Bitcoin Forum

I believe many of us has lost the precious Bitcoin at some point.
  A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.
 
 Either ways, the coin becomes lost.

In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?

 My answer to this might sound inconsiderate, but...

It is a good thing you lost it, and it's a good thing it cannot be recovered.
 Maybe you will be more careful next time ;)

When you consider something as valuable, you ought to treat it with great value and care,  so before sending out your "valuable Bitcoin",  if it's really important to you,  ensure that you double check the address to avoid loss.

 If you have lost Bitcoin the first time due to the aforementioned wallet issue,  then you ain't supposed to lose another one,  as you must have learnt to be more careful now.

Bitcoin is very precious and valuable to one of us. It is hard for us to lost any value of bitcoin. There are sone reasons why we lost bitcoin. We put a wrong wallet addresses or we did not check if it is valid. For that, you might be consious and thinking why you dont have any received bitcoin. It is our responsible for our act when we should do the right thing and aplicable things despite for us to have our designated bitcoin.

Losing bitcoin has a significant effect on the market itself because it will preserve the price and will decrease the chance of dumping. Because the lost bitcoin address that contains bitcoin will be there forever. So in terms of the supply of the bitcoin, it will be great for the market.
Many coins are having that same Agenda. They are offering masternodes so that you will store your coin and have a daily dividend, with that you will help the market value of that coin while earning every day. So it's a win-win situation.

It is not good to lose your bitcoin by sending it to an incorrect wallet address. Its the most idiotic action I've heard. why would someone let his own money to lose, its something important for every person that we are all working hard to earn every penny.

Double checking my Bitcoin address is very important to me and its one thing I don't fail to do, cause it will be quite painful to lose any satoshi.
Same applies to the altcoins I am holding. Since it won't take few minutes to double check so why the rush.
To top it all, with the way hackers are so determined to hack into users account one has to be very careful.

We all learn from our mistakes, and when it comes to bitcoin it is no different, from panic selling to forgetting private key and to send bitcoin to the wrong address it all happens twice and than you learn from it so you don't do it again, and to be honest these things have been simplified and made easier by wallets so mistakes like this don't happen where they auto copy the address or using a QR code, if not than that is why forums like this exist so that you learn from the mistakes of others so you don't do them yourself.

I don't see any importance on losing Bitcoin to any incorrect or correct wallet address.  The only thing beneficial here is that we learn our lesson.  Either it is correct or incorrect if we send our BTC to another address and it is processed then there is no guarantee that we can recover it unless we are fast enough to overwrite the transaction with another transaction and get confirmed first.  Besides, you can never send BTC on an ETH address because of the safety measure of wallets preventing BTC to send to an unrecognized/incompatible  address.


see this discussion and I believe same rules applies to all cryptocurrency wallet.

I have never  lost  BTC by sending it  mistakenly to wrong address  but i have lost allot BTC  dues to  scam.  but I once sent ETC to  ETH address which  i taught  ETC was  ERC20 token.  in fact  it  was very painful but ever since  i have been  much care when it come doing crypto transaction.   

The only real benefit here is the fact that BTC will become more scarce  ;D ;D ;D

I never lost any BTC to incorrect adress, thanks god, I check the adress at least 3 times before doing any transaction to avoid any mistake

I wouldn't say that losing Bitcoin is important,  no one here wanted to just lose our precious Bitcoin, you don't need to go to that experience and I'm sure no one here wanted to go to that ordeal. That's why we really need to be very careful and to check the address/es that we wanted to send our Bitcoin in the first place. And I'm sure that those who lose their Bitcoin this way was trigger happy, I mean how can you send it to a ER20 wallet when the format is different? Unless you are in hurry or just copy and paste then send, which is a no no here. So everything should be double or triple check, look at the address/es specially the first 3 and the last 3.

Its the idea of losing something and learning from that and being extra cautious in the future. Its a good point but I would much prefer recommending people to be cautious right from the get go and never get complacent. You should always copy and paste addresses when available and even when doing so you should be checking each character to make sure the expected outcome has indeed copied the contents.

