Funds dies when sent to inaccessible addresses.

[notocactus]

That was the problem, the person who sent the coin treated the transaction like a bank transaction. Normally, you could send money through someone's bank account, and the funds can be withdrawn even if the account is dormant or restricted. In some cases, it could be recovered if it was sent to the wrong account since every account holder is known by the bank.

I am really sorry to see what you wrote, that shows you did not understand about bank system and Bitcoin. Let's look at details.

• With bank system, if your ban account is dormant but you still have access to it, you can withdraw your money. There is chance of bank will terminate your bank account if it was inactive for too long time. In another case, if your bank account was restricted, I am quite sure that you can not withdraw your money from it until a day your appeal was approved by that bank and your bank account was recovered to normal status.
• With Bitcoin, if you have private key, you can access your bitcoin. Surely you as a sender must ask the receiver that whether he still has access to that wallet. Interestingly, with Bitcoin non custodial wallets, you can let them inactive any time you want and nobody can terminate your wallets.

[EluguHcman]

That was the problem, the person who sent the coin treated the transaction like a bank transaction. Normally, you could send money through someone's bank account, and the funds can be withdrawn even if the account is dormant or restricted. In some cases, it could be recovered if it was sent to the wrong account since every account holder is known by the bank.

I am really sorry to see what you wrote, that shows you did not understand about bank system and Bitcoin. Let's look at details.

• With bank system, if your ban account is dormant but you still have access to it, you can withdraw your money. There is chance of bank will terminate your bank account if it was inactive for too long time. In another case, if your bank account was restricted, I am quite sure that you can not withdraw your money from it until a day your appeal was approved by that bank and your bank account was recovered to normal status.
• With Bitcoin, if you have private key, you can access your bitcoin. Surely you as a sender must ask the receiver that whether he still has access to that wallet. Interestingly, with Bitcoin non custodial wallets, you can let them inactive any time you want and nobody can terminate your wallets.

The requirements of KYCs in the bank sector and every other centralized platforms that facilitates on transactions is the testament that inactive/domant accounts or lost of access due to lost of personal keys or informations can be retrievable and not limited to the centralized crypto exchange platforms.
So even when funds are sent in such account the beneficiaries can still awake the account by following operatives guidelines but not applicable to decentralized platforms.

So haven to say @Die_empty was right,  I will back it up with my experience as I quote.

This happened between an uncle and I during my school days who sent money in my dormant back account.

And that mistake was amicably handled and rectified due to the fact it was a Centralized banking system. So the fund did not go forever like that of my friend and his cousin with their transactions using the non custodial platform.

So when a bank restricts users from access account due to dormancy or inactive, it can still be revalidated but when account has been restricted due to illegal activities such as scam, then there is no accessibility to the account but that is not the case here but the lost of the user seed phrase to have access to the wallet again regarding it is a non custodian platform.

[cryptoaddictchie]

What further storyline is missing based on your input that the story is incomplete?

That part where the sender forget to informed or even question the receiver if either the wallets still good or not. Prolly they miss the communication on this cause if the sender asked this on the first place, he could avoid sending it knowing this fact but he didnt means something wasnt talk about during the transaction.

[CryptoYar]

Your post is incredibly important because it highlights key difference with cryptocurrency. You can not get your money back once it has sent. Unlike regular bank transfers if you send crypto to wrong or lost wallet address that money is gone forever as your friend painful story shows.

This means it is very important for senders to always confirm wallet address before sending any funds even if you have sent to them before. It also helps if receiver confirms they are ready to get money. This small step turns simple courtesy into vital safeguard against losing your digital assets.

[Marvelockg]

The recipient should be blamed too because benefactors or regular
business partners are ought to be notified in cases like that because funds can be sent without your notice at anytime.

it is not a must that i should tell everyone i am transacting with that i no longer use a particular address. if i fail to do that and you make the mistake of sending fund to my address that i longer use, i will hold you responsible because you ought to first off make such enquiry before sending such fund especially if it has been long we transacted business together..

for the centralized banking system, you could afford to take such risk because it is possible to recover such money or likely, the money could be reversed but in a decentralized system like bitcoin, the only solution out is that you inform whoever you are transacting with before hand to avoid stories that touches the heart. this is even too basic for every one that has been using the digital space to know that before sending fund to any wallet, the receiver should forward the address to you at that spot you want to send the fund.

we all know that as little as a single number or alphabet missing or used in the wrong place in that address can lead to the fund not getting to the intended sender, this tells that ought most caution is expected to be taken when carrying out any form of crypto related transaction.

