In our previous article about taking complete ownership of your digital assets, we highlighted the impact of private keys and wallet types on ownership. The was on how the different wallets affect the level of control people have over their cryptocurrencies and NFT. This article will discuss how wallet types influence cryptocurrency transactions. It will also teach readers how they can make zero errors when completing Bitcoin payments or other forms of cryptocurrency transactions.
Mistakes People Make While Completing Bitcoin Payments
Although it is not as common as before, people still make mistakes while transferring cryptocurrencies. A recent report by CoinMonks highlighted some recent mistakes crypto traders make when transferring Bitcoin, Ethereum, Litecoin, Ripple, and so on. Three of the five mistakes they outlined centered around the type of wallet people are using.
- Sending to the wrong wallet address: in this case, the user sends cryptocurrencies to the wrong receiving public key. This is often due to mistakes when copying the characters in the public key. Some people may choose to type out the characters instead of copying and pasting them. This causes them to miss out or input the wrong number.
- Incorrect Memo or Tags: this is peculiar to certain networks, and it is the same as adding narration or reference to your regular bank transfer. Since it is limited to a few networks, not everyone knows about it. However, this feature is crucial for verifying the receiver’s wallet and validating the transaction. Using the wrong tag or memo has the same devastating effect as using the wrong address,
- Sending to the Wrong Network: it involves transferring crypto via the wrong network. Various blockchains have their respective networks that store and transfer information. This is another common mistake that almost anybody can make. Even people who have been trading blockchain tokens for years are still susceptible to it. This may either be because the receiver did not pick the right blockchain or the sender made a wrong assumption.
How to Ensure Zero Errors When Making Bitcoin Payments
What makes these mistakes costly is the impact that they have on either or both parties. Blockchain transactions are immutable, which means that they cannot be reversed. Therefore, every mistake is permanent. Therefore, traders need to ensure zero errors while completing Bitcoin payments or any other transactions. Human beings are prone to errors, and nobody is infallible.
However, these mistakes above are easily avoidable if people can make conscious efforts to protect themselves during token transfer. With time, making the proper transactions will become a habit and save you the issue of permanently losing funds. This can be daunting to someone buying Bitcoin with their credit card or P2P for the first time
Here are ways to ensure zero errors when making Bitcoin payments:
- Understand the Blockchain: this is a very important factor that people need to consider. Different blockchains are unique and vary in terms of how they function. Considering this factor, it is essential to have basic knowledge of most decentralized networks. While it is almost impossible to know about every single blockchain, a simple Google search can help you understand the particular option you are about to use. This will help you identify any additional peculiarities and additional that are part of the transfer process
- Use the Right Wallet Address: It is not advisable to type or manually input the characters in a wallet address. Unless you have a superhuman ability, you will make a mistake 9 times out of ten. Therefore, it is better to copy and paste the receiving public key as gotten from the receiver. Certain platforms allow senders to transfer tokens by scanning the receiving address. This is a more efficient way to make zero errors in Bitcoin payments.
- Confirm the Blockchain Network: the final step of the transaction and is where people often become nonchalant. However, making a transfer to the wrong network results in permanent loss of funds. To avoid this error, always confirm the receiving network from whoever you are sending the tokens to. If you are using a centralized exchange’s wallet, they might confirm if the wallet is correct. Although it is not always the case, it can serve as a “barrier”.
- Always Cross-Check the Details Before Confirming the Transactions: Alongside confirming the network, take another minute to confirm every other detail in the transaction. The extra minute can be the difference between losing a significant amount of money and doing the right thing.
How to Ensure Zero Errors in Bitcoin Payments When Using SoftNote
As mentioned in a prior article, there are different types of private keys. Of the various kinds, we will be focusing on the wallet that utilizes QR Codes as a private key. The reason is because of how it ensures efficiency and zero errors in Bitcoin payments. Think of it as shopping for an item and checking out by scanning the barcode. The chances of making the mistake of scanning the wrong barcode are far lower than those associated with writing a long string of complicated text.
This is one of the reasons why Tectum chose to utilize the type of private key that is a QR code instead. Using SoftNote Wallet ensures zero errors in Bitcoin payments. Alongside being effective and error-free, it is also very seamless to use Tectum SoftNote Wallet.
Here is a quick overview of the process of steps in sending and receiving cryptocurrencies:
- Request the barcode from the receiver.
- Scan the barcode.
- Input the amount of tokens you want to send
Alternatively, people can send tokens using email addresses or Tectum IDs.
SoftNote Bills – Ensuring Zero Errors in Bitcoin Payments
Nonetheless, these are not the only benefits of using this cryptocurrency wallet for payment.
Other advantages of using SoftNote include the following:
- Total On-Chain Privacy: every transaction completed via the Tectum blockchain is private and keeps users anonymous. Not even the CTO of Tectum knows your wallet balance and other details. The only details available on the block explorer are the amount of token sent and the public keys of the receiver.
- Complete Ownership of Digital Assets: individuals using the SoftNote wallet maintain ownership of their private keys. This ensures that no third party can access or transfer digital assets stored in that wallet without their approval.
- The Cheapest Gas Fees: Using the Tectum blockchain for transfers means that people will pay zero gas fees. This applies to cryptocurrencies like Bitcoin and Ethereum. Merchants who use our network to offer payments and other microservices only pay a 1% commission. This is the best deal anyone can get.
- Supports Major Cryptocurrencies: The Tectum network – T12 supports the major cryptocurrencies like BTC, ETH, BNB. USDT, TET, and TRX. The team is continually identifying and adding more tokens on popular demand.