Mistakes do happen and If I were sending from my hot wallet to my cold storage fairly regular I would make a custom script which checked whether the address matches my cold storage. I'm a great fan of implementing preventive measures whenever dealing with security and privacy and sending and receiving transactions is no different.

I have never lost bitcoin due to wrong address because i usually scan Qr codes to send bitcoin or i copy & paste addresses when sending bitcoin and other cryptocurrencies. i also cross check the address before sending because we can't be too sure, there might be a malware that changes your copied address on your device.

No, I never have. But I agree it is too easy for that to happen, a weakness imo in current cryptocurrency design. At least wallets should have an 'undo' period (like 2 min or so) where it's still possible to revert transactions before they go through just in case you made a mistake? ???

It's not really that hard to be honest, the most important things you should be doing when sending a transaction would be to make sure you copy paste it well, and then verify that the first 3 letters and the last 3 letters of the BTC address all match up and look good.

For sending it to other addresses, usually you aren't allowed to send it to erc-20 and some addresses (incorrect prefix), and it just feels really stupid to do that. It does make sense when your dealing with BTC cash or the other options out there though.

I have experienced this kind of problem at the time that I am still a newbie, I have lost it because I mistakenly send the bitcoin to the wrong wallet address. After that I became careful but it happened again that I send mistakenly which is a huge amount of money and I am really worried at that time.

I am sending bitcoin at that time and I am using a quick exchange shapeshift.io but still I am lucky because the shapeshift exchange returned my money because I am sending the money to eth address instead of bitcoin address. And until now, I really learned my lesson and I always triple check everything before sending, either it is small amount or a big one.

As an owner of crypto, it is a must for us to check the address that we are sending into before confirming a transaction because we are aware that crypto transactions are irrreversable. I think exerting extra effort to check the correct address or even double check it before sending is just a small task to do, tather than to regret losing your bitcoin to a wrong address.

I have an acquintance who happens to send btc to bch wallet address. And since bitcoin transactions are irreversible, there is no chance that we can get it back. That's the bad side of crypto coin's transactions. Since we know for a fact that sending it to the wrong wallet address may result to losing it. Self- awareness is a must.

If we have to double check or even triple check it, do it. I was somehow thinking the same way when I was new in crypto space if the wrong transactions will be corrected but sad to say, it isn't.

It's true that bitcoin isn't that easy to get, you'll work hard for it with patience and discipline. Always be mindful when addressing a bitcoin, when you lost it always keep it mind that it'll never return on you. Be attentive and observant when having transaction or sending bitcoin. For you to stop regretting your self for the wrong thing you did.

Not all things comes back when u lost it.

Not only bitcoin but also when you sent altcoin for erc20 wallet never make mistake with wrong wallet, first copy your wallet and paste on your account, re check again have you use correct wallet or not because after sending you can take back if you wrong wallet.

The concept of using address to transfer bitcoin from one wallet to another is what makes it difficult for hackers to get them and ensures security at some point. Now if you mistakenly sent in to another address, you have nothing to blame but yourself. You can't really blame the system since a lot of users use it as well, and don't really protest about how the wallet address feature of bitcoin, or any coins at that. Besides, it also makes us grow in a way that makes us more rigid about preparations, making sure that we are doing things correctly.

While reading your post about this topic, I am waiting if there's an update that can recover lost bitcoin at some point. I am just dismayed there still hasn't. But very well said, there is a less chance that a person might lose their bitcoin to other wallet or incorrect wallet address since it is their money and each of us is carefully taking care of the process of sending. But if we are going to be careless in some point that we need to send many quantities to many addresses, there comes the problem. If ever in case we need to do that kind of task, we better ask for the help of an escrow.

In my opinion, we need to upgrade the system, if the address of bitcoin in an incorrect format, miner dont confirm the transaction and drop it, so the transaction will back to the sender wallet. some of the online wallets have this option but not all of them, if you enter an invalid or no bitcoin wallet you cant send it, let's hope for the best

Its possible and it would be better. or if the address is incorrect, the funds you transferred will reversed automatically.
OP thinks that by sending bitcoin to an incorrect wallet the volume of btc will reduce, and it will be a good effect since the lower the volume, the higher the demand is.

