Newbie Don't forget to write Destination Tag, Memo And Message

SquirrelJulietGarden

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Quote from: Oshosondy on April 07, 2021, 02:51:23 PM

I know that hitbtc had the private key, only the addresses controlled by hitbtc will users have, and not only hitbtc but all other exchanges and custodial services.

Exchanges can be custodial or non custodial.
1. They give you custodial wallets
You only have your public address to receive your cryptocurrency. You don't have private key, seeds (depends on different cryptocurrency)
2. They give you non-custodial wallets: you have private keys or seeds.

You have control on your crypto but not completed control. They can have data for your identities, emails and some security protections as confirmation for new suspicious log-in, etc.
If you lose access to your email, your 2FA and don't know how to recover your wallet with other softwares, you lose your crypto.

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But what I am saying is that exchanges have the private key, exchange users do not have complete control, just like ways many people have lost there coins on exchanges, there are many cases that all needed is private key to recover a coin. I am trying to say how important private keys are very important.

Exchanges describe their policies, customers supports very clear in FAQ or Terms of conditions, Terms of service but people don't read those documents.

They can (or can not) support users to recover cryptocurrency but you can not blame on them or create any scam accusation on them.

Oshosondy

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Quote from: UserU on April 07, 2021, 11:09:32 AM

Quote from: Oshosondy on April 07, 2021, 07:11:25 AM

If you have the private key of the address, you will be able to recover your wallet with just the private key, that is what exchanges can not offer. Also about blue Snow topic, if it is private key wallet that is used, no tag, memo or message is required, but exchanges will require such, many people can ommit this and lead to coin loss too.

I couldn't. They were sent from Metamask to the exchange itself so basically Hitbtc had them.

I know that hitbtc had the private key, only the addresses controlled by hitbtc will users have, and not only hitbtc but all other exchanges and custodial services. But what I am saying is that exchanges have the private key, exchange users do not have complete control, just like ways many people have lost there coins on exchanges, there are many cases that all needed is private key to recover a coin. I am trying to say how important private keys are very important.

UserU

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Quote from: Oshosondy on April 07, 2021, 07:11:25 AM

If you have the private key of the address, you will be able to recover your wallet with just the private key, that is what exchanges can not offer. Also about blue Snow topic, if it is private key wallet that is used, no tag, memo or message is required, but exchanges will require such, many people can ommit this and lead to coin loss too.

I couldn't. They were sent from Metamask to the exchange itself so basically Hitbtc had them.

joniboini

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Quote from: cheezcarls on April 07, 2021, 08:21:11 AM

This reminds me of one trader who made a simple mistake ignoring the destination tag when sending XRP from his wallet to an exchange. He asked me if it can be recovered, but sad to say that there’s no way that it can be recovered and will be lost forever. I think he lost like $100+ worth of XRP because of his simple mistake.

In theory, the exchange can recover the funds, but for such a low amount I doubt they'll even care. Things might be different if your friend loses 100$k or so since the exchange would probably earn at least $1k from sending back his crypto. This is why you should never rely on exchange for something like this, double-checking everything is way better even if it takes some time.

cheezcarls

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This reminds me of one trader who made a simple mistake ignoring the destination tag when sending XRP from his wallet to an exchange. He asked me if it can be recovered, but sad to say that there’s no way that it can be recovered and will be lost forever. I think he lost like $100+ worth of XRP because of his simple mistake.

Oshosondy

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Quote from: UserU on April 07, 2021, 12:51:07 AM

There was once I nearly lost my ERC-20 which were sent to the wrong blockchain on HitBTC way back in 2017.

Luckily they could help restore them but I ended by paying several hundred dollars in fees. Expensive lesson learned.

If you have the private key of the address, you will be able to recover your wallet with just the private key, that is what exchanges can not offer. Also about blue Snow topic, if it is private key wallet that is used, no tag, memo or message is required, but exchanges will require such, many people can ommit this and lead to coin loss too.

UserU

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Quote from: tranthidung on April 04, 2021, 09:17:08 PM

It what people must take care of themselves. Non custodial wallets, exchanges have nothing to help them if they skip all given guides and move onwards carelessly.

There was once I nearly lost my ERC-20 which were sent to the wrong blockchain on HitBTC way back in 2017.

Luckily they could help restore them but I ended by paying several hundred dollars in fees. Expensive lesson learned.

blue Snow

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Quote from: Oshosondy on April 04, 2021, 10:55:07 AM

Quote from: tranthidung on April 04, 2021, 08:49:36 AM

Unlike Bitcoin and Ethereum which have a unique address. Other coins like XRP, BNB, XLM, EOS, COSMOS, and etc have additional address features for identifying a transaction recipient, that feature is called Destination Tag, Memo, And Message which when you create the wrong type possible you will lose the coins cause the token you sent can be landed to other recipient or stuck on the exchange that will probably need a much time to be approved.

Good topic. But we need to address the issue of many ways people are losing money to exchanges, I created an article recently addressing this, this is another one included. No noncustodial wallet will demand for tag or memo, but a potential way to lose coins on exchanges.

Some users had forgotten to write a destination tag or create a false memo to sending a coin from a non-custodial wallet to exchange. It should behave a warning when a note or message had forgot or a wrong formate as if an invalid memo it can't be sent. as an important lesson from the user who had a problem with this, the user had to wait for a long time for the coins to be approved or going back to the derivation address. So be careful, this is important same as the address function.

