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DIM X is a cryptocurrency converting platform that converts different cryptocurrencies into DIM (Data Interchange Modules) Cryptocurrencies. DIM X is the bridge that brings different cryptocurrencies onto one blockchain.
Participants send Bitcoin to a DIM X Bitcoin wallet address, and they provide a NEM based wallet address from DEPOTWALLET or Nanowallet. The DIM Currencies or DIM Cryptocurrencies (DIM BTCs) are sent to that wallet address provided by the participant. The process is the same in reverse when withdrawing Bitcoin from DIM X. Participants send DIM Currencies or DIM Cryptocurrencies to the NEM wallet address provided by DIM X. Participants then provide their own Bitcoin wallet address and the Bitcoin from DIM X is sent to that BTC wallet address.
DIM X will initially only convert Bitcoin to DIM Currencies such as DIM USD and DIM EUR. It will also convert Bitcoin and Ethereum into DIM Cryptocurrencies such as DIM BTC and DIM ETH.
You do not need to open an account on DIM X. DIM X is a converting platform where one cryptocurrency such as Bitcoin is converted to DIM denominated currencies that are sent to the provided DEPOTWALLET address.
Phishing is when a party pretending to be a legitimate institution gains your trust in order to obtain sensitive information or things of value from you such as passwords, cryptocurrencies, money, etc.
A wallet address is a possible destination where cryptocurrencies such as DIM Currencies, DIM Cryptocurrencies, Bitcoin and Ethereum can be sent. The wallet addresses are different in appearance depending on the blockchain. The wallet address for DIM Currencies looks different from the Bitcoin and Ethereum wallet addresses.
A wallet address is generated when a participant creates an account on DEPOTWALLET, or on a BTC wallet or an Ethereum wallet.
DIM Currencies and DIM Cryptocurrencies are converted from BTC. Participants need to buy BTC from exchanges using fiat currencies or using other cryptocurrencies. The process is the same when converting Ethereum to DIM ETH, participants need to buy Ethereum from exchanges using fiat currencies or other cryptocurrencies.
When a transaction is made, the currency goes through the blockchain. The blockchain charges a small fee called a ‘network fee’ which is a commission for every amount sent in currency. It is imperative that participants ensure that they have sufficient XEM (native cryptocurrency on the NEM blockchain) in their DEPOTWALLET whenever they make a transaction, like sending DIM Currencies and DIM Cryptocurrencies to DIM X.
Unfortunately, once a transaction is made it cannot be cancelled. The process is automated and the participant will have to reverse the procedure once it has been completed.