We should be careful and be responsible on what are the things we are doing here in forum and also how we transact with other people. It
is just to lose an amount of bitcoin because of mistake. We should think very carefully because we can not back all of the things we lose. This was be a lesson to all people that we must give the correct information to get a correct amount of bitcoin.

This should not happen to anyone if he is educated enough to make a mistake, you can do it on Paypal or other payment processors that have a chargeback but it should not happen to an educated Cryptocurrency holders, you already know that there is no such thing as chargeback or recovery here, so when sending you should be aware of this, if not you are not educated enough.

Your post on that topic might mean a lot to people who don't understand why they lost their bitcoin to the wrong wallet, maybe people who don't understand much about bitcoin delivery then they have to read your post and have to learn more to understand about bitcoin so they don't cause huge losses when they want to send bitcoin.

Well, you feel safe at some point because there is a possibilty that the person whoever owns that wallet address might not be using that wallet anymore. Besides, you won't look for it anymore. On the other hand, bitcoin transactions isn't irreversible so, either way you won't get it back unless the other user is willingly to do the same thing back. So, bottom line is that we should be aware if we are capable of double checking then do it.

Hmm, i think the title is somehow misleading (or maybe because for clickbait). Because there is no importance in losing your bitcoin to an incorrect wallet address at all. You are indeed being inconsiderate for not using proper word usage. You can just rephrase the title and include the word "lesson" or any similar since your intent is really to educate. Sorry for being so strict. Words matter, you know.

But anyway, I understand your interest on how you want to educate people here to be more careful to avoid such scenario since it is really such a lose to experience this especially if you are transferring a large amount of bitcoin from one wallet to another.

The title confused me at first. But when I read the thread, I thought you are too selfish. Let us all be a little more considerate next time. Those people who had inputted the wrong address could be in a hurry, or were in emergency situations, or there was a virus that infiltrated the computer and inputted a different address instead, or perhaps something very important is bothering them so that they lost focus. What I mean to say is that how can we be happy if some people made errors and cannot recover what they have lost? They may be in need of it and now they have nothing.

Losing money is never a good thing, and people are busy and can make mistakes. This is a bit of a weird post but I am guessing your underlining message is that if you lose money, you will be 100x more careful in the future and never lose money again.

Just check addresses all the time, make sure it's the same coin and check the first and last 4 letters of an address and you should never need to lose money to learn this.

it is like saying when sending an email instead of putting the email address in XXX@XX.XX format you put it in XXX.XX format and the email client successfully accepted it and sent the email! that will never ever happen unless the client you are using the the stupidest thing in the world written by someone who has no idea what an email address looks like.

bitcoin addresses are 100% different from ethereum addresses. the first is in base58 while the second is in base16. even the character set is not the same, there is a HUGE difference. no bitcoin client will ever let you send bitcoin to an invalid address.

The OP's point is the more we lose the supply of bitcoin it is possible to increase its price.
But it is actually not good to say that it is important to lose our money when it comes to sending funds to incorrect wallet. Money is not something to waste, we should be careful and not let something like this to happen.

We should educate people engaging into bitcoin about the blockchain technology that it uses. People need to be careful in sending funds through cryptocurrencies. One way to minimize the risk is to send huge funds by splitting it into smaller volumes so once you reliazed there's something wrong in the transaction details, you can stop at any point and lessen the damage dealt to your savings. But you should not always rely on that technique, you must always triple check before doing transactions in the crypto-space.

From the statement that cryptocurrency is decentralized and lost as a case of wrong address can not be restored. That should make you even more observant in dealing with crypto transaction. There is no third party or money controller like a bank, which can recover your money when you are mistaken in sending money, Crypto is decentralized. so brace yourself if you experience it and let it go. You have to double check and be careful when making a transaction, incorect wallet addres will be a loss that you have to suffer and you cant do anything to recover it.

Never happened to me. I don't know honestly how it has ever happened to people, I admit I don't send much or many times, and I only really use Bitcoin. Other alts and all that are just exchanges and like pooya says above, if you put in the wrong format anyway, they will tell you so and the wallet won't even allow you to complete the transaction.

