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by ArkanExplorer 1890 days ago
Not only that, but if you send your (Bit)coins to the wrong wallet address, there is no verification that the address even exists, and the coins could be permanently destroyed.

At least with all other assets classes, there is some verification of the transaction and receiver by the exchange, and the possibility to reverse an error.
2 comments
NavinF 1890 days ago
> there is no verification that the address even exists

Bitcoin addresses are created with a built in checksum code. Generally speaking, it is not possible to send Bitcoin to a mistyped address.

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nisegami 1890 days ago
Wasn't GP talking more about valid but non-existent addressed? I'm guessing this is essentially the same as sending it to an address for which the key has been lost.
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NavinF 1889 days ago
Yes, but that's pretty uncommon in practice. Why would anyone ask you to send money to a valid address that they don't own? It can't be a transcription error because the checksum would catch that

It's like sending gold over snailmail to a random address

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andirk 1888 days ago
And what happens if one sends gold over snailmail to a random address? You need to finish your analogy.
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CyberDildonics 1890 days ago
Bitcoin and Bitcoin Cash (possibly doge coin and lite coin) all have checksums. If you are sending to an address a single character off will not work because the checksum won't line up and the address will not be valid.

If you are sending to an address you did not create, then you are sending to an address where you don't have the key anyway. If you are sending to a specific address (given by someone else or generated by you) the checksum will only line up if it is unchanged.

Ethereum does not have this as far as I know.

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