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Sending coins/Tokens to wrong address

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Yes we have to be careful  sence any coins sent to a wrong address we can't get it back so it is a bad thing about crypto transactions over the time. if they can change this disadvantage  it will be ok for me because it will give me a chance to get my coins back again 

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6 hours ago, phabulu said:

One typo in your address and it will gonna last forever, always check more than 1 time before sending any coin/token and any amount to an address, better safe than sorry.

What do you mean by one typo? Yes, a double check is compulsory. I have never made this mistake because of proper control.

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On 10/13/2019 at 5:47 AM, Nicecrypto said:

I know this has happened to me once when I just entered crypto, sent a token with same ticker to the wrong exchange wallet address. Now the question is, what happens to the token or coins you mistakenly sent to a wrong address since they are not delivered? Do they burn up in crypto space or what? This has been on my mind so just needed some understand on it.

Most people in the crypto space have made this mistake ones or twice, I can remember when i did, i couldn't believe what has happen seeing my coins just sitting in the wrong address with no way of recovery. The coin don't get burn but just remain  on the chain, if it was send to an address use by another person then the coins belongs to them, there is no easy way of contacting them, this is a bad thing to experience. Pray this stop happening to people.

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fortunately I never made such a mistake as every time I want to send some coins I check the address at least 3 times before submitting, It's really hurtful if someone make this mistake, I hope this never happens to anyone

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Those currencies remain there, if the owner of the address exists it is a good thing, but otherwise you lose them, there is no way that this transaction can be reversed. although today there are some who promise to recover those funds, but I don't believe them.

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If you send currencies to a wallet that is not specific to that currency
The draw will not work
If you send the coins to a special wallet you will go to the owner of that wallet
And this happened to me and I received several payments from Bitcoin that I was not waiting for


 

Life is great and enjoy it

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7 hours ago, Thekingcallme said:

And this happened to me and I received several payments from Bitcoin that I was not waiting for

Are this payment's for the once you sent wrongly or the once that accidentally was sent to your account? I think as you mentioned, I guess this is just one short fall of the crypto blockchain that we have to live with.


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Hi, 

 

23 hours ago, Nicecrypto said:

This story should never have happened if you cared about your investment. Be careful before sending it. Always check two or three times. This action is mandatory, my friend.

 

23 hours ago, Nicecrypto said:

I don't think is about not being cared for my investment, things happen and I believe I am not the only one this has happened to and besides it was in 2017 like I said I just wanted to know what happens to such token/coins sent to a wrong address the confusion was two different projects with the same ticker after I sent from my wallet to the exchange and didn't receive that's when I started checking and realized they were different and I also believe I have gotten plenty explanation on different scenarios in previous post.

This is forum, its another opinion of lucky80 user.

The link , itis okay,but  should be a knowledge support.

Quote

This story should never have happened if you cared about your investment.

That's a great truth.

You're  an investor, mate. There's no excuse for getting it wrong. So, what to do to not make mistakes...

Use "copy wallet address" button or The QR code.

Very important sometimes the transfers, deposits from exchanges, ICOs is no allowed.

Regards.

  

 

 

 

 

 

 

 

 

ss.gif


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Feeling sorry for such incidents with dear fellows. Its very bad thing that some times happens with people. Its very difficult to get back coins sent to the wrong address. Particularly in crypto market. So be careful while doing transactions in digital currencies.

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30 minutes ago, alexisfuentes said:

ss.gif

Yeah good point, people should use buttons like this when they want to copy / paste the address, because when you try to copy it by selecting all the characters with mouse are keyboard you can make mistake, but in this way you can be sure that the copied value is correct

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Cannot send to a non-existent wallet link
If you send, you send someone else's currency
Because the payment system does not pay for the wallet does not exist


THINK POSITIVE

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On 10/13/2019 at 5:10 PM, Khan said:

The tokens you send to the wrong address is now the property of that address owner and you can not do anything as this is the biggest disadvantage of the Crypto.

and what happen to bitcoin that people not remember thier password in blockchain wallet? they are still there forever i the blockchain or the developer get that coin?

