What is whitelist in crypto?

David Clapper
Latest posts by David Clapper (see all)

Similar to being part of some VIP program, whitelisting is done so you can recognize good companies, brands, services, or something else that is reliable and should be granted access, respect, or special treatment. 

But what is whitelist in crypto? Whitelist in crypto means something more precise. Whitelist crypto is a great feature that is offered in a cryptocurrency holder’s address book.

This feature will ensure that your withdrawals can go only to the addresses you’ve saved in your address book. It’s important to know that this feature can be connected with Initial Coin Offering and also with withdrawal whitelist addresses. 

If you want to protect the substitutability of your cryptocurrency, use crypto whitelists. When it comes to withdrawing tokens or coins from a crypto whitelist, you can use an account, whether it is a physical registered bank account or a digital account.

If you want to add a new address, you will need to wait for about two days so the address can be whitelisted. Here you can also find how to whitelist a new address.

How to Whitelist a New Address

So, do you want to add a new address to a whitelist in crypto? No problem, that is a pretty easy process. To ensure that your whitelist is enabled, you’ll need to double-check a few things.  Examine the icon to see if it is blue or not. If the icon in your address book is not blue, that means that the whitelist is disabled. 

We prepared a list of steps you need to take if you want to add a new address to your whitelist:

  • Navigate to the Address Book.
  • In the upper right corner of the page, click Add New Address.
  • Fill in the details for the address you wish to whitelist.
  • Select + Address Row as needed to add numerous new addresses.
  • To store addresses, choose Save Addresses.
  • In your Address Book, new addresses will be presented in gray with a number of hours and minutes in the “Date Added” section.
  • You will be allowed to withdraw cryptocurrency to fresh addresses when the 48-hour holding period expires. You may not withdraw cryptocurrency to these addresses during the two-day days hold period since this is a security feature.

Hold periods with whitelisting

Whether you want to disable or enable your whitelist, there is one hold period for whatever action you choose. This is done to protect your profile and prevent potential fraud.

First time enabling the whitelist:

If you are about to enable your whitelist for the first time, be prepared for a holding period. As we already mentioned, the holding period for adding a new address to a whitelist is two days. 

First time disabling the whitelist:

A similar situation is when you want to disable your whitelist address. First, you will need to flip the switch to turn off whitelisting. After that, you will have two more days of a security holding period. Throughout this period, whitelisting is still available.

It’s crucial to note that this holding period only applies to the address. So, you can still use your cryptocurrency. You can make transfers, sell, or withdraw crypto on your existing whitelist address. 

Now when you know what “whitelisted” means, we can move on to how you can use a whitelisted address book to withdraw cryptocurrency.

How can I use a whitelisted address book to withdraw cryptocurrency?

So, we’ve solved what is a whitelist in crypto. Here you will find out how to use a whitelisted address book to withdraw cryptocurrency. 

If you want to withdraw the crypto to one of the external addresses, you will need to search by a nickname or the first few letters of the address in your address book.

Once you have searched and clicked, the address will be automatically filled with the crypto address. It’s especially important to keep in mind that if your whitelist is enabled, you will not be able to withdraw your crypto to any new address that is not on the whitelist. 

So, when you have all the important information about what is whitelisting, and how you can use whitelist in crypto, we will talk about what an NFT whitelist is. If you are unfamiliar with this term, stay with us and keep reading this article. In further text, you will find out what the NFT whitelist is and how you can get one. 

NFT 

First of all, we will start with NFT. Many people nowadays think that NFT and crypto are similar. But what exactly is NFT?

Non-transferable token It’s constructed using the same code as cryptocurrencies, such as Bitcoin and other cryptocurrencies, and that is where the similarities end. Physical money and cryptocurrencies are “fungible,” which means they may be swapped for one another.

But, NFT is something more special. NFT can be anything that is digital. For example, artwork, music, paintings, digital drawings, and many more. We are sure that you must have heard of the metaverse. So, now the question is, will Metaverse make millionaires? We are certain that this will happen.

However, most of the current buzz revolves around the use of technology to market digital art. But, what is the NFT whitelist? Is it similar to a crypto whitelist? 

NFT Whitelist

The NFT whitelist is a group of people who have been promised early access to NFT mint on a certain day or time. Appearing on this list allows purchasers to avoid paying expensive secondary rates and trading costs for popular NFTs.

Because the majority of NFTs are released mostly on the blockchain networks, the address that is whitelisted is someone’s public Ethereum (ETH) address.

How do you get whitelisted? 

There are several criteria that are being used to evaluate who should be on a project’s whitelist.

First, you will need to choose some projects you like. Most of the time, you’ll need to go to Discord and complete the additional verification steps to prove that you’re a human. 

Later, you need to find a part with additional welcoming information about how you can be whitelisted for a chosen project. 

This will walk you through the process of being whitelisted. Some NFT producers require a significant effort in return for this potentially rich opportunity.

As you can see, whitelisting can be a great thing if you have crypto. This feature is used for better security but is also granted to certain individuals, software programs, and organizations that can add an external transfer address to their current address book in order to withdraw cash.

We hope that we have helped you to understand the basics of what is whitelist in crypto and how to be whitelisted. 

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