you should use them.
What is a Payment ID?
Te Electroneum, a payment ID is a code unique to each transaction that permits the receiver to discern who sent the funds without actually exposing the identity or wallet address of that user.
Think of it spil a reference code ter a conventional canap transfer. When you perform a handelsbank transfer to a business or other public entity, you usually need to provide a reference code (typically your name or customer number) for them to identify you spil the sender.
The payment ID is used for the same purpose te Electroneum.
It permits numerous users to transfer funds into the same wallet, while still permitting the receiver to tell which transaction belongs to which user.
When to Use a Payment ID
Here’s a elementary table of scripts.
A universal rule of thumb to go after is:
When transferring ETN to any exchange (even from another exchange), always use a payment ID. Ter all other cases, it very likely isn’t required (unless the receiver explicitly asks for it).
Where to Find the Payment ID
When transferring to an exchange, the exchange will most likely provide you with a payment ID on the deposit pagina, te addition to the public wallet address to which you need to send the funds.
You will need to inject both codes when performing the transfer.
Some exchanges, like Cryptopia, showcase a QR code that contains both the public wallet address and the payment ID. Therefore, scanning the QR code ter your app wallet will populate both the public wallet address and the payment ID.
Note: Don’t transfer your ETN to the code given above. Use the QR code given te YOUR own Cryptopia account.
What Payment ID to Use When Withdrawing ETN
Some exchanges like Cryptopia or Qryptos will still ask you to inject a payment ID when withdrawing ETN.
However, this is optional and is not required for the transaction to go through. If you’re not sending the ETN to another exchange, you won’t need to provide one. Simply leave the payment ID field wit.
What to Do When You Didn’t Provide a Payment ID
If you transferred Electroneum to an exchange and didn’t provide a payment ID where you should have, don’t despair.
If given enough information, most exchanges will be able to trace your funds. Just like a business or public entity can go through their records and confirm that they’ve received funds from your canap account, exchanges can also trace your deposit and credit your account.
However, this process could take a considerable amount of time (often several weeks given the backlog of support tickets on some exchanges). The voorbeeldig veranderingsproces would be to open a support toegangsbewijs and wait for the support team to investigate. Send them the following information:
- The date and time of the transfer
- The amount that wasgoed transferred
- The public wallet address it wasgoed sent from
- The transaction has (TxHash) spil found ter your online wallet
- The transaction private key (Tx Private Key) spil found ter your online wallet
Do NOT send them your Private View key or Private Spend key.
Using this information, they’ll most likely be able to trace your funds.
The payment ID has an significant to play te the Electroneum system. Its use will become more visible ter future. Te a few month’s time, it will very likely be used by online shops and other businesses to determine who the sender of a particular transaction wasgoed.
Until then, you’ll only need to use it when sending ETN to an exchange.
I’m mining Monero but getting paid te Electroneum (Genesis Mining). If I want to receive the Electroneum, I need to pack te my wallet address + a payment ID, but the ETN app doesn’t give mij a payment ID! What can I do?
If you’re sending ETN to your app wallet, you don’t need a payment ID. The app won’t give you one since it’s not required. If they insist on a payment ID, just type anything ter there and see if it gets accepted. It won’t make any difference either way.