[m2017]

How necessary do you find this post?

In the beginners section, this post will probably be useful.

For more experienced users, this is unlikely to be new, because anyone who has experience handling money (usually electronic) knows about the need to make sure that the recipient's data is filled in correctly. To which, can also add clarification from the recipient about whether he has access to his electronic account (or bitcoin wallet). That is, verification that the recipient will definitely receive the sent funds.

In general, the entire post above again comes down to the old truism "not your keys - not your money". In the context of the discussion in this topic, it takes on a slightly modified formulation "your recipient doesn't have access to the wallet - you will make a donation / burn your money" (It may not sound eloquent, but it can be extremely life-like).

[Samlucky O]

How necessary do you find this post?

To be honest, not really necessary, but it's informative and a good thing to always make the community aware of such case scenario. Most times we as humans tends to make mistakes that cannot be reversed, especially with cryptocurrency where if you loss access to your funds or send to a wrong address, your coins are literally lost for good.

If the statement is not necessarily for you doesn't mean it's not necessary for others. I would have love to go deep in my explanation but perhaps I see that you have already said it all by yourself, what an ironic statement. This topic is very informative not only to newbies but even to some old member here. Sometimes we do things without confirmation just because of over familiarity and it may leed to some problem. I could remember some weeks ago that shasan sent me pm to pay his loan into a new wallet, instead of the formal/usual one I normally send USDT to, simply because something happened Maybe the wallet have an issue. So if he did told me earlier and I send the USDT to it I would have sent that money into an inaccessible wallet or so. So sometimes we need to ask questions even if we are familiar with where we regularly send money to. I have sent money to a friend to an inaccessible account due to not asking questions. So we really need to be careful when sending fund. Always ask the recieve to know if the wallet/account is good to go to avoid loses.

[Wiwo]

First if the sender sent the coins at a wrong timing, the loses will be on him, wrong time is such a way that he was meant to make payment last week, he sender defaulted and after two weeks now sent coins to the address given previously without notifying the receiver   to either get a new wallet eor continue with the old one.

But is something that need to be handle at that point and he need to know that he have burned his coins since there is no access to tje wallet the sender sent those coins to., unless someone is a newbie that willl make that mistakes since experience users knows that before each new transaction, a new wallet is mostly preferred.

[Hatchy]

If the statement is not necessarily for you doesn't mean it's not necessary for others.

You don't have to quote me to give your shit speech my opinion has nothing to do with yours.. I simply said it wasn't necessary because he asked if it was..

[coinlary]

Someone can send you bitcoin without asking you, and it can be a fortune. It raises another concern, that if it is a mistaken sending, will you keep it or return it to the sender in such case, it depends on you.

I don’t know about promise444c5 but imo depends on the reason it was sent.I expect such person to initiate another transaction utilizing script like nulldata script (OP_RETURN) stating whatever was the reason for sending such fortune to my address(either it’s a mistake or not).
I know someone might ask what if the person doesn’t know how? The thing is losing such fortune will force you to find a alternative toward reaching out to such address,without an attempt.it could have a lot of meaning to the receiver

In the beginners section, this post will probably be useful.

For more experienced users, this is unlikely to be new, because anyone who has experience handling money (usually electronic) knows about the need to make sure that the recipient's data is filled in correctly.

Everyone is not above mistake, sometimes mistakes are bound to happen even to the experience users just that the possibility is low compared to a non experience users

[pawanjain]

This happened between an uncle and I during my school days who sent money in my dormant back account.
I am motivated to say this today after a friends cousin recently sent him Bitcoin worth of $6K from abroad and hoped was going to be an exciting surprise to him but as it is, the money has become a waste because the guy has already trashed and forgotten that wallet address the fund was sent to.
The recipient should be blamed too because benefactors or regular
business partners are ought to be notified in cases like that because funds can be sent without your notice at anytime.

How necessary do you find this post?

This is the most idiotic thing I have heard when it comes to crypto. Why would anyone send bitcoint to other person without confirming the address?
Even if he wanted to give a surprise to his friend, he still had the option to create a new wallet and then share the private key of the wallet to his friend.
This way, they wouldn't have lost the funds to a dormant wallet. This is just stupidity and carelessness.

