Why it is important to lose Bitcoin to an incorrect wallet address - page 3.

Zeke_23

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Quote from: timerland on October 11, 2019, 11:27:50 PM

Losing money is never a good thing, and people are busy and can make mistakes. This is a bit of a weird post but I am guessing your underlining message is that if you lose money, you will be 100x more careful in the future and never lose money again.

Just check addresses all the time, make sure it's the same coin and check the first and last 4 letters of an address and you should never need to lose money to learn this.

The OP's point is the more we lose the supply of bitcoin it is possible to increase its price.
But it is actually not good to say that it is important to lose our money when it comes to sending funds to incorrect wallet. Money is not something to waste, we should be careful and not let something like this to happen.

pooya87

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

it is like saying when sending an email instead of putting the email address in [email protected] format you put it in XXX.XX format and the email client successfully accepted it and sent the email! that will never ever happen unless the client you are using the the stupidest thing in the world written by someone who has no idea what an email address looks like.

bitcoin addresses are 100% different from ethereum addresses. the first is in base58 while the second is in base16. even the character set is not the same, there is a HUGE difference. no bitcoin client will ever let you send bitcoin to an invalid address.

timerland

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Losing money is never a good thing, and people are busy and can make mistakes. This is a bit of a weird post but I am guessing your underlining message is that if you lose money, you will be 100x more careful in the future and never lose money again.

Just check addresses all the time, make sure it's the same coin and check the first and last 4 letters of an address and you should never need to lose money to learn this.

NathanJB

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

The title confused me at first. But when I read the thread, I thought you are too selfish. Let us all be a little more considerate next time. Those people who had inputted the wrong address could be in a hurry, or were in emergency situations, or there was a virus that infiltrated the computer and inputted a different address instead, or perhaps something very important is bothering them so that they lost focus. What I mean to say is that how can we be happy if some people made errors and cannot recover what they have lost? They may be in need of it and now they have nothing.

agustina2

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Hmm, i think the title is somehow misleading (or maybe because for clickbait). Because there is no importance in losing your bitcoin to an incorrect wallet address at all. You are indeed being inconsiderate for not using proper word usage. You can just rephrase the title and include the word "lesson" or any similar since your intent is really to educate. Sorry for being so strict. Words matter, you know.

But anyway, I understand your interest on how you want to educate people here to be more careful to avoid such scenario since it is really such a lose to experience this especially if you are transferring a large amount of bitcoin from one wallet to another.

Obito

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Well, you feel safe at some point because there is a possibilty that the person whoever owns that wallet address might not be using that wallet anymore. Besides, you won't look for it anymore. On the other hand, bitcoin transactions isn't irreversible so, either way you won't get it back unless the other user is willingly to do the same thing back. So, bottom line is that we should be aware if we are capable of double checking then do it.

bounceback

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Your post on that topic might mean a lot to people who don't understand why they lost their bitcoin to the wrong wallet, maybe people who don't understand much about bitcoin delivery then they have to read your post and have to learn more to understand about bitcoin so they don't cause huge losses when they want to send bitcoin.

coin-investor

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

This should not happen to anyone if he is educated enough to make a mistake, you can do it on Paypal or other payment processors that have a chargeback but it should not happen to an educated Cryptocurrency holders, you already know that there is no such thing as chargeback or recovery here, so when sending you should be aware of this, if not you are not educated enough.

Bitcoininvestment

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

We should be careful and be responsible on what are the things we are doing here in forum and also how we transact with other people. It
is just to lose an amount of bitcoin because of mistake. We should think very carefully because we can not back all of the things we lose. This was be a lesson to all people that we must give the correct information to get a correct amount of bitcoin.

Zeke_23

sr. member

Activity: 868

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Quote from: Woshib on October 03, 2019, 07:21:03 PM

In my opinion, we need to upgrade the system, if the address of bitcoin in an incorrect format, miner dont confirm the transaction and drop it, so the transaction will back to the sender wallet. some of the online wallets have this option but not all of them, if you enter an invalid or no bitcoin wallet you cant send it, let's hope for the best

Its possible and it would be better. or if the address is incorrect, the funds you transferred will reversed automatically.
OP thinks that by sending bitcoin to an incorrect wallet the volume of btc will reduce, and it will be a good effect since the lower the volume, the higher the demand is.

