You can prove ownership of your private wallet by making a microtransaction, known as a Satoshi test. To do this, you transfer a predefined amount of crypto assets from your self-hosted wallet to a target wallet address specified by BISON. These are small amounts within a predefined range, randomly selected by BISON. For Bitcoin transfers, for example, the amounts range between 550 and 1550 Satoshi. You can find a list of Satoshi test ranges for each cryptocurrency here.
Important information: To ensure that the Satoshi test runs smoothly, make sure you maintain a sufficient amount of crypto assets in your private wallet for deposits and withdrawals, as specified in the Satoshi test ranges.
The test is usually performed in the cryptocurrency you wish to transfer. For ERC tokens, however, the Satoshi test deposit is always performed in Ethereum (ETH). If you make a deposit or withdrawal request for more than 100% of your crypto assets, no microtransaction can be performed. In this case, you must top up your self-hosted wallet via another source, for example another self-hosted wallet, to be able to carry out the Satoshi test.
Once you have successfully transferred the crypto assets, this serves as proof of ownership of your private wallet. You will immediately see the transferred crypto assets in your BISON portfolio. The amount of the microtransaction required for the Satoshi test will be credited to your BISON app.
Please note:
- Any blockchain fees incurred during this microtransaction are your responsibility.
- The deposit or withdrawal process including the Satoshi test can take up to 5 working days.
Click on the video now to familiarize yourself with the Satoshi test at BISON for deposits.
Please note that the Satoshi test works the same way for withdrawals.
