What is meant by Bitcoin Negative Balance?
March 12, 2021 (Investorideas.com Newswire) Bitcoin is an immensely popular cryptocurrency but just like any other currency, it has some flaws too. There are so many platforms like british bitcoin profit official site that support the trading of bitcoins but still, there are some technical errors.
Have you ever heard or experienced the bitcoin negative balance? It is very common among bitcoin trading and can be fixed easily. Before discussing the solution, let's first understand what exactly a bitcoin negative balance is.
What is Bitcoin Negative Balance?
If you buy cryptocurrency or deposit some money in your bitcoin exchange and it doesn't show any crediting, it is known as bitcoin negative balance.
Your exchange has not received the payment successfully from either your bank or due to any card issuer. In simpler terms, it is an error that doesn't show your accurate coin balance in your digital wallet.
Why Does This Happen?
There are many reasons for having an inaccuracy in your coin balance. Usually, there are two ways to transfer or purchase cryptocurrency and that is through banks or debit cards. The most common and popular reason for getting a negative balance is that your bank reversed the purchase which implies that no credit is added to your account.
Thus, the cash value is returned to your bank. The sudden reversal of cash causes problems and a negative balance is shown. This negative balance will always equal the cash value of your original transaction. The negative balance value is not changed even if the price of cryptocurrency is fluctuating.
Solution: You can make a payment to resolve your problem. If the payment was not processed for the first time and the cash is still in your bank, you can make a payment again. Mostly, there is a popup that lets you know that a transaction was reversed and it guides you towards making payment. You can try making the payment with some bank account that is linked to your exchange or you can make the payment through your digital wallet.
Another way can be that your transaction history is not fully imported. It usually occurs because there are restrictions imposed by some exchanges about API connections. Binance, Bittrex are included in some of the exchanges which impose a limit on third party interactions and access to API. Thus, sometimes this acts as a barrier against importing full transaction history from these exchanges.
Solution: You can manually add your cryptocurrency deposit to your wallet or edit the withdrawal entry and convert it into a transfer to your wallet.
The third reason for having a negative balance in your account is that occasionally you may have duplicate entries. It is a common mistake while adding connections for an exchange for which you have already added some data manually. Thus, it gives rise to the presence of duplicate entries.
Solution: It is very easy to prevent duplicate entries. All you need to do is activate the 'remove existing transactions' toggle whenever you add a new exchange connection.
Lastly, if your platform does not support some trading completely, it can become an issue to import such transactions. For example, Delta does not support margin trade imports so they will be imported incorrectly and can lead to a negative trade balance.
Solution: There is nothing that you can do about it because the problem lies at the backend server. All you can do is to try to avoid such trading which is not supported by your exchange.
Conclusion:
Managing cryptocurrency can become very difficult sometimes if you are new to this. However, the little issues that you encounter from time to time can be fixed easily with just a few steps. There is a good chance that you may never encounter this problem of negative balance but, in case you do, just follow the above solutions.
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