Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Taylor77 on February 05, 2024, 05:51:45 PM
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
The answer is No, once a Bitcoin transaction has passed all confirmations and is already successful, there's no way for you to recover that Bitcoin back.
Although it's not possible to send Bitcoin to a wrong wallet that doesn't exist, if you're inputting a wallet address and then you made an error by typing the wrong character or you omit a character, there's one in a million chances that the wallet belongs to another Bitcoin user.
Except maybe you copied someone else's wallet address while trying to copy another, and this is why it's advisable to double check the wallet before initiating any transactions.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
No. If you have made a mistake in your transaction by sending your funds to the wrong address, nothing can be done to be able to recover it. Especially if you send your funds to an address that you do not know who the owner is. In such cases, you cannot request them to send it back to your wallet.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Bitcoin wallet has an inbuilt checksum that verifies if an address is valid or not, if the address is invalid or non existent, the transaction will no go through, in other words it'll not leave the wallet. However, if you mistakenly send Bitcoin to a wrong address, you won't be able cancel or recover it back because transactions are irreversible. It is pertinent that you always cross-check the address on the sending tap with the one you copied to avoid this kind of mistake.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Bitcoin wallet has an inbuilt checksum that verifies if an address is valid or not, if the address is invalid or non existent, the transaction will no go through, in other words it'll not leave the wallet. However, if you mistakenly send Bitcoin to a wrong address, you won't be able cancel or recover it back because transactions are irreversible. It is pertinent that you always cross-check the address on the sending tap with the one you copied to avoid this kind of mistake.
That's right, Bitcoin wallets have a built-in checksum that serves to verify the validity of addresses. This is important to ensure the security and reliability of the Bitcoin network. However, if you mistakenly send Bitcoins to the wrong address, you will not be able to cancel or recover them. However, if you mistakenly send Bitcoins to the wrong address, you will not be able to cancel or recover them.
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Every answer above is incomplete in that the correct answer is you may recover the coins under 2 conditions.
1) you know the owner of the address you sent the coins to.
2) the owner of that address agrees to return them.
for instance you send to my address
3Mw9mvjTjWtpxhmctdLa5Awj5gGUbSChKV
and you meant to send to my friend's address
bc1q52e0kslfsn5s0y8gvmzcsw32t9jw3tfygpds7t
You have sent to both of the addresses above on more than one occasion and you mix them up.
This is fixable if I agree to fix it.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
This is quite a very basic question when getting involved with cryptocurrency and the big answer to this big question is of course: NO. And if you made some search using Google on cryptocurrency transaction you should know why this is so. Had it been possible to do something with wrong address used in the transaction then it can be creating chaos in the network. The only way for the transaction to be reversed is if you know the owner of the wrong address you just used...this is the only way to recover the lost coin or token. Now, you can compare this to using fiat money and giving it to a wrong person whom you don't know and then that person just run away with it...the money is gone for good. In other words, this is telling us to be always careful and not be a fool not to recheck the address you are sending your cryptos. People who don't understand this principle with cryptocurrency should stop using cryptocurrency and just be content dealing with the real cash.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
The answer is no. That is why you are meant to confirm the wallet address before sending any bitcoin or ethereum coin to anyone because the moment the transaction is confirmed sent, it is irreversible. It must reach the recipient wallet address, it's been directed to, without knowing whether it's the wrong one or the right one.
That's why we are advised to, cross-check before we send to avoid the mistake of sending bitcoin or ethereum to the wrong address.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Short answer: No.
Longer answer: It depends on whether you can find and contact owner of that address and whether they have good will to return your coin. Although there are few caveats,
1. The owner might ask for verification that you're the one who sent the coin. Usually signed message works for verification purpose.
2. The owner may ask for small compensation for troubling them. I recall few centralized exchange have such policy.
And when big amount of money is involved on centralized coin/token, you can ask for reversal. Tether already do that few times.
A few days ago, a user sent $1 million worth of USDT to a DeFi platform called Swerve. However, the user lost access to the funds and started to ask for help to recover the money. The CEO of Tether Paolo Ardoino was easily able to reverse the transaction using smart contracts.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Whether your wallet address is wrong or is right, if your transaction is broadcasted into the blockchain network and it has been confirmed, then it means the transaction is done and cannot be reverse. This is not like banks where there is central offices and transaction can be reverse. Crypto doesn't have offices, what we have are node and miners for Bitcoin and Nodes and Validators for others for other coins.
