Too often, people lose money in crypto because they transfer their balance from wallet/exchange to a different, unsupported wallet/exchange.
This is a huge deal, and it’s likely to become bigger as more blockchains and networks are created, and more people get into the space, and more exchanges are regulated and begin operating. This used to be straightforward back when we basically only had bitcoin and its native blockchain and everything else was sort of… irrelevant, but now you’ve got a bunch of different coins, tokens and blockchain and on top of that, you also have tokens that operate on different networks.
I realised this because earlier today I transferred some Tron (TRX) from one wallet to another and I had four (!) different network options, TRC20, BEP2, BEP20 and ERC20.
One of the most common mistakes happens with the Polygon network, which is unsupported by (among others) Coinbase, one of the largest and most commonly used exchanges. The golden rule is to always triple-check whether the token/coin you’re sending is supported by the platform/wallet you’re sending it to, on the network you need to use to send it, and always start with a small transfer to quadruple-check.
What do you think? Have you ever had that problem?
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