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I'm pretty sure they just get lost in space and no one can access them, but i advice site owner to impose some king of tech that will detect wrong address when trying to send your coins.

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Unstoppable domains have this option to easy remember names and domains for addresses,
for example I can buy domain hewin.zil or hewwin.crypto and assign several addresses to this domain (ETH, BTC...) and I can receive crypto in my wallet. I thionk Coinomi added this feature recently.
This can solve mistake of sending to wrong addresses

  • Useful or interesting 1

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11 hours ago, Thefighter said:

This might be considered a disadvantage of bitcoin but in the same time I think it is also an advantage. Once the coins have left your wallet and the transaction was made there is no way you can get it back. This is bad if you send to the wrong adress, but is good if you sell something online because the buyer can't ask for refund. 

 

9 hours ago, MD SADIR HOSSAIN MRIDA said:

It is a panic to send coin or token wrong address. Sending wrong address coin or token can not possible back these. So user should be careful  to sending token or coin. They should check address double time.

hi, these are phrases and words that should be removed you start in this world of trader.

Of course it is true (panic, fear, bad) if you ara going to send a significant amount, but do a test with a small amount before.

 

 

 


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20 hours ago, CryptoJony said:

We should be careful about this types of mistakes. We need to check so many times address are correct or not. Otherwise we will loose big amount one day.

yes exactly , now there is a nother type of hacke , a new scripts and trojans thats work to change your wallet into the hacker wallet when you want to deposit or withdrawl funds 

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In my opinion I think this coins are lost and you can't recover them, or maybe if made a mistake in your address maybe this address is the right one for somebody else and he will receive your tokens 

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If you send your any coin to the wrong address then you will lose all your coins and you will never recover that coin again. Crypto market is a good market but something is very important in it like sending and receiving address and also wallet detail is most important things in it.


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On 10/13/2019 at 1:47 PM, Nicecrypto said:

what happens to the tokens or coins you mistakenly sent to a wrong address

If these tokens are erc20 and you sent it to ethereum address it can be recover but in reality, the exchange will not entertain you for this type of mistake. Also if you send it to another chain it will be lost forever.

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Before sending tokens, there were never any problems with sending a particular exchange exchange address. Bitcoin and many cryptocurrencies too. 

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We should careful at the time of transaction. Wrong address can losses your money though if the address doesn't exist, the transaction will be cancelled.

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They got lost and that is they got burn since no one can use it and it is lost forever thereby reducing the total supply of the coin in particular

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So far, this has never happened to me, if it happened, I would already be hanging in a loop, because I constantly transfer huge amounts in recalculation to bitcoin. But by the way, if you intentionally transferred to another unknown wallet, then I can throw off mine and you will know where your money is now).

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That would be the very unlucky thing could happen on your crypto world experience. The transactions were irreversible when it goes to blockchain network and ledgers automatically turn it into transparent blocks. 