Always advisable to cross check your wallet address before you send coins to any of them and also make sure that your you verify it again before you press send to avoid any errors or maybe in some situations where your device has been hack by some malware.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
There is no way of reverse transaction so far and If you sent transaction on the wrong address and transaction confirmed then you lost your assets forever. You have to be very careful when you sending amount and double check your address. If we talk about BTC then it is totally decentralized and reverse system is mostly available in the centralized Money system.
You will be wonder that centralized projects also cannot reverse your transaction. I sent Arbitrum token to official Arbitrum contract once by mistake worth more than 600$ and when I contacted support,They tell me that they have not allowed to access contract tokens so answer is same given by other (NO)
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Did you experience this? So sorry to hear that.
If you send it to the wrong wallet and you don't know whose wallet it is, of course it is not able to return it in certain situation. Simply put, if something like that happens, you can't take it back.
Try checking this:
What if I send bitcoins to a wrong address? (https://support.bitcoin.com/en/articles/3542826-what-if-i-send-bitcoins-to-a-wrong-address)
But, if you want to try it, you may follow these ideas. This does not guarantee that your funds or assets will be returned, but if you want to try, try learning what is in this article. This might be one of the methods or steps that you can take. but again, this would be very difficult to do. Moreover, we don't know who the recipient is and what their character is, so keep your heart and mental alert.
Binance post (https://www.binance.com/en/feed/post/729294)
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Humans make mistakes but such mistakes are very rare. Usually a person verifies the address multiple times before making a transaction, in which case multiple address verifications are less likely to cause errors. But there are some users who always try to be over smart and don't feel the need to verify after pasting the address which results in them sometimes copying the wrong address and transacting with that address. But the number of this category of people is very less because no one ever wants to risk their money. After copying the address, if I revise or check multiple times, it is not my loss but I am sure. Those who believe in this fact have no possibility of wrong transaction.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
The only way to do that is to trace the owner of the address you sent your funds and ask him to return the funds you transferred, no feature on Bitcoin will trigger your funds to recover a transaction that was sent, so you must check and double-check the Bitcoin address where you'll going to send the funds.
Remember you are your bank you are responsible for your funds so be attentive and responsible when sending.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
If you actually send the transaction to an address of a random user which you don't know their way about, you will definitely not get back your coin but if you send it to a wrong address of your friends or clients, there is a possibility that you can ask them to send back the coin to you but if it was to a random person there is no way to recover your coin.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Unfortunately, there is no way to recover your funds (not transaction but I got the meaning) because once you send the funds from one wallet to another wallet there is no means to reverse your transaction and that's one of the characteristics of transaction which is it has 3 states, it is either completed, either pending or either failed, besides these, it can't be reverted.
But sometimes it reverted when it failed but after completion, the only way to revert the TX is to send those assets back from 2nd wallet to the 1st one. But that's not going to happen because I also lost funds 2+ times and learned my lesson. I hope there would be any way but it is what it is you have to be more careful with your funds.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Did you ask because you actually did make a mistake or did you ask just in case you make an error?
Bottom line is Don't make an error.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
Once the validation has been approved, the record is distributed to every node. Attempting to recover an approved transaction would require access to the majority of nodes containing that particular transaction and making amendments. However, in every sense, it is not possible.
This is where patience and proper caution come in. Before approving any transaction, it is always advisable to cross-check the recipient's address to avoid mistakes.
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I'm surprised that everyone is saying "no" "no" "no".
In reality it only depends on the status of your confirmation.
If the transaction is still in the mempool and hasn't received any confirmation (so it's not yet included in a block), it's possible to double-spend and get your funds back. Of course, network fees will be doubled, but at least you've got your funds back.
(I mean, for BTC and some altcoins)
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
If you send funds to the wrong address, it is lost and you cannot recover it. However, take note that if you are using a recommended wallet and you make a mistake with one or more of the alphabets or numbers in the address you want to send funds to, the wallet will alert you that it is now an invalid address, but if you are attacked by a clipboard malware that changes your address to that of an attacker, and you send the funds, then it is lost.