Experience is a great lesson for everyone but I beg to disagree that it is important for us to lose bitcoin by accidentally sending it to wrong address just for us to be careful with addresses.
In the first place, we should always be careful with the address to avoid losing bitcoin. Prevention is always better. We don't have to experience it first before putting extra care. We've already seen a lot of people experiencing it. It can be a lesson for us already so that those case won't happen to us.

This is a bad mindset and I don't think everyone needs to experience tragedy for them to be able to grow and become smarter, smart people will be able to avoid this and it's just pointless.

Sending BTC to a different address would be extremely hard, Ethereum, Dash, Litecoin addresses are all extremely different from each other and it's very hard to get the ones mixed up. I don't know anyone who's done that, and most people who get close get an error message saying it's not a real address and avoid tragedy.

It’s not only the experience gained by the user, but also to the fact that whatever is lost cannot be recovered, and if the address is no longer used or owned by anyone, it adds up to the lost coins which therefore increases the scarcity of bitcoin which, in theory makes it more valuable. And just like what you said, this forces people to have this sense of carefulness whenever they deal with crypto and bitcoin so as not to lose funds that are important to them.

It is really inconsiderate bro, how about those people who lose bitcoin due to scam? this is the downside of bitcoin being irreversible no matter what is the reason for the lost of bitcoin.
Losing bitcoin due to sending on the wrong address is understandable and can't be refunded but those who got scammed it's pretty unfair.

It's not possible to execute a transaction sending coins from bitcoin address to an ERC-20 wallet's address. The bitcoin protocol would not recognize that address due to its completely different format.

The immutable nature of blockchain prevents from unspending the transaction which is a huge plus point, we have seen many examples of Paypal frauds occur due to the unspending feature.

In no way I see it as a good thing, losing your entire savings is a serious situation to be in. Though it contributes to the overall scarcity of movable bitcoins, but this can't justify the previous statement.

We all commit mistakes in our life and some can be painful like losing a bitcoin just because of an incoorect wallet address and the transaction is ireversable and it cannot be traced.But we learn from our mistakes and be careful that you check the address that whether it is valid or not twice so as be to be sure.Dont be in hurry and stay calm while you transfer btc and all other altcoins.It is good for market to create scarcity of btc to increase the prices but it will not be beneficial for you.

I have never lost BTC by sending to an incorrect wallet address in my whole entire life. Bitcoin is too much precious for everyone if anyone doesn't care about his BTC then it can happen. Bitcoin is my life so I will take care of it properly ;D

Correct wallet for sending bitcoin and altcoin is most important think when you make transaction to sent your bitcoin or altcoin to other wallet, when you use incorrect wallet your bitcoin or altcoin can't get back except with using PayPal because you can take back your money fi wrong email, but with cryptocurrency you have lost your bitcoin if using wrong address just one letter.

But it's more fulfilling if we haven't experienced losing bitcoin to an incorrent wallet address right? Rather than experiencing it. But of course a lot of us have already experienced that. It's really frustrating and disappointing to our part if we lost btc especially when it's a big amount.
But it's not as important as it is to lose bitcoin. If something is so important and valuable, we should always double check the address for us not to make mistakes. We've worked hard for our bitcoin and then we'll just lose it that fast. It's a life lesson to always be careful in sending bitcoin.

We must be responsible for every transaction that we're doing in crypto especially if it involves our earnings. We must double-check every ERC before sending our funds because one wrong mistake could result in regrets and losses. We must be careful and learn from the experiences of those who are confessing here about losing their funds due to Erc mistakes.

Losing your coins when you accidentally sent it to a wrong address is the best thing that could ruin your day, extremely if it is a huge amount of bitcoin, moreover, with this kind of failure, we became more careful and double checking or even triple checking everything before we made a transaction. I've had this story where I was using my private keys opening myetherwallet and accidentally sent it to someone in facebook, good thing I know him personally. It might be a little off topic but I think it is somewhat related even just a little.

Disclaimer: The title is very misleading  :P

well, i guess, we cant send btc to erc 20 address/eth address, the system will say incorrect address receiment.
i never lose btc from wrong sending transaction.
and also , of course there are no recovery menu from loosing like that.
since BTC its a peer to peer , basicaly people must understand first what they do before take on action.
no middleman, so there are no option, if u wrong send or lost because hacking or whatever its it.

well, life is unfair sometimes.
even being hacked is more unfair for me. like binance recently.
and well, they just accepted it.