[Makus]

Cases like this are very common, so it is very necessary to build communication between the sender and recipient so that assets are not frozen in a wallet that cannot be accessed. In my opinion, this information is general and should not be ignored, at least what is told in the topic is used as an experience for each individual to be more careful when sending crypto assets, especially if you want to make a surprise without first confirming with the recipient. Neither party is to blame for the incident as the error occurred due to miscommunication between the two parties.

Even if the person sending is planing on making a surprise, it's his duty to cross check the address before sending any coin to that address. I sometimes cross check new addresses multiple times before proceeding to send any coin into that portfolio. The risk of losing everything sent should create a respected reminder in our heads so we can be conscious of what we are doing. But sometimes for some careless persons it good they have at least  a one time experience of not being watchful and careful when sending crypto so they can learn not to make such mistakes ever again, but as wise people it best to make adjustments so we don't get our own taste of this bitter experience.

[lionheart78]

How necessary do you find this post?

The message the story wanted to convey is very necessary but the long intro is not.  I am somehow confused and find the story strange because the sender did not ask the person who was receiving his BTC address when the sender was giving a big amount of money.

As far as I know, people who are sending funds always verify the account or address they are sending to regardless of whether they have already sent a previous transaction to that account.  I believe it was an SOP of any transaction.

It is true that a fund sent to an inaccessible Bitcoin address is forever lost.  So it is advised that we should always confirm the BTC address from the receiver.  And once it was confirmed then that would be the time we can execute the transaction.

[Omahabit]

There are moments we have regular benefactors and those we may have business transactions on a regular basis with who facilitates on executing transactions without informing the other party first and take them unaware while sends the funds probably could be a usual and successful.

But while the receiver was not informed before the sender sends the funds, there are times we ends up sending the funds into one of those abandoned accounts due to insecurity activities in the Wallet address or those inaccessible Wallet addresses due to lost of seed phrases where the funds there are forever be unclaimed due to inaccessibility of the account.
So there is always a need to request for the recipient (s) to either send you their wallet address or ask to confirm if you can send to the usual address you may have transacted with the person.
This is to avoid getting your funds stuck and we know in the Crypto network especially in the non custodian wallet providers once you have lost you seed phrase and lost access to your wallet, you have lost it all forever.

This happened between an uncle and I during my school days who sent money in my dormant back account.
I am motivated to say this today after a friends cousin recently sent him Bitcoin worth of $6K from abroad and hoped was going to be an exciting surprise to him but as it is, the money has become a waste because the guy has already trashed and forgotten that wallet address the fund was sent to.
The recipient should be blamed too because benefactors or regular
business partners are ought to be notified in cases like that because funds can be sent without your notice at anytime.

How necessary do you find this post?

Honestly, I think that when we change our receiving account without informing our business partners or employers about it, it puts ones probability of earning meaningful income at the barest minimum. It is always important to check the availability of our accounts before allowing money to be sent there. In the case where it is supposed to be a surprise, i guess the moral lesson is to ensure that we do whatever is necessary to maintain our accounts and fulfil any requirements that may hinder our further use of the account for receiving funds.
One should also endeavor to refuse using  real details to create a bank receiving account for fraudulent activities because this is how many get stuck and have jumbled account receiving information and find themselves in such a spot as told in this narrative post.

[azoundria]

You are lucky if your old wallet can't be accessed. In that case, it's like a donation to the network, to the benefit of everyone, and all values rise. You can keep all the old wallet seeds to avoid this.

What's worse is that some wallets have been compromised, so funds will go to a sweeper bot. Once the seed phrase or private key is exposed, it is exposed forever, and whatever robot hacker is the first to sweep it gets all the funds there. There's no chance that's going to be the intended recipient.

In addition to checking the address is still right, it's a good idea to send a small test transaction first if you are sending a large amount. While the concept of a surprise payment to an old wallet address is nice and thoughtful, you may be the one who faces the surprise.

[tvplus006]

...You can keep all the old wallet seeds to avoid this...

I still keep all the seed phrases from wallets that I haven't used for a long time. And I do not exclude the possibility that some kind of airdrop will be distributed to some of these wallets, unexpectedly for me)