Make sure you double check the address you are sending your funds to before broadcasting the tx, because BTC tx's are irreversible.
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I'm surprised that everyone is saying "no" "no" "no".
In reality it only depends on the status of your confirmation.
If the transaction is still in the mempool and hasn't received any confirmation (so it's not yet included in a block), it's possible to double-spend and get your funds back. Of course, network fees will be doubled, but at least you've got your funds back.
(I mean, for BTC and some altcoins)
Good point, although it's possible only when,
1. The unconfirmed transaction have RBF flag or wallet they use support full RBF feature.
2. One of the receiving address (on the unconfirmed transaction) belong to you.
So IMO saying "no" isn't exactly wrong answer.
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Good point, although it's possible only when,
1. The unconfirmed transaction have RBF flag or wallet they use support full RBF feature.
2. One of the receiving address (on the unconfirmed transaction) belong to you.
So IMO saying "no" isn't exactly wrong answer.
Indeed, you are absolutely right.
I am maybe too "electrum centered" when I talk of this kind of things, it's true that most of wallets won't give the possibility to do double-spending.
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If the destination address belongs to your friend, then the solution is to ask your friend to send it back and hope that your friend is a good friend, so that your money will be returned.
But if the destination address is one you don't recognize, then this is quite fatal. As long as the cryptocurrency transaction cannot be cancelled, you will lose the money as long as you send cryptocurrency to an address whose private key you do not know.
Therefore, every time you send a cryptocurrency balance, you always double-check the destination address.
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This is part of what makes the difference from the use of fiat, in which you can reverse the transaction on any case, but with network in cryptocurrency, its not possible, you cant reverse a transaction as well as you cannot afford to make a transaction to an incomplete or wrong address, if one must use crypto, then they must be ever ready in taking the task ahead by avoiding any related mistakes.
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Recovery will not be possible anywhere, but with the Exchange that provides a time lag feature before the transaction actually processes to the blockchain. Like Bitget which gives a 1-minute pause to give the option of cancellation or forwarding.
It's not a complete recovery, it's just a lag time to think about whether you want to send or not.
Because it is also important.
Sometimes people enter the wrong address and this will be very helpful.
However, for full recovery when the transaction has been processed by the Blockchain, nothing can be done.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
The information is still quite lacking, regarding confirmation, from and to what wallet is intended, or to whom to send it. Because that will affect the answer "yes or no".
If you don't know the recipient, if it is a personal wallet, and especially if the confirmation has been successful sent to the wallet. then this means that we can no longer do anything with that clone. Because basically, if we send the coins we probably won't know who the recipient is, that's why to prevent these various negative things, we need to be careful before proceeding with the transfer and check it repeatedly.
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if you're inputting a wallet address and then you made an error by typing the wrong character or you omit a character, there's one in a million chances that the wallet belongs to another Bitcoin user.
It's 1 in 4.3 billion so 3 orders of magnitude more improbable.
that's one of the characteristics of transaction which is it has 3 states, it is either completed, either pending or either failed, besides these, it can't be reverted.
There is no "failed" transaction. There are unconfirmed transactions and confirmed transactions, a transaction can't exist in a failed state since it doesn't exist in either the blockchain or mempool.
The answer is no. That is why you are meant to confirm the wallet address before sending any bitcoin or ethereum coin to anyone because the moment the transaction is confirmed sent, it is irreversible.
Confirmed transactions are irreversible.
Sent but not confirmed transactions are not!
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but with network in cryptocurrency, its not possible, you cant reverse a transaction as well as you cannot afford to make a transaction to an incomplete or wrong address, if one must use crypto, then they must be ever ready in taking the task ahead by avoiding any related mistakes.
