Topic: What can be done to stop loss sending to wrong bitcoin address - page 2. (Read 558 times)
December 12, 2019, 06:23:37 AM
Honestly, it is very simple to stop sending bitcoin to a wrong bitcoin address is by double or triple checking their bitcoin address or you can also used a QR code when you are using a mobile crypto wallet to avoid mistyping the address and more convenience in sending a payment.
December 12, 2019, 04:32:00 AM
What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.
Genius! And a lot of common sense which has become so rare these days when availability of information is exploding and technologies are sprouting. I am always doing even a triple check whenever I am sending something no matter how small or big. And this of course from checking the possibility of malware attack. People in the world of cryptocurrency should always be educated as far as being careful otherwise there would be a big chance of becoming another victim statistics.
December 12, 2019, 03:22:05 AM
Another thing is to use mobile wallets that can scan QR codes. That way, when you scan, you get the address as provided by the merchant or receiver.
You should still double check the first few characters to see if it matches.
There is a possibility that clipboard malware may use similar looking first characters, but I have not seen any that use the last characters, so double checking the first 5 and the last 5 should cover you.
Using mobile wallet and scan QR codes is best way how to protect your sending bitcoin without use wrong wallet address, but for sender have use mobile phone and receiver can show his QR codes, I think this way never have chance although little with wrong information wallet address for sending bitcoin and you can received faster than send by using bitcoin wallet address. You should still double check the first few characters to see if it matches.
There is a possibility that clipboard malware may use similar looking first characters, but I have not seen any that use the last characters, so double checking the first 5 and the last 5 should cover you.
December 11, 2019, 10:19:35 AM
Another thing is to use mobile wallets that can scan QR codes. That way, when you scan, you get the address as provided by the merchant or receiver.
You should still double check the first few characters to see if it matches.
There is a possibility that clipboard malware may use similar looking first characters, but I have not seen any that use the last characters, so double checking the first 5 and the last 5 should cover you.
You should still double check the first few characters to see if it matches.
There is a possibility that clipboard malware may use similar looking first characters, but I have not seen any that use the last characters, so double checking the first 5 and the last 5 should cover you.
December 10, 2019, 10:36:21 PM
The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.
You need to do much more than this. You should setup F2A or email and then carefully read where the coins are going and how many. Double triple quadruple check the address is correct.
You take so long to earn your bitcoins so you don't want to throw them all away in a few seconds. Take as long as you need when making transactions. Saving a few moments not checking things is not worth it.
You do need discipline using crypto, not everyone likes that about crypto and I feel it is one of the reasons people might not want to use it. Fear of losing their money if they buy crypto doing something silly like sending to the wrong address.
December 10, 2019, 05:47:26 PM
If 10 characters of a bank account number is easy to check, then it should be equally easy to check any 10 characters of the bitcoin address you are sending to. Either the first 10, the last 10, or even the first 5 and the last 5 combined.
You don't need to check the whole 30+ characters.
You don't need to check the whole 30+ characters.
December 10, 2019, 03:37:29 PM
The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.
You need to do much more than this. You should setup F2A or email and then carefully read where the coins are going and how many. Double triple quadruple check the address is correct.
You take so long to earn your bitcoins so you don't want to throw them all away in a few seconds. Take as long as you need when making transactions. Saving a few moments not checking things is not worth it.
You do need discipline using crypto, not everyone likes that about crypto and I feel it is one of the reasons people might not want to use it. Fear of losing their money if they buy crypto doing something silly like sending to the wrong address.
December 10, 2019, 01:19:07 PM
Looks like the OP's suggestions aren't quite right. Transfer error due to incorrect entering the wallet address is a technical error from the sender, whether intentionally or not, we should always double check before sending it. Check the manual, overall, don't just look at the beginning or the end. It is better.
December 10, 2019, 12:59:51 PM
That is sound complicated I think. Simple problem requires simple solution, it is not that tough to double check the address where you will send it to. In my long time here in crypto industry I haven't experience any problem in making transactions because I do check first the address to prevent of losing profit. You could just copy and paste the address then check it first before hit the send button.
Of course, you are right but in the case of negligence (most common reason of sending t the wrong address) this is possibly the only potential countermeasure, as transactions are not reversible.
December 10, 2019, 12:49:34 PM
Never supported banks/Financial Institution although it's cut from an easy cloth then ruled by people known as the government, track and trace us like we are some courier shipment but then again the one perfect thing they have is the ability to see the other end via communication, able to retrieve wrong transfers or sent to wrong account which is something that does not happen often in the banking system.
Looks like you never had a bank transfer in your life 
. Welcome to the normal world and that is how things work here, if you have a job your salary will be credited through the bank and there is no point in hating the banking system, i have taken loans from them and i do not complain them and as long as i follow the rule i am fine with it.There is a major difference between a centralized banking system and a decentralized economy and in the latter you cannot make a mistake because once the coin is gone from your account then there is no way you can retrieve that.
