I have observed that these days ethereum ICOs are also allowing payment using some cryptocurrencies (bitcoin, litecoin etc.) except ether. They ask to signup from user, create a unique altcoin address for that particular user and asks to transfer coins to that address. Once some amount of coins is transferred to the address, calculated tokens are visible to that user's dashboard.
Now my questions are :
- How those tokens are extracted from the token contract ?
- Had any ether value corresponding to the transferred coin stored in the crowdsale contract ?
- How a user will be able to transfer these tokens ?
- Which part is automated in this process and which one is manual ?