What happens if the cryptocurrency is transferred to the wrong address?

You can securely access your cryptocurrencies through your soft wallet or perhaps you want additional security and therefore you can choose Trezor or Ledger Nano. Your crypto wallet stores your private access key and you make sure that you do not lose them. Yes Now, you are ready to buy that Rolex.

What if the cryptocurrency is transferred to the wrong address?

The Rolex seller will send you an address you need to transfer the amount. In this case, the Bitcoin address will look like a random string of lowercase letters, uppercase letters, and numbers.

You copy and paste the address or type and send the specified amount.. You saw that the money from the wallet was actually transferred! The recipient’s wallet will store the transaction address, which will be recorded on the blockchain.

You got scared, you suddenly realized that you made a mistake and sent coins to the wrong address!

On the bright side if ?

Take a big sigh of relief and try again with the correct address!
Because every address has a fixed format and is verifiable. Bitcoin addresses have 26 to 35 alphanumeric characters. It is possible that the address was rejected because the string did not meet the criteria for a Bitcoin address, and the address was scrambled badly.

Please See: Bitcoin news, agenda and breaking news

If there is some pessimism ?

This scenario is very unlikely but possible. If the address is valid and transferred to someone else and is under his control, then things get a little more complicated.. Because it’s just like an unsolicited bank transfer, but in the crypto world, your chances of getting your money back are much lower.

The vast majority of Bitcoin addresses are it is often not possible to contact the person behind the address, as it is not clearly linked to real-world identity. You have to hope that the person on the other side of the transaction is an honest person and sends the money back.

Scarier?

All possible Bitcoin addresses already available, but the vast majority of them are not controlled by anyone and contain no BTC. Simply put – wrong address (alphanumeric character string) If you sent your Bitcoin to match the syntax criteria of an address on the Bitcoin network, your money was sent to an address that no one controls, and it is most likely there. This is because there are 2^160 total Bitcoin addresses in total.

The ledger records the transaction forever and you can view it using a blockchain explorer.

However, without a private access key, the backtransfer your transaction cannot be made. Nobody can create a new transaction to refund your funds.

In that case, you’re technically lost forever.. Go have a glass of water and your sadness will go away. If you want any consolation from us, it has happened to many people in the past and will happen again in the future.

Be careful !!

Which do you think