Woshib

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In my opinion, we need to upgrade the system, if the address of bitcoin in an incorrect format, miner dont confirm the transaction and drop it, so the transaction will back to the sender wallet. some of the online wallets have this option but not all of them, if you enter an invalid or no bitcoin wallet you cant send it, let's hope for the best

Eugenar

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

While reading your post about this topic, I am waiting if there's an update that can recover lost bitcoin at some point. I am just dismayed there still hasn't. But very well said, there is a less chance that a person might lose their bitcoin to other wallet or incorrect wallet address since it is their money and each of us is carefully taking care of the process of sending. But if we are going to be careless in some point that we need to send many quantities to many addresses, there comes the problem. If ever in case we need to do that kind of task, we better ask for the help of an escrow.

Wexnident

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I don't take loans, ask for sig if I ever do.

Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

The concept of using address to transfer bitcoin from one wallet to another is what makes it difficult for hackers to get them and ensures security at some point. Now if you mistakenly sent in to another address, you have nothing to blame but yourself. You can't really blame the system since a lot of users use it as well, and don't really protest about how the wallet address feature of bitcoin, or any coins at that. Besides, it also makes us grow in a way that makes us more rigid about preparations, making sure that we are doing things correctly.

kayvie

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Quote from: Ailmand on October 02, 2019, 09:07:11 PM

As an owner of crypto, it is a must for us to check the address that we are sending into before confirming a transaction because we are aware that crypto transactions are irrreversable. I think exerting extra effort to check the correct address or even double check it before sending is just a small task to do, tather than to regret losing your bitcoin to a wrong address.

It is our responsibility to check the receiving address everytime we send or have an online transaction. Being irresponsible just by sending funds will lose you your precious money. For my entire life in bitcoin, I've never send my funds to an incorrect wallet address. I always check it twice or more.

maman567

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Not only bitcoin but also when you sent altcoin for erc20 wallet never make mistake with wrong wallet, first copy your wallet and paste on your account, re check again have you use correct wallet or not because after sending you can take back if you wrong wallet.

AniviaBtc

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

It's true that bitcoin isn't that easy to get, you'll work hard for it with patience and discipline. Always be mindful when addressing a bitcoin, when you lost it always keep it mind that it'll never return on you. Be attentive and observant when having transaction or sending bitcoin. For you to stop regretting your self for the wrong thing you did.

Not all things comes back when u lost it.

maxreish

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I have an acquintance who happens to send btc to bch wallet address. And since bitcoin transactions are irreversible, there is no chance that we can get it back. That's the bad side of crypto coin's transactions. Since we know for a fact that sending it to the wrong wallet address may result to losing it. Self- awareness is a must.

If we have to double check or even triple check it, do it. I was somehow thinking the same way when I was new in crypto space if the wrong transactions will be corrected but sad to say, it isn't.

Ailmand

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As an owner of crypto, it is a must for us to check the address that we are sending into before confirming a transaction because we are aware that crypto transactions are irrreversable. I think exerting extra effort to check the correct address or even double check it before sending is just a small task to do, tather than to regret losing your bitcoin to a wrong address.

BlackFor3st

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Quote from: Cjblog on October 02, 2019, 10:06:16 AM

I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time Wink

When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.

If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.

I have experienced this kind of problem at the time that I am still a newbie, I have lost it because I mistakenly send the bitcoin to the wrong wallet address. After that I became careful but it happened again that I send mistakenly which is a huge amount of money and I am really worried at that time.

I am sending bitcoin at that time and I am using a quick exchange shapeshift.io but still I am lucky because the shapeshift exchange returned my money because I am sending the money to eth address instead of bitcoin address. And until now, I really learned my lesson and I always triple check everything before sending, either it is small amount or a big one.

timerland

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It's not really that hard to be honest, the most important things you should be doing when sending a transaction would be to make sure you copy paste it well, and then verify that the first 3 letters and the last 3 letters of the BTC address all match up and look good.

For sending it to other addresses, usually you aren't allowed to send it to erc-20 and some addresses (incorrect prefix), and it just feels really stupid to do that. It does make sense when your dealing with BTC cash or the other options out there though.

Topic: Why it is important to lose Bitcoin to an incorrect wallet address - page 3. (Read 2002 times)