Why it is important to lose Bitcoin to an incorrect wallet address

[Eugenar]

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.

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.

[Woshib]

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

[Zeke_23]

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.

[Bitcoininvestment]

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.

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.

[coin-investor]

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.

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.

[bounceback]

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.

[Obito]

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.

[agustina2]

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.

[NathanJB]

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.

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.

[timerland]

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.

[pooya87]

At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.

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.

[Zeke_23]

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.

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.

[blckhawk]

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.

[iMark]

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.

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.

[slaman29]

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.

[Eclipse26]

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.

[Kyraishi]

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.

[dothebeats]

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.

[Astvile]

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

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.

[apoorvlathey]

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.

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.