Caution when making transfers of Cryptocurrencies

This is something that I had to learn the hard way, I want to warn others so you don’t lose your crypto. Always double check when you are transferring your cryptocurrencies from one wallet to another. There are many networks that one cryptocurrency can operate on. For example, Tether can be sent on ERC20 or TRC20 network, BNB/BSC can be sent on BEP2 or BEP20 networks. Some networks require a memo or extra number to be attached when sending it, especially when it comes to transferring to Exchanges.

Always check your receiving wallet for what exact type of network you are receiving on and match that on the sending wallet. If you make a mistake sending it on the wrong network then you will not be able to access those funds again. It may be impossible to get it back, so always check this and send a test transfer of a small amount before you send the entire amount. One transfer I messed up on was sending BSC to Coinbase wallet. BSC is the BEP20 version of BNB which uses an 0x address like Ethereum addresses. You can actually send BSC to an Eth address, but the problem is that Coinbase wallet does not support BSC. Your funds will be lost if this happens, I tried tech support from Coinbase but they cannot recover those funds. So don’t make the mistake I made and always double check your receiving network and your sending network are the same and always check that the wallet you are using can support the crypto you are sending.

If you do send it to through the wrong network, your only hope is to contact the receiving wallets network and see if they can recover the funds. Sometimes they can help, but they really are not obligated to help you.

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