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Quote from: Oshosondy on April 04, 2021, 10:55:07 AM

Quote from: tranthidung on April 04, 2021, 08:49:36 AM

Unlike Bitcoin and Ethereum which have a unique address. Other coins like XRP, BNB, XLM, EOS, COSMOS, and etc have additional address features for identifying a transaction recipient, that feature is called Destination Tag, Memo, And Message which when you create the wrong type possible you will lose the coins cause the token you sent can be landed to other recipient or stuck on the exchange that will probably need a much time to be approved.

Good topic. But we need to address the issue of many ways people are losing money to exchanges, I created an article recently addressing this, this is another one included. No noncustodial wallet will demand for tag or memo, but a potential way to lose coins on exchanges.

What you quoted is not my post, Osho. Cheesy

It what people must take care of themselves. Non custodial wallets, exchanges have nothing to help them if they skip all given guides and move onwards carelessly.

Exodus is a non-custodial wallet that supports multiple coins. You can receive coins in Exodus without Tags, Memo, Message but if you are sending to non-Exodus wallets, you have to fill in those details if exchanges require.

What is a Memo, Destination Tag, and Message and how do I use them?

Losses from carelessness

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I sent funds from Exodus without a Memo, Destination Tag, or Message to a wallet or exchange which required it. What should I do?

If the receiving wallet requires a Memo, Destination Tag, or Message and refuses to auto-process your deposits if the Memo, Destination Tag, or Message is missing, there is nothing we at Exodus can do as the funds have left your Exodus wallet.

Please contact the receiving wallet owner or support team with the transaction ID and request them to manually verify and credit your deposit.

There are some wallets/exchanges which do not offer any support for such mistakes. Therefore, be very, very careful when sending these cryptos from Exodus to another wallet.

To be even safer, you can always test with a smaller amount first to be sure that your transaction goes through.

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Quote from: blue Snow on April 04, 2021, 07:48:12 AM

I wrote this thread to warning people cause I have 2 case in my local board, they forgoton write EOS and BNB, all stuck on coinbase and Indodax exchange.

I forgot which coin I did it. But there are some when processing doesn't really need memo or just optional. I think its on bnb or xrp just forget it. Yeah these kind of destination tags are bit different from others but this is secure and add another layer of security to transactions.

If people only pay attention to threads like this and probably they won't end up losing funds.

Oshosondy

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Quote from: tranthidung on April 04, 2021, 08:49:36 AM

Unlike Bitcoin and Ethereum which have a unique address. Other coins like XRP, BNB, XLM, EOS, COSMOS, and etc have additional address features for identifying a transaction recipient, that feature is called Destination Tag, Memo, And Message which when you create the wrong type possible you will lose the coins cause the token you sent can be landed to other recipient or stuck on the exchange that will probably need a much time to be approved.

Good topic. But we need to address the issue of many ways people are losing money to exchanges, I created an article recently addressing this, this is another one included. No noncustodial wallet will demand for tag or memo, but a potential way to lose coins on exchanges.

tranthidung

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Quote from: blue Snow on April 04, 2021, 07:48:12 AM

Unlike Bitcoin and Ethereum which have a unique address. Other coins like XRP, BNB, XLM, EOS, COSMOS, and etc have additional address features for identifying a transaction recipient, that feature is called Destination Tag, Memo, And Message

They lost their coins because:

They are in hurry and ignore the warning or guide exchanges give them. All exchanges have such warning/ guide for users each time they make deposit or withdrawal
They are careless and don't double check their address, ticker, and additional details (like you said: Memo, destination tag, etc.). Then they perhaps put address to tag and vice versa.
They move coins cross-chain or move BTC to BCH address, USDT (OMNI layer) to BTC address, etc.
Sending BTC to BCH or whatever coins, vice versa. Don't do this, newbies ! (It is my topic in Jan. 2020)

Just being careful and do double checks to be safe!

Thanks for your topic.

Cheers!

blue Snow

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Unlike Bitcoin and Ethereum which have a unique address. Other coins like XRP, BNB, XLM, EOS, COSMOS, and etc have additional address features for identifying a transaction recipient, that feature is called Destination Tag, Memo, And Message which when you create the wrong type possible you will lose the coins cause the token you sent can be landed to other recipient or stuck on the exchange that will probably need a much time to be approved.

I wrote this thread to warning people cause I have 2 case in my local board, they forgoton write EOS and BNB, all stuck on coinbase and Indodax exchange.

how to be sure if the coin/token had that feature?. Under the address already that column.

for example, I take picture from binance faq;

that red square that called memo.

this example destination tag picture, I take the picture from atomicwallet faq;

this example for public message picture, I take the picture from coinomi faq;

Follow the instructions correctly to fill in these fields, don't make a mistake, each coin had unique code for those memo;

XRP (XRP) - Numeric Only
Stellar (XLM)-Alpha-numeric
EOS -Numeric Only

a little mistake will make your coins can be lost or stuck on exchange in a long time.

source;

https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/destination-tag-memo-faq
https://www.binance.cc/en-AU/support/faq/115003670492
https://atomicwallet.io/what-is-destination-tag

Topic: Newbie Don't forget to write Destination Tag, Memo And Message (Read 175 times)