You can't send bitcoin by mistake to an erc20 wallet what are you talking about? You can accidentally send to a bitcoin cash wallet though. You must check 5x before sending and then once more just before you hit send.
Have f2a protection too as well. Anything that slows your progress down is a good thing since it gives you more time to think.

I don’t know how people can be so careless in sending money to wrong address when they have made everything easy for one to be able to copy the right address, it is only when an hacking tools has been installed on the computer that we can say maybe the address has been changed, but to send to a wrong address is a mistake that should not have happened. All the time that I have been sending and receiving bitcoin, I don't think there has ever been any mistake as I am always careful. 

Before I send the fund, I check the address over again to be sure that the address is correct and that I am sending it to the real address that the money is meant to go to. Like you said anyway, experience is a teacher and I am sure this mistake will teach a lot of people who are careless to stop being careless.

Well on my own point of view I think there is no need for you to lose bitcoin just to learn because bitcoin is really expensive the reason why you must be careful especially when you send it to a wallet address. You must be doubled check it first before you send it because there is no refund or you can no longer get back once you mistakenly sent it to a wrong wallet address, in short, Bitcoin transactions are irreversible after all confirmations are done.

ha ha. in fact that knowledge can't guarantee anything)
sometimes people do weirdest things  ;D even if they loose money already because of inattention, they may loose it again. unteachable.

It is difficult when you lose bitcoin your hard -earned money it’s kind of distress since we all know it is irreversible. I just experienced this once, I accidentally send btc to an incorrect wallet address good thing their is a pop up window to double check the wallet address. There’s a mistake we commit but after that, it gives us a lesson that every time sending out you have carefully and check the address to avoid losing btc.

Cryptocurrency have different system with other digital payment when you make transaction to sent your balance bitcoin or altcoin to other wallet, when you sent your bitcoin balance paste your address and re check have you use correct address or not, after you click sending and email confirmation and you use wrong address you can take back your bitcoin, different with other digital currency if you use wrong email maybe sending will be failed but bitcoin success your sending although wrong wallet.

For some points, I agree with you. I even experienced things like you mentioned. I sent bitcoin to the wrong address and I made that lesson so it wouldn't happen again. in fact all errors (not just misdirected to different addresses) that we experience related to bitcoin should be made a lesson so as not to repeat the mistakes

Little mistake with your sending address bitcoin or altcoin token you lost your balance, like you wrong use word at the last your bitcoin and altcoin address your balance gone. Most important for investor when sent altcoin or bitcoin with correct bitcoin and altcoin address, better copy paste you wallet address and re check again have put correct address or not, maybe you can sent few token first to know you have use correnct address.

You need a double or triple check before transferring funds from one wallet to another cryptocurrencies based wallet.
the cryptocurrencies wallet address characters are unique and long so make it a habit to save the wallet address for repeat delivery
or use the copy paste or scan QRcode facility to avoid mistakes.
because of its P2P nature there is no third party interference if something goes wrong in it.

Have you ever lost bitcoin to such a little mistake before?  If Yes do you consider it invaluable?  Lots of people who lost their bitcoin through this means value their coin, or perhaps might be a noob, and would have learned from it the hard way

Let us always be reminded that bitcoin means money. Money means serious business and so if we talk about bitcoin it means serious business. Before putting your money into bitcoin we must do our research or ask for help for people who have good understanding how bitcoin works. Before we make any transactions we must always double checks and understand the difference between bitcoin and altcoins and the difference in address. But if we sent bitcoin to a wrong address accidentally then it will not help us but it will have a positive impact on the bitcoin market. As the saying goes the lesser the supply and the higher the demand means an increase of value. This means that if we continue to lose many bitcoins then the value will spike since the demand for bitcoin is also increasing.

