What can be done to stop loss sending to wrong bitcoin address

[gentaap01]

i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

Is there a post for this you can refer me to, this sounds great, i will need to read more.

Really. I mean was though with some Mr A or Mr B but that's nice thanks

[bitvestorhacked]

There was a virus from the copy/paste method and it's called Clipboard Hacking Technique, once you copied a BTC address it pasted a different BTC address. I think this is one of the reasons why many people sent their BTC to the wrong address. the most important thing to prevent this problem is to double-check the BTC address where you about to send the BTC. This is where most people failed because some of them are lazy even to check if its the right one or not. therefore when we are introducing Bitcoin to some new people, we need to add this thing to the rule of BTC. like rule no.2 double-check the BTC address where you about to send your BTC to.

You can read more info about the copy/paste malware here: https://bitcointalk.org/index.php?topic=5207436.0

How do we explain to every new users this way, old ladies, children, then it will seem that this new money is harder than the banks, so why use it. Adding it to the rule of btc will seem like a job to many who would say i am better of with banks.

Double checking is very necessary but reducing the risk to accommodate all is also essential

[bitvestorhacked]

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

Shorter bitcoin address would mean all the bitcoin addresses will be taken up by the users quickly. As many of us own more than one bitcoin address so it will also cause problem for the users. I suggest no protocol changes should be made withing bitcoin. As sending bitcoin to a wrong address is something just because of a user's fault, so the user should double check the transaction before sending it and also what I do is double check the starting and ending of the address as it ensures that I am sending to the correct address and till now I haven't sent my bitcoins to a wrong address.

I came across to a project that tries to resolve the problem of sending funds. If I am not mistaken it is called digital names ( some sort of that) they aim to change the alphanumeric addresses to a new and customize addresses. But I think that project didn't get enough ( I don't know, since I have'nt heard of them ) I guess the purpose seems to be clear but it is complicated. I once wrongfully sent my funds to the wrong address, honestly it is embarassing at first but that's the time I learned my lesson to double check, best if triple check the information especially the address of the recipient.

You sent wrongfully, at least it was not much to hurt you so much financially, imagine you was trying to buy a house that cost 300,000USD and you just lost it in one go, it is not that you are not careful, this things happen and they happn to even the best of the best too, your computer is secure, anti virus updated, no penetration but yet it can still happen, people go to long length to make this happen, so its better safe than sorry.

[arbiter5]

Seriously. If people simply just double-checked the receiving address every time they make a transaction, we wouldn't have this problem.

[NeuroticFish]

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

This part i clarified too, the protocol must not be based on the amount, sender and receivers address can be the protocol, senders enables protocol based on the address and receiver does the same, so as long as this protocol is used to send between both of them bitcoins will arrive ok, else bitcoin will be returned to the sender.

No. It's plain wrong. Bitcoin is about changing addresses from payment to payment. That's for privacy and maybe some extra security too. An user should not "call in" an link his name to an address.

I wanted to help you understand that your idea, although it was some work on it, will not work, it has still flaws on it. Trying to find fixes while we talk will not do, since you seem to go from bad to worse.
Try to give it time and think it over again. For now, in this form, it's not good.

[romero121]

The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.

As said we the users are responsible for our funds. When we make a transaction we need to know that we're transacting our funds. Here we need to have additional concentration which will make people avoid such mistakes. As described there are malwares that auto paste different addresses and this happens with untrusted service renders. With trusted wallet services there is no such flaws. Anyhow double checking helps in keeping our funds secure.

[Linkkoin]

The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".

This is the easiest as of now, but theoretically more comfortable would be the introduction of a system a bit similar to confirmation of transaction in banking apps by providing a code which is unique to a specific wallet address, so then in case of mistyping address transaction will not get through.

[bitvestorhacked]

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

This part i clarified too, the protocol must not be based on the amount, sender and receivers address can be the protocol, senders enables protocol based on the address and receiver does the same, so as long as this protocol is used to send between both of them bitcoins will arrive ok, else bitcoin will be returned to the sender.

I wanted to help you understand that your idea, although it was some work on it, will not work, it has still flaws on it. Trying to find fixes while we talk will not do, since you seem to go from bad to worse.
Try to give it time and think it over again. For now, in this form, it's not good.

No. It's plain wrong. Bitcoin is about changing addresses from payment to payment. That's for privacy and maybe some extra security too. An user should not "call in" an link his name to an address.

Here you are entirely wrong and way way wrong. Privacy for bitcoin is one thing and it cannot be taken away unless a user decided to attach a name or whatever, but creating a verification system has and will never have nothing to do with attaching one's name to a transaction, its just verification and requires no name to take place.

You have an address signed by you don't you, why do you have one? For fun, you should think again, flaws is for idea and production is where the real work suppose to  work without flaws, ideas are given to be developed and input added and if your input is that there will never be a verification system to improve the current system for safer usage of bitcoin then you are way out of your bitcoin mind. I accept your critics but its totally baseless.

[Meowth05]

The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".

This is the easiest as of now, but theoretically more comfortable would be the introduction of a system a bit similar to confirmation of transaction in banking apps by providing a code which is unique to a specific wallet address, so then in case of mistyping address transaction will not get through.

