Receiving coins from external wallet anonymously

Hello folks,

I am new to this community and just downloaded the app. I am planning to transfer some of my coins into Incognito wallet but when I checked the wallet address, it says “this address is unique and will expire within in 60 min and can only be used once”.

Questions: my wallet company(who holds my coins) release my coins in 24 hours when I make a withdrawal request. Can I make a withdrawal request with the incognito wallet address (that will expire within 60 min)? Can I receive my coins in my Incognito wallet from my wallet company even if they release coins within 24 hrs?

Another question: I read the following:
“Portal(upcoming)
For other coins, your crypto is stored in one of the wallets maintained by the Incognito Core team. We are working on a trustless solution for this too, called Portal.”

Does this mean the current version of the wallet isn’t non-custodial? I read somewhere that this wallet is non-custodial. I would like to use this wallet as my main one if I control my keys(i.e. non-custodial). Thanks,
Jong

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Those are some good questions. I’d like to know the answers too. Waits patiently.

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Jong,

I’m also new here, but I believe that the current solution to create pBTC is custodial.

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Hey @Jong,

As I know, the most of the core team work in UTC+7 timezone. If you are in hurry, you may transfer your coins first to another wallet whose private key is in your hand. Then, you may transfer them to Incognito wallet. Otherwise, I’m sure that they will respond asap.

As for custodian issue, it refers to chain bridges. Currently just the bridge for ETH and ERC-20 tokens is non-custodial. The bridges for other chains are custodial yet. The core team currently works on Bitcoin network to make it non-custodial, too.

As a community member, I’m trying to keep the supported coins/tokens up-to-date. You may check the list here.

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Thanks @abduraman for the prompt reply.
Hi @Jong, If the funds arrived when the deposit address is expired, it might be lost. For BTC, it is about 2 hours.
As 24 hours are pretty long, we can’t guarantee to locate your deposit manually. So, please use an alternative wallet to send the funds to your Incognito wallet.

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Thanks Peter for confirmation! I am glad that I asked the question first before using the wallet. I will use the wallet with this info in mind.

Seems 2 hr expiry might be too short as some BTC transactions might take more time like in 2017 or early 2018. I remember at that time some of my BTC transactions took 5-6 hrs.

Anyway, I love the idea of this wallet. Really brilliant! Way better than Coinjoin apps IMHO(which is limited to BTC).

Thanks again,
Jong

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If it is possible, it would be good to have the Bitcoin addresses never expire, or take much longer than two hours to expire.

Or document that funds can get lost, and that users should pay high fees to ensure that they do not.

Why?

Cheapos like me frequently pay one Satoshi per byte and don’t care how long our transactions sit in the mempool.

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Jacob, I agree with you that “funds can get lost” should be documented so that users would know the risk. I don’t care how long it would take for me to receive BTC for example either.

I also use Ledger Nano wallet and Edge(these two are my main ones as they provide some privacy at least). Both wallets create a different coin address each time I send/receive but their addresses never expire. I can send to an old address or new address and still I receive the coins.

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Seems surprising to me that whatever system they have set up doesn’t keep every generated private key.

But I still don’t have a full understanding of how incognito works under the hood.

I put together a thread of questions that I think need answers before bitcoiners can begin to move serious value over incognito.

https://incognito.org/t/hard-questions

I think incognito is a possible scaling and privacy solution for Bitcoin. But before it can be a serious contender, it needs to be thoroughly documented.

I’m adding your case to the list of questions.

Very interested in this project because I’ve met 2 team members IRL and the whole project just “feels right”. But till I get a grip on these questions, I can’t consider shielding much more than the .005 BTC I’ve shielded to experiment.

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Guys can we stay away from the thank you posts? The “Like” feature can be used for that.

Hey mate. If your deposit stuck because of the time is expired. Quick advice:

  1. Click on the pending transaction.
  2. You will see a button RETRY. Click it and your deposit will landed on your wallet.

image

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Sorry, I don’t mean to be getting confused, but my big, dumb brain just isn’t connecting something.

When I go to deposit in incognito right now, I have a one time address that is randomly generated that expires after 60 minutes.

I thought the update would include one deposit address I can continually send to with no time expiration (one deposit address for “forever”). How close am I in my understanding?..

Hi @Jerry_Watson,

Technically, your concern is not related to the one-time-address, that we’re going to implement.
I can explain why we have ETH deposit address that expire in 60minutes:

  • if each user has his own ETH deposit address, => each wallet on mobile app have to save a unique ETH payment address => incognito wallet backend have to save all user ETH address in database => its cost a lot of gas to transfer ERC20/ETH to our master address
  • so the solution is create about 100 ETH addresses and rotating it to each deposit request, limit request to 60minutes.

I believe @phuong may explain this in more detail if you want.

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Thank you @khanhj.
Hi @Jerry_Watson! We’re rewriting the shield (deposit) process as an ethereum smart contract (rather than rotating external ethereum accounts), so that each user has a unique ethereum address assigned to them. so moving forward, you can deposit as many times as you want into your own ethereum address.

the smart contract has been written and is being tested now. the contract is pretty straight forward so i hope we can deploy it to the mainnet soon to give everyone a better shield experience.

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Okay, understandable!
But, let me be a smidge clearer.
I earn XYO through the COIN app, when I have enough XYO to withdraw, minimum 10,000 XYO, it takes the COIN app 1-3 business days to deposit my XYO.

But with the 60 min deposit timeframe there is a 0.00% chance of my XYO being deposited.

So my last question so everyone is on the same page, the 60 min timeframe to make a deposit will stay indefinitely regardless if the one time deposit address is the same indefinitely. Correct?