Once you make a deposit into your Chips.gg address, there are 2 phases before your deposit is credited into your account:
Having your transaction confirmed on the network (The sender side)
Reading your transaction and crediting you the funds (Chips.gg side)
Lets dive into this.
Transaction confirmation on the network:
Publishing the withdraw:
Whenever you make a withdraw from an exchange or a wallet, the withdraw is need to be published on the blockchain, some sites delay to do that, for example on Coinbase you might request a withdraw and it will only be published on the blockchain after few hour (in some cases, not always). And this can happen on any exchange, the only way for you to know when the withdraw has been published is by obtaining a transaction ID that exists on the network.
The transaction ID is the proof of your withdraw that it has been published on the network and now it's waiting on confirmation.
Confirmation on the network:
Now that your withdraw has been processed and published on the network, it's time for the network to confirm it.
Some blockchains such as XRP, BSC, TRON are very fast and your transaction gets confirmed very fast. Other blockchains aren't as fast, a transaction on Ethereum or Bitcoin blockchain may take between 5 minutes to 24 hours to confirm, it depends on many factors:
Conjunction of the network.
Amount of fees provided from the sender
Price of fees assigned from the sender
And as in everything in life, the more you pay, the faster your transaction is confirmed. Some exchanges use low gas limit and fee (Gas is the fees) so you or them don't pay much in fees, depends who's paying the fees :)
Once your transaction is confirmed then it's time for Chips.gg to credit your deposit.
Reading the transaction and crediting you the funds:
Reading the transaction:
Chips.gg nodes are always reading every block for all transactions listening to see a deposit to Chips.gg, once a deposit is located, then we wait for it to be confirmed to credit the funds.
The amount of confirmations required differs from a currency to another, as some requires more confirmations to consider the deposit authentic and can't fail anymore, and some require less.
The amount of confirmation needed to credit your deposit are as following:
Bitcoin Network: Deposits are credited after 1 confirmation.
Ethereum Network: Deposits are credited after 5 confirmations.
Binance Smart Chain: Deposits are credited after 5 confirmations.
Tron Network: Deposits are credited after 5 confirmations.
XRP Network: Deposits are credited after 5 confirmations.
Once enough confirmation are received then the deposit is credited.
Crediting the funds:
This process is fast and accurate, once we have received that you deposit has received enough confirmations on the network, then it is credited into your balance directly.
This process takes less then 30 seconds to be completed.
Can delay happen?
Delay is possible in some rare cases, If our node is having any technical issues or the network is unstable, then a delay in reading the blocks will build up, and once the issue is fixed, the node will start scanning blocks and recovering in time to reach the latest block.
This may cause a delay in crediting deposits depending on how long the node has been down for.
If there is ever a delay in deposits on any chain then a warning message will be show in the Deposit Page right under the deposit address.