Lol 😂 is this some kind of joke?ofcourse mistakes teaches us lesson but this won’t be the real meaning for me,what I believe is the transaction isn’t irreversible for us to make sure that even Satoshi has no power over cryptocurrency,that once the bitcoin is sent no other way it can be recovered or reversed .thats why we are unique and safe in bitcoin investments not like stocks or anything that can be taken in some cases

1. Bitcoin and ethereum (erc 721 and 20) can't be compatible each other they are 2 different cryptocurrencies so, sending bitcoin to an ethereum address the as ethereum to bitcoin address isn't allowed

2. To conclude your lengthy and non sense post, you shouldn't sent you bitcoins to wrong bitcoin wallet or else it will be lost forever is that what you mean OP?

Let's say that's the case. It is still not necessary to lose bitcoin just to learn your mistake. It is true you can learn from mistakes but if you are careful and observant you can prevent that situation. I've been using bitcoin since 2016 and I never mistakenly send to a wrong address. If you will send some big amounts I'm sure you check the recipient many times before confirming it.

What is good about losing your bitcoin? Bitcoin is a very valuable digital currency that almost everyone wants to have,so if you have it you should be careful in making your every transactions. The good thing if you lost bitcoin it will reduce the number of supply and it makes the value increase. You need to check your bitcoin wallet address multiple times before sending bitcoins so that you will not lose your coin.

There is a very popular saying that "Prevention is better than cure", but I guess OP is not aware of this. What can be prevented with just a little more caution and knowledge, the OP is instead asking that we must lose what we already have, that doesn't make sense to me.

Many people might get bankrupt if they followed such philosophy. Want to learn online banking? send to wrong person; writing your first check? write wrong person's name.
I hope you understand what's wrong.

I just noticed my reply it has tyographical error it was shouldn't not should anyway i agree with you why we should make a mistake and learn from it? We can just avoid it right? We can learn from other people because they experience it on first hand. And besides it is well known that if you sent bitcoins to wrong address it will be lost forever right?

Follow my step when you make transaction to sent your bitcoin or your token from erc20 wallet, first copy your bitcoin address and paste, after checking you use the same and correct address you can sent your bitcoin, but after checking although by copy paste and you got wrong wallet you have re submit your correct address because when you made mistake with address bitcoin or altcoin just one letter you can't refund or cancel your sending coin.

sending it in an incorrect wallet will never be a good and also it is not important.
It may be true that the circulating supply will decreased but money is money. We should not let it put to waste. We should be careful everytime we are sending funds to another wallet.

as an owner of a bitcoin, I will never going to rush sending founds to the incorrect address it is my responsibility to double-check as we all know that it is not reversible.  it's very hard to lose any single penny from my hard earn money.
but one time I lost my XRP sending it without putting destination tag lesson learn

Why you always learn from your mistakes? You can learn also from other people's mistakes, recent time, I have lost some portion of Bitcoin by sending a wrong address so that can't be recovered, I think recovery system is very essential both owner and platform, so far I Know that the losing portion of Bitcoin will vanish so it's a loss for both owner and this platform also. if there is an opportunity to make recovered then it would be a good thing for both ends. yes, of course, we have to more cautious when we send our Bitcoin address because one mistake could bring a lot of loss within this system, need to be more watchful so that this type of mistake will not happen.

The most important thing we need to do before sending bitcoin to anyone is to pay attention to the bitcoin address that we are going to, because there is no guarantee of a refund if we enter the wrong address. of course everyone will not want to lose bitcoin in vain because of silly mistakes made by himself

This happened to me when I was still new in Cryptocurrency and involved in some group who exchanges Bitcoin. I mistakenly sent 0.12BTC to an address that I am done sending, meaning I already sent a Bitcoin to that address, so when I am about to send or create another transaction, I sent again to same address because of copy and paste. Good thing I know who owns the address and after a few days of begging and pleading, BTC was sent back.

of course the mistake of writing a single mailing address will not be able to return the amount of the bitcoin balance that we send, therefore always checking the address that we are going to, of course it is strongly recommended before making a transaction to anyone

Just made little mistake with not enough of letter your bitcoin address you can lost your bitcoin assets when withdrawal or sending with using wrong address, you have be careful with your bitcoin wallet address because after sending never have way to cancel your transaction, you have use correct address when make transaction with bitcoin and altcoin.