We at Changelly are striving to provide the most seamless and most effortless way to convert your cryptos. The exchange time takes from 2 to 30 (in rare cases) minutes. However, our instant system has technical nuances that don’t depend on us but sometimes making you wait. Let’s observe complications related to input transfers processing from Ethereum Wallets in this article.
Firstly, we need to familiarize with Ethereum Accounts, namely their types. In Ethereum, there are two types of Accounts:
- Externally Owned Accounts
- Contract Accounts.
Accounts can function as wallets, though they can also be used to do things other than hold Ether. We’ll focus on their wallet functions, in which case an Account is considered as merely a private key+address pair.
Contract-based wallets are more robust and can be more secure. For example, a contract can be set up to require transfers over a certain threshold to be approved by multiple people. Even if these keys all reside on your local computer, having to compromise also a slightly-improved 2 of 3 can provide far greater security than a single key alone.
Additionally, contract-based accounts benefit from transaction receipts, which contain a permanent log of all events. It makes it much easier to inspect the state and verify the history of a contract.
Standard accounts benefit from none of this and can only send transactions, not respond autonomously.
Several receivers especially exchanges may not be set up to receive from Contract Wallets. So, if you send Ether to Changelly, our system will not detect your transfer. It happens because Ethereum transfers initiated by Contract Wallets (in essence code) do not appear in some Block Explorers. As a result, such transfers cannot get processed automatically. However, some users use Contract Aсcounts, and as we do not process payments from ETH contract addresses so far, delays are inevitable.
There is no need to worry if you sent us Ether from a contract-based account by accident. Your funds won’t be lost, and we’ll surely refund them. But please pay attention to the fact that such matters require manual attention from our technical department. Therefore the time of resolving such cases may take up to 20 business days. To avoid that, you must be 100% sure that you are sending us Ether from a non-contract-based wallet. In case you don’t know the exact type of your wallet, we highly recommend you to contact their support first, and after clarification, initiate your exchange at Changelly.