Cryptocurrency wallet is a spot where your money is saved or is it your exchange account which you have chosen to trade and invest cryptocurrency. Wallet maintenance implies one of several possibilities that could be happening. If a wallet has been disabled, it is a precaution taken to avoid users depositing or withdrawing funds to a wallet that may not be functioning properly.
Possible Reasons for Wallet maintenance
Consider a scenario; You are doing something with your fund on the exchanges and suddenly you see a message popping “wallet is under maintenance”. Doesn’t that sound most frustrating to a person who is an early cryptocurrency trader? Well, there are various reason for a wallet to go in maintenance reason such as;
- The wallet needs to be upgraded technically
- The possible fork on blockchain that may affect user funds, thus the owner decides to keep it under maintenance mode.
- There might be orphan transactions happening that need developers to work on
- The wallet daemon on their server has crashed or hung.
Is there any scam going on?
Additionally, there are people asking “Is there any scam going on”? But no, it’s nothing scam about it, this happens sometimes on many exchanges (Recently with Bithumb and Binance). This is just a maintenance going on due to many factors that required developers to work on.
There are many more queries solved by the team. Let’s discuss them:
1] If a user deposits any amount to their wallets, even when the wallets are under maintenance, does money gets credited to their respective wallets or not?
When the wallet comes back online, if the user has deposited amount on the right blockchain and id, it will surely be credited (T&C apply of respective cryptocurrency exchange)
2] If the wallet is disabled, can a user still continue trading?
· Most of the times, you can still trade if the wallet is offline.
· If the user still faces an issue in that particular situation, the market is turned off.
Tips To Avoid Possible Consequences
Be active on social media networks, most importantly on Twitter to get updates about wallet you’re saving funds in.
We are having a network/server issue that affects withdrawals, our team is working to resolve it ASAP. Not a hack, just infrastructure (network/server) issue. Thank you for your patience!
— CZ Binance 🔶🔶🔶 (@cz_binance) September 27, 2018
Keep a close eye on Reddit to get a glimpse of what people are talking about the prospective wallet and the possible implications.
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