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Yet another lesson learned

Binance

Cryptocoins Exchanges / Binance 273 Views

Hey, there.

I’ve been into crypto for a few months now. I anticipated there would be a learning curve, but the frequent barriers I have ran into in the beginning were unexpected. I did some reading, watched YouTube tutorials, and spoke with a couple people before creating an account on an exchange. I planned out my strategy and the amount I wanted to initially invest and began on Coinbase. Little did I know just one exchange wouldn't be enough as certain coins aren't available on every change. So I went from coinbase to Crypto.com, Kucoin, Binance, etc. Wallet after new wallet.

Brining on so many wallets and exchanges in such a short period of time is something I wouldn't recommend. I believe doing so slung shot many mistakes that could have avoided had I been a bit more patient.

Other than BTC and ETH, ADA was on my list of coins I wanted to purchase first. I purchased some on Coinbase at first and then some more on Binance.

I bought ADA on Binance a couple of months ago and sent it to my TrustWallet, keep in mind lessons haven't been learned at this point, and as any novice traders does, takes the cheap route. Resulting in a binance pegged ADA. It was more annoying at first as I was going to let it sit there anyways. I just didn't understand why it would that when other exchanges hadn't. It became more than annoying when I tried withdrawing the ADA because it felt almost impossible to do so with my level of understanding of cryptocurrencies.

That's when I learned what wrapped coins were and you should always check compatibility. As well doing test deposits. I didn't realize I couldn't transfer assets out of TrustWallet as easily as others. I tried to the ADA out a couple of times, but ran into issues so I decided to let it continue sitting there.

I gained some insight and had a few ideas how to get it out of there. With purchasing a hard wallet and being comfortable with where my portfolio is at, I thought it would be a good time to consolidate my assets into as few wallets as possible until the arrival of my hard wallet.

Fast Forward now, I wanted to withdraw the ADA and deposit into my bank. I can't use Binance because their always finding ways to prevent me from withdrawing, whether risk management or another bullshit reason. I had been reading different methods, but I was still unsure how well it would work since I couldn't Binance.

That's when my crypto swapping/exchange/trading decathlon began. Going from binance pegged ADA to smart ADA to BNB to smart BNB. To downloading MetaMask and switching my VPN to Europe so I can use the Binance bridge to eventually getting USDC in my MetaMask wallet. I was planning to send it over to my CoinBase account(i can deposit funds almost immediately into my bank account on Coinbase).

I was mentally drained after hours spent figuring out the process and so happy to be finished. I just sent the USDC over to my Coinbase account and waited. I didn't think much of it and I came back moments later and found it odd that it hasn't shown up yet. I look back at the transaction and my stomach drops as I noticed that I have sent Bep20 to an Erc20 wallet. I didn't think if the USDC would be be wrapped or anything like that, I was just anxious to be finished. Unfortunately, it’s now lost somewhere in the block chain madness.

I don't want any criticism or “you should have done this” “you should have done that”. Remind you I’m novice to the crypto world and I think I just a lot of fucking money. Does anyone have any idea how I might be able to gain access back to those funds?

submitted by /u/mohlsen0214
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