Why it is important to lose Bitcoin to an incorrect wallet address - page 4.

JohnsonX

member

Activity: 120

Merit: 10

Quote from: Cjblog on October 02, 2019, 09:06:16 AM

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

No, I never have. But I agree it is too easy for that to happen, a weakness imo in current cryptocurrency design. At least wallets should have an 'undo' period (like 2 min or so) where it's still possible to revert transactions before they go through just in case you made a mistake? Huh

Bountyhonter

member

Activity: 406

Merit: 10

I have never lost bitcoin due to wrong address because i usually scan Qr codes to send bitcoin or i copy & paste addresses when sending bitcoin and other cryptocurrencies. i also cross check the address before sending because we can't be too sure, there might be a malware that changes your copied address on your device.

AverageGlabella

legendary

Activity: 1232

Merit: 1080

Quote from: Kemarit on October 02, 2019, 05:10:21 PM

I wouldn't say that losing Bitcoin is important, no one here wanted to just lose our precious Bitcoin, you don't need to go to that experience and I'm sure no one here wanted to go to that ordeal. That's why we really need to be very careful and to check the address/es that we wanted to send our Bitcoin in the first place. And I'm sure that those who lose their Bitcoin this way was trigger happy, I mean how can you send it to a ER20 wallet when the format is different? Unless you are in hurry or just copy and paste then send, which is a no no here. So everything should be double or triple check, look at the address/es specially the first 3 and the last 3.

Its the idea of losing something and learning from that and being extra cautious in the future. Its a good point but I would much prefer recommending people to be cautious right from the get go and never get complacent. You should always copy and paste addresses when available and even when doing so you should be checking each character to make sure the expected outcome has indeed copied the contents.

Mistakes do happen and If I were sending from my hot wallet to my cold storage fairly regular I would make a custom script which checked whether the address matches my cold storage. I'm a great fan of implementing preventive measures whenever dealing with security and privacy and sending and receiving transactions is no different.

Kemarit

legendary

Activity: 3080

Merit: 1353

I wouldn't say that losing Bitcoin is important, no one here wanted to just lose our precious Bitcoin, you don't need to go to that experience and I'm sure no one here wanted to go to that ordeal. That's why we really need to be very careful and to check the address/es that we wanted to send our Bitcoin in the first place. And I'm sure that those who lose their Bitcoin this way was trigger happy, I mean how can you send it to a ER20 wallet when the format is different? Unless you are in hurry or just copy and paste then send, which is a no no here. So everything should be double or triple check, look at the address/es specially the first 3 and the last 3.

rdluffy

legendary

Activity: 2366

Merit: 1408

The only real benefit here is the fact that BTC will become more scarce Grin

I never lost any BTC to incorrect adress, thanks god, I check the adress at least 3 times before doing any transaction to avoid any mistake

joinfree

sr. member

Activity: 1274

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Quote from: Cjblog on October 02, 2019, 09:06:16 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 never lost BTC by sending it mistakenly to wrong address but i have lost allot BTC dues to scam. but I once sent ETC to ETH address which i taught ETC was ERC20 token. in fact it was very painful but ever since i have been much care when it come doing crypto transaction.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

I don't see any importance on losing Bitcoin to any incorrect or correct wallet address. The only thing beneficial here is that we learn our lesson. Either it is correct or incorrect if we send our BTC to another address and it is processed then there is no guarantee that we can recover it unless we are fast enough to overwrite the transaction with another transaction and get confirmed first. Besides, you can never send BTC on an ETH address because of the safety measure of wallets preventing BTC to send to an unrecognized/incompatible address.

see this discussion and I believe same rules applies to all cryptocurrency wallet.

Quote from: Herbert2020 on May 22, 2017, 01:31:18 AM

how did you even succeed in doing that! Shocked

it is literary impossible to do so because a litecoin address is starting with the letter L
for example: LWdfXUxLBV9nCJ6yk5Ed2pBNhiV7kTaTQJ
and there is a checksum in the address that any wallet uses to verify if the address is valid before letting the user to send anything.

at the same time ethereum addresses are called accounts and start with the hex mark 0x
for example: 0xde0B295669a9FD93d5F28D9Ec85E40f4cb697BAe and don't have checksum so if you put that in the withdrawal address of a litecoin wallet it will reject it.

so unless i am missing something since i am not completely familiar with ETH that is coinbase's fault for not validating the address before allowing you to withdraw.

Quote from: spinbox on May 22, 2017, 01:40:43 AM

Ok, so I just ran a test with weird results. I tried to do it again with a small amount of .001 LTC and send it to my ETH address. It errored out and said I couldn't send it. However, the .001 did subtract from my account total.

I don't recall getting an error the first time though. Ugh, I hope Coinbase support can answer me quickly tomorrow. I'm kinda stressing since this is 400 LTC lost and I'm gonna be so pissed if I can't get them back.

Shenzou

sr. member

Activity: 1400

Merit: 283

We all learn from our mistakes, and when it comes to bitcoin it is no different, from panic selling to forgetting private key and to send bitcoin to the wrong address it all happens twice and than you learn from it so you don't do it again, and to be honest these things have been simplified and made easier by wallets so mistakes like this don't happen where they auto copy the address or using a QR code, if not than that is why forums like this exist so that you learn from the mistakes of others so you don't do them yourself.

vintages

full member

Activity: 966

Merit: 153

Double checking my Bitcoin address is very important to me and its one thing I don't fail to do, cause it will be quite painful to lose any satoshi.
Same applies to the altcoins I am holding. Since it won't take few minutes to double check so why the rush.
To top it all, with the way hackers are so determined to hack into users account one has to be very careful.

amadorj76

member

Activity: 294

Merit: 11

Quote from: Cjblog on October 02, 2019, 09:06:16 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 is not good to lose your bitcoin by sending it to an incorrect wallet address. Its the most idiotic action I've heard. why would someone let his own money to lose, its something important for every person that we are all working hard to earn every penny.

panganib999

hero member

Activity: 1750

Merit: 589

Losing bitcoin has a significant effect on the market itself because it will preserve the price and will decrease the chance of dumping. Because the lost bitcoin address that contains bitcoin will be there forever. So in terms of the supply of the bitcoin, it will be great for the market.
Many coins are having that same Agenda. They are offering masternodes so that you will store your coin and have a daily dividend, with that you will help the market value of that coin while earning every day. So it's a win-win situation.

Pinkris128

sr. member

Activity: 812

Merit: 262

Quote from: Cjblog on October 02, 2019, 09:06:16 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.

Bitcoin is very precious and valuable to one of us. It is hard for us to lost any value of bitcoin. There are sone reasons why we lost bitcoin. We put a wrong wallet addresses or we did not check if it is valid. For that, you might be consious and thinking why you dont have any received bitcoin. It is our responsible for our act when we should do the right thing and aplicable things despite for us to have our designated bitcoin.

Cjblog

jr. member

Activity: 178

Merit: 4

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.

Topic: Why it is important to lose Bitcoin to an incorrect wallet address - page 4. (Read 2071 times)