Active traders often transfer cryptocurrency, so this is not a new thing for them. But what if you’re a beginner? The TseCrypto site team explains in detail how to transfer cryptocurrency safely and without loss of funds in the partner material.

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How to translate cryptocurrency

To transfer cryptocurrency, you need to know the address of the recipient and the name of the cryptocurrency you are going to send.

A string consisting of letters and numbers is called a user (recipient) address. Each network has its own unique address, for example:

• Ethereum (ETH) network – 0xe5CD3faF000D6285e32B4a94735D6FBe30dC5C2B;
• Bitcoin network (BTS) – 1BoatSLRHtKNngkdXEeobR76b53LеTtpyT;
• Tron Network (TRX) – TNUC9Qb1rRpS5CbWLmNxXBjyFoydXjWFR.

The translation procedure depends on whether you use a wallet or an exchange.

Here is a sample algorithm of actions:

1. Select the cryptocurrency you want to send.
2. Open your wallet or exchange and copy the address according to your chosen cryptocurrency. Both you and the recipient can do this. At this stage, it is very important to choose the appropriate network, as some cryptocurrencies may support multiple networks.
3. After receiving the address, enter it in the appropriate field and enter the amount to transfer.
4. And one last thing: confirm the withdrawal of money. If your coins are sent from an exchange, there are usually two ways to verify the transaction: email and 2FAtwo-factor authentication.

Although the process is simple, you can still lose money. There are many reasons, but the most common option is to make a mistake in one number or letter of the address. Therefore, we have compiled a list of problems encountered during cryptocurrency translation and told how to avoid them.

What problems can arise

A large amount of information must be verified when sending cryptocurrency. If you missed something, you will have to say goodbye to the funds: all transactions that take place in the blockchain are irreversible. You can read more about blockchain features in our crypto articles.

• The recipient’s wallet and currency must be associated with a specific cryptocurrency

For example, if you send Ethereum coins to a Bitcoin address, you will lose them permanently. Currently, most exchanges have a function on the page that allows you to see such errors: if you enter the wrong address, you will see a warning about it.

• The address must be copied in full

Most often, the user copies the address manually: he simply selects it with the cursor. So you risk not capturing the last or first character, so the address will be incorrect. This will make you lose money.

We recommend using the built-in function found on many websites to copy the address. It will copy your wallet address in just one click. Although even here a check will not hurt, because sometimes the exchanges freeze, which is why the number is not copied. Yes, your money may not go to the desired wallet, but to a site, phone number or a set of words that remained on the clipboard.

• Beware of phishing websites

A popular way scammers often take over your assets is by creating fake pages from various sites, including:

• platforms;
• exchanges;
• exchangers;
• purses;
• any other services.

If the site of fraudsters is made with high quality, it is very difficult to distinguish it from today. If you provide your information or send crypto to the wallet listed here, you will lose your funds permanently.

• Specify and check the tag (MEMO)

A tag is a small code that allows platforms to distinguish between different customer accounts. It is usually indicated only in some cases. In particular, to send the following cryptocurrencies:

• Cosmos (ATOM);
• Ripple (XRP);
• EOS (EOS);
• Stellar Lumens (XLM);
• NEM(XEM);
• Binance Coin (BNB);
• Moner (XMR).

You can find the tag in your exchange account near your wallet address. If you do not specify it, the cryptocurrency will be sent to the exchange, but not to your account. You may be able to resolve the issue by contacting technical support, but the likelihood is low.

• Use stablecoins

When sending cryptocurrencies, you may lose part of the funds due to exchange rate fluctuations. To avoid this, use stablecoins: BUSD, USDT, USDC, etc.

The price of these currencies is tied to the dollar, so it never suddenly drops by 15-20%, which often happens with most other digital assets.

• Check commissions

Exchanges may charge a withdrawal fee. Each coin has its own tariff. This will allow you to save a little. For example, withdrawing ETH and BTC will cost a few dollars or even tens of dollars, but the commission for transferring TRX and BNB tokens is a few cents.

• Make sure the exchange supports smart contracts

As a rule, a warning that the exchange does not support smart contracts is sent directly to your wallet address. If you ignore it, the money will be able to reach the exchange, but it will not be credited to the balance. Often such problems are solved through technical support.

For example, in 2020, one customer sent $1 million in USDT stablecoins to a smart contract address instead of their wallet. Because of this, the money was considered lost. But the trader was very lucky: Paolo Ardoino, technical director of Tether, which is a USDT issuer, came to his aid. Paolo returned all his assets to the user and urged him to pay more attention to translations.

• Start with a test transaction

For your first translation, especially on unfamiliar services, make a small amount. That way, you won’t lose money if the new platform turns out to be fraudulent or doesn’t support your wallet.

In addition, there is always the risk that the transaction will freeze because the network is overloaded. Such a delay can take several hours, during which the coins will freeze and will not be available to anyone. Money can be lost because the value of the sent digital asset will fall during this time.

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