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Q: When a client connects their wallet to Bitwave Ops to enable crypto payments, is this a one-time thing? Or must they connect the wallet every time the wish to execute a payment?
🅰️ We must connect the wallet to Bitwave Ops everytime when we want to execute payment.
Q: What is wrapping a treatment?
🅰️: Wrapping treatment involves converting a digital asset from one blockchain into a compatible token on another blockchain. This process allows the asset to be used within a different blockchain ecosystem while maintaining its original value.
For example, Ether (ETH), the native cryptocurrency of the Ethereum network, can be wrapped into Wrapped Ether (WETH). WETH is an ERC-20 token that can be used in decentralized applications (dApps) and decentralized finance (DeFi) platforms on the Ethereum network. For more information on wrapping treatment see: Bitwave Documentation on Wrapping Treatments
Q: What is Solana Associated Token Account program and how to validate these ATA balances ?
🅰️
The SOL balances in Bitwave tend to be higher than of onchain balance, it is due to ATA ( Associate token program), The cost of an Associated Token Account (ATA) on Solana includes an initial fee.When an ATA is created, the System Program transfers 0.00203928 SOL to the ATA. This amount is deducted from the account that initiates the transaction.
Here's a quick way to validate solana balances against the blockchain.
Grab bitwave SOL balance, subtract on chain solscan balance.
Go to 'token accounts' and multiple the number of token accounts by 0.00203928 (a fixed fee).
Q: Why does a transaction show a $0 FMV even though it involves a token with a known price?
🅰️:
If the transaction amount is zero, the Fair Market Value (FMV) will also be zero, regardless of token price. Ensure the amount field is correctly populated in the import.
Q: Why is Bitwave applying $0 cost basis to some transactions when using FIFO?
🅰️:
A $0 cost basis might be applied due to how staking rewards or imports are recorded. If these tokens are treated as "created property," they enter inventory with $0 cost basis, and FIFO will pick them first. Check your inventory lots to verify.
Q: How can I resolve an unrealized loss in Bitwave caused by a deleted deposit transaction?
🅰️:
If a previously recorded token deposit was deleted but its corresponding burn remains, this can lead to an unrealized loss despite a zero token balance. One option is to re-enter the deposit with a 0 market price to offset the disposal. Alternatively, request a resync of the wallet from Bitwave support to restore the deleted transaction. A resync does not affect existing categorizations.
Q: Can I get the balances as of year end? Can I get the balances today?
🅰️:
I would screenshot where in the app you can grab these balances:
1.Wallets page - explaining how this data is populated (via the API) and is the most current as of today.
2.Reports > Balance Report - explaining that this report can be used to pull balances filtered by wallet for a specific date in time as well as current day (with the caveat that the balance if it’s being pulled for today’s date may be off due to timing issues of when the last transaction synced in from onchain)
3.Balance Check Report - explaining this is where you pulled the balance validation information that you sent him and how this report compares the balance from report #2 above with the onchain API balances
Balance check Report : which takes the Balance Report and compares it to third party balances.
