Hope you can now visualize the complexity of trying to locate a wallet where the owner is not known. The ledger records the transaction forever, and you can view it using a a blockchain explorer say Blockchain. Technically the money is still there in the system, but no one has the private key to use this money. CoinCola does not recover coins or tokens we do not support. Alex Dovbnya aka AlexMorris is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Linked 4.
If I Send My Bitcoins To A Wrong Address, What Happens?
Cryptocurrency users are in full control of their funds, which also means they bear the full responsibility for sending money to the correct address. Sending funds to a wrong address can have very dire consequences. Thankfully, it is virtually impossible to send Bitcoin to a wrong block chain. However, should the transfer be accepted because it is recognized as a valid address, things can get out of hand very quickly. One of the main reasons why sending Whta to a wrong blockchain is practically impossible is due to all wallet clients implementing a checksum to validate destination addresses. For example, if you were to paste a Litecoin address as the recipient of a Bitcoin transaction, nearly every wallet will say it is an happenz address.
Sent to email address
In the early days of the Bitcoin Cash hard fork, several users encountered a very serious problem with their transactions. In what might be a simple misreading of an address or confusion over the distinction between these two currencies, users were sending their funds to addresses on the wrong blockchain. Users found out that this was a simple mistake to make. And at the time, there was no formatting distinction between the two either. So all it took was accidentally copying an address that someone intended to be user for BTC, and suddenly a user was sending their BCH into the void or so it seemed. When looking at this problem, it is important to understand why Bitcoin and Bitcoin Cash addresses were easily confused, and why this problem would occur in the first place.
I Sent The Wrong Cryptocurrency To An Address
One possibility to explore is to create a wallet that matched the receiving address. It is always recommended that you double-check that the address you are sending to exactly matches the address of the recipient before sending. Now, you are ready to buy that Rolex. Withdrawal Sending to the wrong address Once you initiate a cryptocurrency transaction and CoinCola confirms and uploads it the blockchain network, the transaction cannot be canceled or altered. Any payments on bitcoins are irreversible. CoinCola will only attempt to recover funds for cross-chain transactions of USD and above, with a charge of 0. If you send assets to the wrong address, we recommend that you contact the platform owner that the wallet address belongs to and ask for instructions to retrieve your cryptocurrency.
Comments
Post a Comment