December 10, 2019, 12:34:35 PM
That is sound complicated I think. Simple problem requires simple solution, it is not that tough to double check the address where you will send it to. In my long time here in crypto industry I haven't experience any problem in making transactions because I do check first the address to prevent of losing profit. You could just copy and paste the address then check it first before hit the send button.
Of course, you are right but in the case of negligence (most common reason of sending t the wrong address) this is possibly the only potential countermeasure, as transactions are not reversible.
December 10, 2019, 10:55:56 AM
What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.
Rather then focusing on technological solution to this. Biggest mitigation measures lies within us
Quote
I sent funds to the wrong address. How do I get them back?
Sent to digital currency address
Due to the irreversible nature of digital currency protocols, transactions can neither be cancelled nor reversed once sent. In this scenario, it would be necessary to contact the receiving party and seek their cooperation in returning the funds. If you do not know the owner of the address, there are no possible actions you can to take to retrieve the funds.
Because of this, it is essential to exercise caution when sending. It is always recommended that you double-check that the address you are sending to exactly matches the address of the recipient before sending.
Coinbase
Sent to digital currency address
Due to the irreversible nature of digital currency protocols, transactions can neither be cancelled nor reversed once sent. In this scenario, it would be necessary to contact the receiving party and seek their cooperation in returning the funds. If you do not know the owner of the address, there are no possible actions you can to take to retrieve the funds.
Because of this, it is essential to exercise caution when sending. It is always recommended that you double-check that the address you are sending to exactly matches the address of the recipient before sending.
Coinbase
December 10, 2019, 09:56:03 AM
i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.
Is there a post for this you can refer me to, this sounds great, i will need to read more.
certainly, all the Bitcoin Improvement Proposals are available on GitHub under the "bitcoin" username. and here is the direct link to BIP-70 that i mentioned here:
https://github.com/bitcoin/bips/blob/master/bip-0070.mediawiki
BitPay is a payment process that i know of that has implemented this technique.
December 10, 2019, 09:46:00 AM
What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.
There is no cure to human error. No matter how much advancement in technology has been made.
The worst part is you cant undo the transaction once you sent bitcoin to wrong address.
The only solution to this is mentioned in above reference post. Stay safe everyone.
December 10, 2019, 07:07:28 AM
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
This is the easiest as of now, but theoretically more comfortable would be the introduction of a system a bit similar to confirmation of transaction in banking apps by providing a code which is unique to a specific wallet address, so then in case of mistyping address transaction will not get through.
December 10, 2019, 07:06:37 AM
The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?
This part i clarified too, the protocol must not be based on the amount, sender and receivers address can be the protocol, senders enables protocol based on the address and receiver does the same, so as long as this protocol is used to send between both of them bitcoins will arrive ok, else bitcoin will be returned to the sender.
I wanted to help you understand that your idea, although it was some work on it, will not work, it has still flaws on it. Trying to find fixes while we talk will not do, since you seem to go from bad to worse.
Try to give it time and think it over again. For now, in this form, it's not good.
Quote
No. It's plain wrong. Bitcoin is about changing addresses from payment to payment. That's for privacy and maybe some extra security too. An user should not "call in" an link his name to an address.
Here you are entirely wrong and way way wrong. Privacy for bitcoin is one thing and it cannot be taken away unless a user decided to attach a name or whatever, but creating a verification system has and will never have nothing to do with attaching one's name to a transaction, its just verification and requires no name to take place.
You have an address signed by you don't you, why do you have one? For fun, you should think again, flaws is for idea and production is where the real work suppose to work without flaws, ideas are given to be developed and input added and if your input is that there will never be a verification system to improve the current system for safer usage of bitcoin then you are way out of your bitcoin mind. I accept your critics but its totally baseless.
December 10, 2019, 06:40:53 AM
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
This is the easiest as of now, but theoretically more comfortable would be the introduction of a system a bit similar to confirmation of transaction in banking apps by providing a code which is unique to a specific wallet address, so then in case of mistyping address transaction will not get through.
December 10, 2019, 06:10:53 AM
The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.
As said we the users are responsible for our funds. When we make a transaction we need to know that we're transacting our funds. Here we need to have additional concentration which will make people avoid such mistakes. As described there are malwares that auto paste different addresses and this happens with untrusted service renders. With trusted wallet services there is no such flaws. Anyhow double checking helps in keeping our funds secure. 
December 10, 2019, 05:39:16 AM
The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?
This part i clarified too, the protocol must not be based on the amount, sender and receivers address can be the protocol, senders enables protocol based on the address and receiver does the same, so as long as this protocol is used to send between both of them bitcoins will arrive ok, else bitcoin will be returned to the sender.
No. It's plain wrong. Bitcoin is about changing addresses from payment to payment. That's for privacy and maybe some extra security too. An user should not "call in" an link his name to an address.
I wanted to help you understand that your idea, although it was some work on it, will not work, it has still flaws on it. Trying to find fixes while we talk will not do, since you seem to go from bad to worse.
Try to give it time and think it over again. For now, in this form, it's not good.
December 10, 2019, 05:35:58 AM
Seriously. If people simply just double-checked the receiving address every time they make a transaction, we wouldn't have this problem.
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