A friend's experience, hoping it helps everyone, especially new investors.
This lesson has really left a deep mark on me, and I hope my experience can serve as a reminder to everyone to avoid similar losses.
The process is as follows:
At that time, I was preparing to transfer the equivalent of $30,000 💵 worth of BTC Bitcoin to a partner through an exchange. He gave me an address on BSC (Binance Smart Chain), and I thought everything was fine, but I accidentally selected the Avalanche (AVAX) network for the transfer and confirmed it without checking carefully.
However, my friend has not received the transfer for a long time...
I initially thought he was joking, but when I went to see him in person, there was indeed nothing there, and I checked the records.
Then I checked my own transfer records and felt like an idiot 😂, realizing that the network I selected had a problem; my friend's wallet does not support LTC transfers on the AVAX network....
I am completely speechless!!!
How many bowls of pig trotter rice 🐖 can $30,000 💰 buy!!!!!!!
Everyone must remember that the network must match during transfers, otherwise choosing the wrong network can lead to funds entering the wrong chain, making it impossible to identify and store them.
Moreover, the most important thing is the irreversible 🔒 nature of transfers; cryptocurrency transfers are not like traditional bank remittances, which cannot be revoked once confirmed. If the address or network is chosen incorrectly, the funds are basically 'like a meat bun hitting a dog, there’s no return'.
Everyone can remember the following points to avoid making similar basic and painful mistakes:
1. Check the address and network: Before every transfer, be sure to confirm the network type supported by the other party's wallet, such as ERC20, BSC, AVAX, etc., to ensure network compatibility. Never let your guard down just because the addresses match.
2. Conduct small test transfers first: Especially for large transfers, it is advisable to first send a small test transfer. After confirming success, proceed with the large operation to effectively avoid significant losses due to errors.
3. Use multi-factor authentication: Choose trading platforms or wallet tools that support multiple confirmations. During the operation, you can set reminders to reduce the risk of operational errors.
Final reminder:
During the transfer, you must stay focused, carefully check, and reduce unnecessary losses. I hope everyone can progress safely and steadily in the crypto market!
Everyone is welcome to like + comment!
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