Sola Shin
Sola Shin
Sep 3 · 4 min read

Hello. GBT communities.

It’s Kyusong Moon, the IOS developer at GBT Protocol.

Today we are gonna talk about the most common mistake people are making in the blockchain world, Deposit to a wrong address.

Have you ever send Fiat deposit to an incorrect address?

I made once a mistake to send Fiat currency deposit to a wrong address, It was so complicated to recover it.

In the case of blockchain, It is even harder and difficult to receive it back, if you sent cryptocurrencies to the wrong address.

Then, let’s find out when you can get it back and when you cannot.

When you can not return your deposit back

The first case, when you withdraw and deposit to a wrong address.

You should know the owner of the address, if you want to process a request for a return. Because of the characteristics fo blockchain, it is hard to find out the owner of the address who got your deposit. (Even though you know who, it is still not guaranteed that he/she will cooperate to return your deposit..)

The second case, when the address does not belong to the exchanges.

Likewise the first case, It is not possible to know the owner of addresses. So it is unlikely to get it back.

When you can return your deposit back

If you deposit or withdraw your Ethereum Classic or ERC20 to Ethereum wallet, then it is possible to get your tokens back.

The reason why is that Ethereum, Ethereum Classic, and ERC 20 tokens have the same address structures as below.

But! the problem here is the exchanges’ wallets. In the case of the exchange’s wallet, many users send ERC20 tokens to their Ethereum deposit wallet, because the address of Ethereum and ERC20 are different.

For example, when you send 100GNT to your Ethereum deposit wallet, then the transaction may have been done but the console window of the exchange will be still 0GNT.

Moreover, there are some users who sent coins that are not listed.

The reason for this happening is that exchange organizes each token’s deposit wallet and withdraw wallet separately.

However! It is technically possible to solve the problem when ERC20 tokens are sent to a wrong Ethereum wallet. You can simply send it back to the From address.

But it is a different story in terms of exchanges, because each exchanges have different rules about the case of misleading deposit/withdrawal as below.

ProBit’s FAQ
Binace’s FAQ

Conclusion

There are some exchanges that may send your deposit back and some not.

Even though the exchanges support this problem, there will be some fee(free of charge — $2000).

If the fee is $2,000, It is not worthy to go through this process.

So you should be extremely careful about the address when you send a deposit before you confirm the transaction.

As you can see, it is not pleasant when you type the wrong address.

But most people can not remember their own addresses and if they make a mistake in copy/paste address, it likely happens.

In Planet wallet, there will be no hustling about the address.

You can simply name your planet, do transactions with these names.

Thank you for reading my posting! Then see you again!

GBT Protocol’s first product, Planet Wallet is gonna released on 24th Sep.

Please stay tuned for Planet Wallet!

Homepage : https://gbtprotocol.com/

#GBT_Protocol #GBT #planetwallet #blockchain #blockchainmistakes #deposit #withdrawal #cryptomistakes

GBT Protocol

At GBT Protocol, We strive to revolute the Internet Paradigm

Sola Shin

Written by

Sola Shin

GBT Protocol

At GBT Protocol, We strive to revolute the Internet Paradigm

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