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Author Topic: check my gdax wallet address on and balances does not match  (Read 413 times)
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July 31, 2017, 07:37:35 AM

I put my gdax public wallet address in and did a search.  i found the address but the balance is very different from my balances shown by gdax (which is correct).  i tried search for my other wallets in other exchanges and got the same results. I wonder how is that possible.
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July 31, 2017, 09:06:44 AM

An exchange is not a "wallet" in the conventional sense.  When you send to an exchange, the "balance" shown in your exchange account is basically a promise that you will be able to withdraw that much in the future.

When you deposit to an exchange's address, the exchange could certainly move your coins between hot and cold wallets depending on the withdrawals and deposits that they're processing.  They could also use addresses for different people's deposits if they wanted to (though address reuse is not recommended).

A comparison - you put your fiat money into a bank.  The number on your bank account is essentially a promise that can withdraw that much in cash if you wanted to.  If you withdraw cash, it doesn't have to be the exact same coins or bills that you deposited to the bank, just the same amount of fiat.

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July 31, 2017, 03:12:37 PM

The address that an exchange (such as GDAX) shows you is a deposit address. When you send bitcoins to it, they credit your account and then do whatever with the bitcoins (generally either move them to a cold-storage address or fund another customer's withdrawal).

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