We are switching to new XMR subaddresses!
In this article, we want to cover a few questions you may have in regards to the new update on the new XMR address format.
Why are we doing this?
This update brings good news - more security and increased anonymity. In our effort to provide the best possible service, we want to switch to this update by October 1st.
If you'd like to read more about this new update, we found an excellent article on its advantages here. As you will read in this link, there are lots of good updates BUT we need to warn you!
OLD ADDRESSES WILL EXPIRE ON SEPTEMBER 30TH AND WE WILL NOT BE ABLE TO RETRIEVE ANY FUNDS TRANSFERRED TO AN OLD ADDRESS AFTER SEPTEMBER 30TH, 2018.
Thus, we highly recommend verifying the Monero Wallet address prior to transferring funds!
In other words:
The subaddress update is necessary! It will increase your security and anonymity.
We cannot decide not to support this update because behind these changes stands the future of the crypto industry.
OLD ADDRESSES WILL NOT WORK AFTER SEPTEMBER 30TH! WE WANT TO MAKE SURE YOU KNOW ABOUT THESE CHANGES TO AVOID LOSING YOUR FUNDS.
How to generate a new address?
Open the app or our web version.
- Click on ‘Receive’
- Choose ‘XMR'
- You will see the address already used
- Click ‘Generate new’
You have generated a new address.
If you or someone else sends coins to the old address on or after October 1st, they will not be retrieved.
What if my mining pool/exchange service/receiving wallet doesn’t accept this type of address?
There isn’t much we can do here, as there are hundreds of external services working in the crypto industry and even more mining pools.
But you can ask the service you’re using to add support for this type of subaddresses. Eventually, everyone will shift to this new format, it’s only a matter of time.
What if the funds are transferred to the old address?
Here is where we’d like to warn you again:
FUNDS SENT TO OLD ADDRESSES AFTER SEPTEMBER 30TH, 2018 WILL NOT BE RETRIEVED!