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If the Fed takes its first step in easing its monetary policy in September, it could support risky assets, including bitcoin. According to Cryptology experts, the chances of bitcoin reaching a new all-time high by the end of September are quite high, and what is happening now is a phase of accumulation.   Despite the current decline, many investors remain optimistic, citing the cyclical nature of the crypto market. They also do not forget about the US elections. For example, former Goldman Sachs CEO Raoul Pal predicted significant bitcoin and cryptocurrency market growth in Q4 2024. In an episode of The Wolf Of All Streets podcast, the financier noted that risky assets like bitcoin usually rally against the backdrop of US presidential elections. "The final quarter of an election year is a real 'banana zone' for all assets. It always is," Pal optimistically stated, noting that the "banana zone" for cryptocurrencies in autumn is much more pronounced than, for example, for the Nasdaq index.   Bitcoin was also supported by billionaire Michael Saylor. His company, MicroStrategy, is one of the largest bitcoin holders in the world, with 205,000 BTC on its balance sheet. Despite the negative trend, it increased its reserves by another 11,931 BTC (over $700 million) in the past month alone. Saylor is convinced of the first cryptocurrency's ability to grow to $10 million with support from China and other factors. He believes that in the future, governments, especially China, will fully embrace the first cryptocurrency and integrate it into the state infrastructure. The entrepreneur declared all pre-bitcoin economic instruments obsolete. "Before Satoshi Nakamoto, economics was a pseudoscience. All economists before Satoshi tried to develop economic laws with shells, glass beads, pieces of paper, and credit instruments," the businessman wrote, calling bitcoin a "perfect asset."   In previous reviews, we already wrote that the launch of exchange-traded spot ETFs on Ethereum could give a certain boost to the digital asset market. On 25 June, SEC (US Securities and Exchange Commission) Chairman Gary Gensler noted that the registration process for new ETFs is "going smoothly," and the approval date depends on how quickly applicants submit adjusted S-1 forms. Bloomberg analysts call 02 July the expected approval date for new products. Reuters, citing anonymous sources, reports that a consensus has been reached between fund managers and the SEC in negotiations, and only the "final touches" remain.   Co-founder of venture company Mechanism Capital Andrew Kang stated that after the approval of ETH-ETF, Ethereum's rate could correct by 30%, falling to $2,400. In his opinion, at this stage, the main altcoin attracts much less attention from institutional investors compared to bitcoin. Based on this, ETH-ETF will attract only 15% of funds compared to what BTC-ETF received at the start.   Kang noted that to increase Ethereum's attractiveness among investors, its ecosystem needs to be positioned as a decentralized financial settlement layer, a global computer, or a Web3 application store. At the same time, it will be difficult to sell new ideas for Ethereum's application to funds, as the asset is perceived by investors as an overvalued stock of a large technology company.   Significantly more positively views the future of Ethereum Matt Hougan, CIO of Bitwise, a company managing cryptocurrency funds. In his opinion, the appearance of a long-awaited exchange product is undoubtedly a positive factor, and the net inflow of investments into ETH-ETF over the first 18 months will amount to $15 billion. In his analysis, he relies on the experience of Canada and the EU, where in similar products the inflow ratio for Ethereum and Bitcoin is approximately 1 to 4 (i.e., 25%). In other words, if in the first quarter of work for spot Bitcoin-ETF the total inflow was $26.9 billion, for Ethereum it is expected to be at the level of $6.7 billion. In this case, in three months of work, the leading altcoin could rise to $4,400-5,000.   CEO of SkyBridge Capital Anthony Scaramucci believes that the price of Ethereum could rise even higher, reaching $10,000-12,000. Regarding bitcoin, the entrepreneur allows for its growth to $170,000-250,000. The main driver, in his opinion, will be the further institutional acceptance of cryptocurrency. Scaramucci called the approval of spot exchange ETFs an important regulatory barrier breakthrough for attracting new capital. Thanks to this, in his opinion, the share of digital gold in the portfolios of major players will soon be about 3%.   As of the evening of Friday, 28 June, BTC/USD is trading at $60,190, and ETH/USD is in the $3,390 zone. The total crypto market capitalization is $2.24 trillion ($2.34 trillion a week ago). The bitcoin Fear & Greed Index (Crypto Fear & Greed Index) has dropped from 63 to 47 points over the past 7 days, moving from the Greed zone to the Neutral zone.   In conclusion, here is another observation from Matt Hougan. The CIO of Bitwise presented three reasons why long-term investments in both bitcoin and Ethereum are more advantageous compared to investing only in bitcoin. These are: 1. portfolio diversification 2. the opportunity to earn on very different ecosystems and 3. economic benefit.   Considering the difference in the capitalization levels of bitcoin and Ethereum, Hougan believes that 75% of the capital should be invested in BTC and 25% in ETH. According to calculations, over the period from May 2020 to May 2024, the yield of such an investment portfolio is 3% per annum higher than one that only contains bitcoin. However, Hougan acknowledges that in the shorter term, a portfolio including 100% BTC outperforms a diversified one. Moreover, investing only in bitcoin carries fewer risks due to its higher market capitalization and features such as limited coin issuance and a phased reduction in the inflation rate to zero.   NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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