How Not to Be a Victim of Sending Crypto to Wrong Addresses

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As a purpose driven platform and community like hive blockchain, where transactions are done in their high numbers everyday, it's of great importance that we remain caution when sending assets as its irreversible when done, owing to the fact that one wrong transaction can lead to significant financial loss of hard earned money.

The crypto space can be so unforgiving, full of people that are eagerly ready to execute and utilize chances presented to them from carefree attitudes and not being vigilant. So it's of great importance that while we explore the crypto space most especially when it has to do with transactions, all manner of carefulness should be employed so that the undesirable won't be experienced.

Transferring crypto across networks and Blockchain is a normal routine in the crypto space and millions of transactions are recorded across all chains and networks everyday, in spite of this too, which normally how transactions are carried out across all chains is through crypto wallets and addresses, many users who have designated addresses too are lucky of wrong transactions carried out by users they don't know and quite less than 0.2% of users return what was transferred to them wrongly, so this article addresses the head-ups one should know before transferring crypto across chains or wallets.

(A) Verify Address Format:
Depending on the choice of crypto to be sent, there are specific addresses for each, be it to be sent to wallets, chains and all of that. Saying for example one sending HIVe token to a centralized or decentralized wallet, there is always a particular format and selection of the wallet address of the receiver which contains the address itself and the memo. In a situation whereby the address, the format and the chain isn't selected properly, the coin will be lost regardless of the amount and number of times sent.

(B) Triple-Check Wallet Addresses:

Before hitting the send button, make sure that you have tripped checked the wallet of the receiver and also that the chain selected is been rightly done. There are cases where one might copy the address on the clipboard and mistakenly adds spaces in-between the address code, cases like this if not changed and corrected would definitely lead to a loss of coins. Additionally, having in mind that addresses don't change as a result of constantly transferring coin to a particular address is another trap most people fall into. Depending on the network and upgrade on both the exchange to receive the coin and the chain, there are cases where wallet addresses changes overtime, so it's of great importance to crosscheck addresses before hitting the send button.

(C) Practice Transaction Testing for Large Amounts:
This is another step to follow that is very crucial. In cases where the total number or amount of coins to be sent are big enough, it is of great importance that one practice sending a small amount of the coin to the specific addresses for testing so as to verify the authenticity of the address. This is helpful because should in any case the amount sent didn't reflect or shortened or experienced a fishy landing procedure, the sender and receiver can route a different means for receiving the coin.

It is not rosy out there, there are wolves in sheep clothing waiting to explore the smallest chance of mistake that can present itself to used, so it's of great importance that we stay diligent and very careful so as not be a case study of narrating losses or cases related to that.

Have you experienced a misfortune in crypto transactions before across chains and more, here in the comment section, let us know how you tackled it and how what to learn from it. Thanks for stopping by, do have a nice day.

Posted Using INLEO