Hello,
I think this is a total newbie question, but I cannot find the answer.
Yesterday I have succesfully sent a bit money to Kraken, and then placed an order there to buy BTC with it.
The newly bought BTC's* show up on my balance in the overview, so I know this went well.
What I don't get: These BTC's are not assigned on a desposit address yet (you know, the "uRYB568VJKhthdT46Kjhoh" kind of address).
My questions:
1) what happens if I do nothing? Where are my BTC's now? Why should I put them on an address in the first place?
2) How do I put the BTC on an address? I have created a new address under Funding/Deposit/BTC, but don't know how to put my BTC on this address.
Of course I made a support ticket at Kraken but this takes a while and I would like to continue.
Thanks!
*Well, actually its a tiny bit of one bitcoin.
Hi mate, I'm afraid your understanding on how bitcoin works is not enough.
So let me try to clear it up for you.
You have bought BTC which currently are on your Kraken account, that's why you see it in Overview.
At this moment you don't actually have the BTC, it's like you have some money in your bank account but what you see are numbers (digits) as you don't hold the cash/paper.
if you want to "cash out" your BTC, then you need to generate a BTC address - and make sure you hold the private key - then go to Funding > Withdraw > Bitcoin (XBT) and place there your newly generated public BTC address (you know, the "uRYB568VJKhthdT46Kjhoh" kind of address)
Caution you are making a confusion, you don't generate your own BTC address in Kraken platform under Funding/Deposit/BTC!
That one you can generate only if you want to deposit BTC to Kraken, that one is Kraken address/wallet where you send your BTC to be credited to your Kraken account
To generate your personal address(wallet) you can use plenty of services like
https://www.bitaddress.org or you can use an online wallet at your will ...
Please read more about Bitcoin to avoid doing any mistakes an lose your coins.