Topic: Sending large amounts of bitcoins (Read 884 times)
Another one is you could get scammed. If you send 1BTC and get scammed, it's a lot better than sending 20 and having the same person run off with them. He didn't say he was sending them to himself, but it's a good idea to send a test transaction before-han, and don't send HUGE amounts to yourself at once, just in case something did go wrong. It's always better to be safe than sorry.
Sending numerous small amounts is useless, I've never heard of a issue with coins going missing sending to yourself.
Just for safe practice, I wouldn't send HUGE amounts at one time. Numerous things could go wrong, ...
Like what?
Sending a lot of BTC in one transaction to the wrong address would be a bad mistake, but sending several small amounts to the wrong address would still be the same mistake. I agree that sending a test amount and then waiting for the receiver to verify that they received it before sending the rest would solve that.
But, I still don't see the benefit of sending several small amounts. He wrote that numerous things could go wrong and that was one. What else?
Just for safe practice, I wouldn't send HUGE amounts at one time. Numerous things could go wrong, ...
Like what?
Like the obvious someone else mentioned. You send it to the wrong address. Sending a 1 BTC test to verify the address is pretty
darn wise if you plan to send a total of 100 BTC.
Just for safe practice, I wouldn't send HUGE amounts at one time. Numerous things could go wrong, ...
Like what?
If you are sending coins to someone else, then it's up to you to determine how much you trust them with large amounts of money.
Yup. If the party you are trading with isn't entirely trusted, then consider using an escrow, and other advice from here:
- http://en.bitcoin.it/wiki/Secure_Trading#Best_Practices_with_trading
Just for safe practice, I wouldn't send HUGE amounts at one time. Numerous things could go wrong, and then you're fucked because there's no way you can reverse the payments. I'd say spend an extra 1-2 minutes dealing it out in smaller increments, just incase something were to go wrong, you wouldn't lose everything you have, or a large portion of what you've accumulated.
Just make sure of the address you are sending to. Check, and double check that it's correct.
Send as much as you want. Bitcoin network is 100% reliable no need to worry.
Is it better to send your coins in a few smaller transactions? Does it matter? Am I being overly paranoid?
It's a lot of money for me... so I just want to be careful.
It's a lot of money for me... so I just want to be careful.
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