In addition to the first and original cryptocurrency Bitcoin, there are of course many other coins and tokens with different technical backgrounds and characteristics. For example ERC20 tokens on the Ethereum blockchain. This type of token was very popular for fundraising via ICOs, Initial Coin Offerings, especially in 2017. So it might easily be that many of you have ERC20 tokens. To have an overview of these tokens and your own assets, you can simply view the balances of your ERC20 tokens. With version 1.0 this is now also integrated into the Blockpit platform and allows a complete overview, not only of the usual transactions, but also of your ERC20 token balances. You will find more details in the following article:
What are ERC20 tokens?
ERC20 tokens are tokens based on the Ethereum blockchain. On this, tokens for different usecases can be created using smart contracts, whereby the smart contracts determine the framework conditions for the tokens on the Ethereum blockchain. In this case, ERC20 is referred to as the Etherum standard for these tokens, i.e. which prerequisites and conditions they must fulfil. These Smart-Contracts bsw. determine how a transfer of tokens takes place and ensure that the credit balances of individual users (addresses) are stored correctly. This standard was published in 2015. There are now over 1,000 such tokens based on the ERC20 standard.
What are token balances?
Token Balances display the actual value of a wallet. While in most cases transactions are regarded as the most important thing when dealing with cryptocurrencies, balances do not show transferred values, but the value that is located on a particular wallet. This serves above all for monitoring and the personal overview of the own token stock. Basically, there are already platforms that only allow you to display the balances on a wallet by entering the public key. Since version 1.0 of the Blockpit platform this is now also integrated into your existing overview. Please note that balances have no influence on your tax burden.
ERC20 and ETH Balances in the Blockpit platform
The ERC20 and ETH Balance Import on the Blockpit platform allows an overview of the balances of your tokens. Currently it is possible to import these balances from the Ethereum blockchain, which means that all ERC20 tokens and ETH are supported for import. How is this done?
- Under the menu item "Widgets" you have to create a new widget (+ Add Widget).
- For your new widget select "Import Wallet"
- In the following you can enter the widget name and wallet addresses.
- In your balance overview you will now see the values of your individual wallets.
As you can see here, the wallet import selection is currently only possible via the Ethereum blockchain. Of course we will keep you up to date: As soon as further blockchains are supported, you will know first.
If further questions arise outside the Blockpit platform, the Blockpit Help Center will assist you. In the different categories questions about the Blockpit platform, the affiliate system, privacy and tax information are answered. We are constantly updating the answers and adding new questions. Of course, our personal support also offers help with individual errors and problems. If you are missing important questions in the Help Center that might be of interest to other users, we are looking forward to your feedback and the expansion of our Help Center.
If none of this helps you, just write us at email@example.com. Please always send us your widget ID (you will find it at the end of the url when you are in the widget) and a screenshot so that we can help you even faster.