Reminder:- Checking name of coin, ticker and read warning when you create receiving address.
- Checking prefix of coin address because in some cases, it can help you to differentiate coins.
- Asking for confirmations on receiving addresses from receivers, if you doubt that they give you addresses on wrong chains before sending funds
- Being as careful as possible, double- or tripple-check, and make win-win transactions on right chains !
Moving funds from one account to the others is the first lesson newbies have to learn and start their lives in crypto. Bitcoin is the King of crypto so moving bitcoin is a mandatory lesson to learn.
If you have already read news, articles on "Losing funds (bitcoin) after sending its to wrong address, or to address of another coin", it is good because you will know how serious that mistake is.
If you have not yet read anything like this, now let's read my thread.
To understand how serious that mistake is, I invite you to read these 2 threads:
The
excellent answer from @DannyHamilton
It means if receivers (your friends, relative, whoever) or the exchanges (have role as receivers) don't have control on your private keys or don't want to use private key (of receiving address) to do technical steps and credits mistakenly-sent coins back to you, you lose your money.
All platforms have warnings when you create deposit addresses. I don't highlight words in these images, you have to read them to improve your carefulness and patience.
PoloniexBinanceHuobi ProBittrexBitMexEven you are receivers, you have to read these warnings before finishing your works. Because if the mistake belongs to your side (as receivers who give wrong address on wrong blockchains), it's unacceptable to request senders taking that loses and resend another fund to you.
As a receiver, what to read and check?
- Name of coin: Bitcoin, Bitcoin Cash, Bitcoin SV, etc. Being very careful with any coin that have Bitcoin as prefix.
- Ticker: BTC, BCH, BTCSV, etc.
As a sender, what to do?
- Name of coin: Bitcoin, Bitcoin Cash, Bitcoin SV, etc. Being very careful with any coin that have Bitcoin as prefix.
- Ticker: BTC, BCH, BTCSV, etc.
- Checking prefix of receiving address. You might have clue to differentiate between different coins.
Double-check or tripple-check will help you staying away from unexpected problems with transactions from and to wrong blockchains.
There are abundant coins with Bitcoin as prefix or suffix in their coin-names. Here is results from Coinmarketcap's Search tool.
For altcoins, being careful for some coins which have requirements to give correct address and MEMO (or other alternatives) to have valid transactions. If you give incorrect details for one of them or both, you will lose your money.