That is sound complicated I think. Simple problem requires simple solution, it is not that tough to double check the address where you will send it to. In my long time here in crypto industry I haven't experience any problem in making transactions because I do check first the address to prevent of losing profit. You could just copy and paste the address then check it first before hit the send button.

[longyenthanh]

What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.

There is no cure to human error. No matter how much advancement in technology has been made.
The worst part is you cant undo the transaction once you sent bitcoin to wrong address.
The only solution to this is mentioned in above reference post. Stay safe everyone.

[BrewMaster]

i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

Is there a post for this you can refer me to, this sounds great, i will need to read more.

certainly, all the Bitcoin Improvement Proposals are available on GitHub under the "bitcoin" username. and here is the direct link to BIP-70 that i mentioned here:
https://github.com/bitcoin/bips/blob/master/bip-0070.mediawiki
BitPay is a payment process that i know of that has implemented this technique.

[msarro]

What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.

Rather then focusing on technological solution to this. Biggest mitigation measures lies within us

I sent funds to the wrong address. How do I get them back?
 
Sent to digital currency address
Due to the irreversible nature of digital currency protocols, transactions can neither be cancelled nor reversed once sent. In this scenario, it would be necessary to contact the receiving party and seek their cooperation in returning the funds. If you do not know the owner of the address, there are no possible actions you can to take to retrieve the funds.

Because of this, it is essential to exercise caution when sending. It is always recommended that you double-check that the address you are sending to exactly matches the address of the recipient before sending.
Coinbase

[Linkkoin]

That is sound complicated I think. Simple problem requires simple solution, it is not that tough to double check the address where you will send it to. In my long time here in crypto industry I haven't experience any problem in making transactions because I do check first the address to prevent of losing profit. You could just copy and paste the address then check it first before hit the send button.

Of course, you are right but in the case of negligence (most common reason of sending t the wrong address) this is possibly the only potential countermeasure, as transactions are not reversible.

[BChydro]

Never supported banks/Financial Institution although it's cut from an easy cloth then ruled by people known as the government, track and trace us like we are some courier shipment but then again the one perfect thing they have is the ability to see the other end via communication, able to retrieve wrong transfers or sent to wrong account which is something that does not happen often in the banking system.

Looks like you never had a bank transfer in your life  . Welcome to the normal world and that is how things work here, if you have a job your salary will be credited through the bank and there is no point in hating the banking system, i have taken loans from them and i do not complain them and as long as i follow the rule i am fine with it.
There is a major difference between a centralized banking system and a decentralized economy and in the latter you cannot make a mistake because once the coin is gone from your account then there is no way you can retrieve that.

[iamsange]

That is sound complicated I think. Simple problem requires simple solution, it is not that tough to double check the address where you will send it to. In my long time here in crypto industry I haven't experience any problem in making transactions because I do check first the address to prevent of losing profit. You could just copy and paste the address then check it first before hit the send button.

Of course, you are right but in the case of negligence (most common reason of sending t the wrong address) this is possibly the only potential countermeasure, as transactions are not reversible.

I think people should know what is bitcoin, how it works and they must know since first time if the transaction are not reversible. Maybe with that, we can see maybe a lot of people agree to re-check again recipient address which they want to send the coin. I think who keep get that because not be careful, and it is their own mistake.

[retnoanjani]

Looks like the OP's suggestions aren't quite right. Transfer error due to incorrect entering the wallet address is a technical error from the sender, whether intentionally or not, we should always double check before sending it. Check the manual, overall, don't just look at the beginning or the end. It is better.

[Mike Mayor]

The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.

You need to do much more than this. You should setup F2A or email and then carefully read where the coins are going and how many. Double triple quadruple check the address is correct.
You take so long to earn your bitcoins so you don't want to throw them all away in a few seconds. Take as long as you need when making transactions. Saving a few moments not checking things is not worth it.
You do need discipline using crypto, not everyone likes that about crypto and I feel it is one of the reasons people might not want to use it. Fear of losing their money if they buy crypto doing something silly like sending to the wrong address.

[Dabs]

If 10 characters of a bank account number is easy to check, then it should be equally easy to check any 10 characters of the bitcoin address you are sending to. Either the first 10, the last 10, or even the first 5 and the last 5 combined.

You don't need to check the whole 30+ characters.

[Oneandpure]

The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.

You need to do much more than this. You should setup F2A or email and then carefully read where the coins are going and how many. Double triple quadruple check the address is correct.
You take so long to earn your bitcoins so you don't want to throw them all away in a few seconds. Take as long as you need when making transactions. Saving a few moments not checking things is not worth it.
You do need discipline using crypto, not everyone likes that about crypto and I feel it is one of the reasons people might not want to use it. Fear of losing their money if they buy crypto doing something silly like sending to the wrong address.

Some time your computer can be error with paste wrong wallet because your device have been get firewall, before sending your token and bitcoin better double check or paste your wallet first on notepad than you paste with your sending address, I think when paste with notepad you can see full is the same with your destination wallet sending or not, after use wrong wallet you can't cancel it like other digital payment.

[Dabs]

Another thing is to use mobile wallets that can scan QR codes. That way, when you scan, you get the address as provided by the merchant or receiver.

You should still double check the first few characters to see if it matches.

There is a possibility that clipboard malware may use similar looking first characters, but I have not seen any that use the last characters, so double checking the first 5 and the last 5 should cover you.