How to prevent mistakes in crypto transactions
Since blockchain transactions are irreversible, it is common for some crypto beginners to make mistakes in transferring digital currencies and lose their capital.
Therefore, mastering the art of flawless cryptocurrency transaction is crucial.
Below are key elements that you should carefully check and confirm before approving any blockchain transaction.
• Address and contract address
Make sure the destination address is entered correctly. Because if funds are sent to the wrong address, no one can retrieve them.
More importantly, make sure not to enter the token contract address, which is completely different from the token address used to receive funds. The token contract address is a contract to find a unique token on a blockchain, while the token address is an address used to receive funds. Do not send funds to the token contract address.
Do not send funds to an address on another blockchain. For example, if you are sending USDT on the Ethereum network, do not send it to the USDT address on the Binance Smart Chain. Make sure you have selected the correct network.
• Memo (Tag)
If you are sending crypto to centralized exchanges like Binance, make sure whether the exchange requires a memo or tag for deposit or not. If you forget or enter the memo or tag incorrectly, you need to reach out to the exchange for help.
• Send a small amount of fund
If you want to transfer a large number of coins or tokens to others, it is better to send a small amount first to avoid any possible problems. Once the small amount is transferred and received by the destination address, you can confidently send the remaining amount.