It is not crypto tx's that is irreversible, it is BTC tx's. There are so many centralized cryptocurrencies in which tx's are reversible even after a long time. I.e. a coin like usdt can't only be reversed, but it can be frozen by the issuers in any wallet you store it in.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
If it was possible to recover transactions from wrong address then the clipboard virus would not be very effective because if you consider how the virus works that it changes the wallet address whenever you copy it to paste for transactions, you understand that it is because for bitcoin transactions when there is a mistake in address cannot have bitcoins recovered. If you're a newbie to investing and owning bitcoins particularly, do not let anyone deceive you about being able to recover your lost bitcoins.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
If it was possible to recover transactions from wrong address then the clipboard virus would not be very effective because if you consider how the virus works that it changes the wallet address whenever you copy it to paste for transactions, you understand that it is because for bitcoin transactions when there is a mistake in address cannot have bitcoins recovered. If you're a newbie to investing and owning bitcoins particularly, do not let anyone deceive you about being able to recover your lost bitcoins.
You're absolutely right.
Bitcoin transaction has an irreversible nature, which makes it impossible to recover lost bitcoins or funds that have been accidentally sent into wrong addresses. This happens to be one of the potential risks of using Bitcoin, but on the other hand, it's also what makes it a secure and trusted medium of sending money. Before now, we all know that Bitcoin is a decentralized asset, so the lack of centralized authority means that transactions that have already passed the necessary confirmation processes can never be reversed, but it also means that it's impossible for anyone to manipulate the Bitcoin network.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
If it was possible to recover transactions from wrong address then the clipboard virus would not be very effective because if you consider how the virus works that it changes the wallet address whenever you copy it to paste for transactions, you understand that it is because for bitcoin transactions when there is a mistake in address cannot have bitcoins recovered. If you're a newbie to investing and owning bitcoins particularly, do not let anyone deceive you about being able to recover your lost bitcoins.
You're absolutely right.
Bitcoin transaction has an irreversible nature, which makes it impossible to recover lost bitcoins or funds that have been accidentally sent into wrong addresses. This happens to be one of the potential risks of using Bitcoin, but on the other hand, it's also what makes it a secure and trusted medium of sending money. Before now, we all know that Bitcoin is a decentralized asset, so the lack of centralized authority means that transactions that have already passed the necessary confirmation processes can never be reversed, but it also means that it's impossible for anyone to manipulate the Bitcoin network.
That's also one other reason why other people doubt investing in Bitcoin. They do not see cryptocurrencies as a secure investment. They consider it as an investment with high risk that puts their money at a disadvantage and have the chance of losing their entire investment with just one mistake. Due to this, investors feel and prefer to invest in other options such as gold and real estate, which they think is safer.
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That's also one other reason why other people doubt investing in Bitcoin. Investors do not view cryptocurrencies as a secure investment. Instead, they consider it as a risk that puts their money at a disadvantage and increases the chance of losing their entire investment if they make a mistake. Due to this, investors feel insecure and prefer to invest in other options such as gold and real estate, which they perceive as safer.
Yes, I don't think that's a drawback of cryptocurrency, but rather its basic nature. Irreversible transactions should be an aspect of caution for everyone when carrying out transactions. Even though all aspects related to digital assets always have the opportunity for hacking, whether it is shares, gold or bank deposits. Centralized parties always have the safest way to commit fraud.
People in the world only need to adapt to the nature of each existing investment according to its characteristics.
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For those that have been into cryptocurrency for a while, they will understand that cryptocurrency is completely a different system from the fiat system, we cannot have reversal when we have already performed a cryptocurrency transaction like we can have with the traditional currencies, so we cannot afford to make any mistake for no reason, and that's why they are irreversible once confirmed.
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~snip
People in the world only need to adapt to the nature of each existing investment according to its characteristics.
Which is not easy and will surely take a lot of time for other people to do so. When it comes to investments, it is truly challenging to adapt and convince other people. They tend to listen on rumors and hearsay instead of learning and understanding the potential of investing in cryptocurrencies. In this scenario, it's better to show results that demonstrates the success of this investment.
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
There is no way to recover the fund after the 1 confirmation. So before transactions with cryptocurrencies do double-check and always check that the network is also correct?
I have also this kind of history in the beginning time do making wrong transaction on wrong network and I have lost the fund
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If I happen to get the wallet address wrong, is there a way to recover the transaction?
There is no way to recover the fund after the 1 confirmation. So before transactions with cryptocurrencies do double-check and always check that the network is also correct?
