I can't view my coin balance when I scan my BTC Markets deposit address.

If you decide to scan your 'deposit' address QR Code that is displayed in BTC Markets you will find that your coin balance is 0 (or 20 for ripple).

This is because when you buy coins on BTC Markets - your coins are pooled with other BTC Markets users into a great big bucket of coins.

For example:...

Why your deposit address has no funds

  1. Address A, B and C are all deposit addresses (public keys) for 3 different BTC Markets users. The private key for these accounts is stored with BTC Markets.
  2. Address D is another deposit address that BTC Markets owns and controlls (there are many like this)
  3. All the money from A, B and C is automatically transferred into account D - this is why BTC Markets has the private keys for accounts A, B and C.
  4. When someone pays user A (with address A) - the money automatically goes into account D. BTC Markets has a ledger of its own to keep track of whose money address D is made up of.
  5. When you ask BTC Markets how many coins you have - BTC Markets checks its internal ledger - NOT your deposit address (because that would always return 0).

Heres some food for thaught...

  1. Its called a 'deposit address' for a reason - its only for depositing!
  2. Imagine that 100 people gave you cash (and you were honest enough not to do a runner). You would probably want to write down somewhere how much money did everyone give you (ie... keep a ledger). You should also take the money and store it in a safe so its easier to keep track of it (address D).
  3. Here is one (of many) Ethereum address that BTC Markets 'stores' its ether on... 0xa0bb4ba19f578a63fa3f67adaf7bbca15ccadc45
  4. When you pay someone else who is also using BTC Markets - no 'coins' leave BTC Markets wallet - because the money is moved on BTC Markets own internal ledger.
  5. When you buy coins and the seller is on BTC Markets - no money ever leaves BTC Markets wallet
  6. Your bank does something very similar!

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