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In the last 9 years, I've somehow managed to never send any crypto to a wrong address. Here's 5 things I always do to make sure I never mess up a transaction.

All Cryptocurrencies

by COINS NEWS 122 Views

I've been in crypto for 9 years, and I've done hundreds of transactions in over 30 different cryptocurrencies, including purchases.

The more different currencies you use, the more different type of wallets and transactions you have to deal with. If you always use the same 2-3 cryptos, it's definitely gonna be much easier.

Number of times I've sent anything to the wrong address in the last 9 years: 0.

It's not because I'm that bright, or have any special attention to details. I make a lot of mistakes like everyone else.

It's because I do these 4 things (and the 5th one in some select cases):

  1. Check that you are using the correct currency. That's an easy one. But if you use things that have similar logos or names, like BTC and BCH, it's a simple matter of double checking.
  2. Don't type out any address, copy and paste it, or QR code it. It cuts out the bulk of the errors people make. The few people I know that messed up, have all for some crazy reason typed out the address.
  3. Double check the first few and last characters. You don't even have to check the entire address. If you have the beginning and the end, you have the whole address. If anything got cut off, it would typically be the end. And the only time I've ever had an incomplete address, is when I had to copy and paste it manually, by selecting the address. As opposed to having to just click the copy and paste clipboard.
  4. Do a small test transaction first for important transactions. You may not have the safety net of a bank in between, but you can make your own safety net. For most crypto, the cost will be very small. But if you transfer any important amounts, it's safer to do a test first. Especially on a new wallet. My test transactions have been correct for 100% of my transactions, so you could make the argument that they've all been redundant, but if it can give you peace of mind, then it's worth it. And when sending big amounts, you don't want to take any chances. It might seem like a redundant step, but it gives you an extra safety net. The only exception where I might not do this is for purchases (they usually have a lot less risk), on saved wallets, small transactions with coins I'm already very familiar with.
  5. This one is only for some cases. And it's the only time I've come close to making a mistake. For some coins, you may have extra steps, in the same way when you do a wire. Things like a network you have to select or have a note/memo to get to the right account. That's something you would see more on exchanges. In most cases, what you need to do is explained, it will warn you that you have to do this, and it's still simple enough. If you're transferring a new coin, always double check that there's no extras like this. Especially if you send funds to an exchange. And I'll double check the instructions in a google search.

When in doubt about anything, look it up before transferring. You wouldn't just guess and not double check a bank wire form when you send a wire. Treat a crypto transaction like a bank wire. You're not sending an IOU like when you do a credit card transaction. Crypto transactions are a true and pure form of transaction.

submitted by /u/fan_of_hakiksexydays
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