I have also this kind of history in the beginning time do making wrong transaction on wrong network and I have lost the fund
It is true that once a transaction is confirmed, there is no way to recover the funds if they are sent to the wrong address. That is why it is crucial to double-check all the information before executing a transaction. It is important to verify that the address is correct and that it belongs to the right network. I have learned this the hard way by losing my funds when I mistakenly sent them to the wrong network. Therefore, always be careful when executing transactions and ensure that all the details are correct.
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For those that have been into cryptocurrency for a while, they will understand that cryptocurrency is completely a different system from the fiat system, we cannot have reversal when we have already performed a cryptocurrency transaction like we can have with the traditional currencies, so we cannot afford to make any mistake for no reason, and that's why they are irreversible once confirmed.
Like i have already said in this topic, take note that some centralized cryptocurrencies are reversible, do not make the mistake of thinking that every crypto is irreversible, some of them remain reversible even after a very long time. I.e. stable coins can even be frozen by the issuers when it is stored in any wallet, it is BTC tx's that are irreversible, and with a blockchain that is immutable.
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that's one of the characteristics of transaction which is it has 3 states, it is either completed, either pending or either failed, besides these, it can't be reverted.
There is no "failed" transaction. There are unconfirmed transactions and confirmed transactions, a transaction can't exist in a failed state since it doesn't exist in either the blockchain or mempool.
I was talking about that transaction that failed due to some problem, whatever wallet we are using. I mostly use meta mask for some small transactions, and I sometimes face failed transactions, and confirmed transaction notifications. Well, I got your main point here, that there are two names for a transaction, confirm and unconfirm.
And failed transaction also comes under the category of uncofirm but to make things more clear I think we can say failed transaction. And I read about these three states of a transaction in DB studies.
(https://i.ibb.co/hD0FfWQ/image.png) (https://imgbb.com/)
As in the pic above, you can see there are confirmed transactions and failed transaction, and when transaction is not completed, its in pending state, so after that, it will either completed/confirmed or failed. That's what I was trying to say.
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This is part of what makes the difference from the use of fiat, in which you can reverse the transaction on any case, but with network in cryptocurrency, its not possible, you cant reverse a transaction as well as you cannot afford to make a transaction to an incomplete or wrong address, if one must use crypto, then they must be ever ready in taking the task ahead by avoiding any related mistakes.
In the case of mobile banking, it is usually seen that if we type one or two wrong numbers, our transaction goes wrong and our money goes to another account, but in the case of Bitcoin and other currency transactions, there may not be such a problem. Since there is an option to directly copy and paste address, the chances of users making such mistakes are very high. The transaction will be completed only if a complete address is used, if the user uses a wrong complete address, then the transaction will be completed at that address, but if one or two numbers from the middle are wrong, the transaction may not be completed.
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The transaction will be completed only if a complete address is used, if the user uses a wrong complete address, then the transaction will be completed at that address, but if one or two numbers from the middle are wrong, the transaction may not be completed.
I am having a hard time understanding what you mean here. Take note that if you make a mistake in an alphabet or number in the recipient address, the chances are slim to none that it would be a valid address and the funds would not be sent. However, if you are attacked by a clipboard malware, the attacker would change the copied address to their own valid address and then you will lose the sent funds.
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This is part of what makes the difference from the use of fiat, in which you can reverse the transaction on any case, but with network in cryptocurrency, its not possible, you cant reverse a transaction as well as you cannot afford to make a transaction to an incomplete or wrong address, if one must use crypto, then they must be ever ready in taking the task ahead by avoiding any related mistakes.
In the case of mobile banking, it is usually seen that if we type one or two wrong numbers, our transaction goes wrong and our money goes to another account, but in the case of Bitcoin and other currency transactions, there may not be such a problem. Since there is an option to directly copy and paste address, the chances of users making such mistakes are very high. The transaction will be completed only if a complete address is used, if the user uses a wrong complete address, then the transaction will be completed at that address, but if one or two numbers from the middle are wrong, the transaction may not be completed.
True, if there is difference, even only 1 alphabet or 1 number, it will be different wallet address. O, the chances of being mistakes is high, moreover for those who don't re-check again the wallet or other information before sending the transfer. That is why, whatever the reason, before sending any asset to other wallet, ensure that we have double check the wallet address, the amount, and also the network that s used to transfer. Because network can also influence, there are several different networks.