Advisory: Litecoin and Bitcoin addresses can look the same under Segwit

in blocktrades •  3 months ago

By default, BTC and LTC segwit addresses both begin with 3

Before segwit, LTC addresses always began with an L and BTC addresses began with a 1, which prevented users from accidentally mixing up bitcoin and litecoin addresses. With segwit, they both use a common prefix of 3 by default, and the addresses are "compatible" in the sense that you can accidentally send bitcoin to a litecoin segwit address and vice-versa.

Several users sent Litecoin to a Bitcoin deposit address at BlockTrades

We've had a couple users make this mistake: they got a bitcoin deposit address from https://blocktrades.us, then they sent litecoin to that address from their litecoin wallet or exchange. Unfortunately, the wallets and exchanges can't tell that the litecoin is being sent to our bitcoin wallet that won't see the litecoin transaction. This means we get no notifications that anything has gone wrong until the user contacts us and asks us about his litecoin transaction.

We've been manually handling such mistakes, but it's very time-consuming for everyone concerned because it requires keys to be moved between wallets, so please if you're sending bitcoin or litecoin, double check that you have the correct address type.

Potential issue when specifying your receive address too

When you input a receive address into BlockTrades, it's important to make sure it is of the correct type also. So if you want to receive Litecoin be sure you get a litecoin deposit address from your exchange or wallet, and make sure the Send type is Litecoin on our site. All obvious instructions I'm sure, but doesn't hurt to double check before you transact.

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Hi @blocktrades I've just sent Litecoin from coinbase to a Litecoin wallet for the first time on BlockTrades. The transaction is still pending hours later & the option to send Litecoin was still available. When I refreshed the page, a message appeared saying: "Steem delegation purchases disabled until current pre-orders are filled". Does this mean my order is a pre-order that is waiting to be filled or is my money lost forever?

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Great question!!

There's no option to trade SBD/Steem on blocktrades.. this is weird.. hey @blocktrades what's your statement on this?

this post reminds me of a bad experience that has beenfall me since joining this platform. I have sent a steem by using 317 steem with sbd memo. and this has been a nightmare for me in bittrex. I can not say much. I just keep trying and praying. but I just joined a few days ago on this platform. and I have shared bad news that hit me through my introductory postings. hopefully this will be solved. thanks so much sir.

hi @blocktrades
I totally agree with your speech
the user's error habits at the time of delivery, in a hurry, so they forget to control the entire delivery process, including forgetting to enter the memo.
as it is often a user error, when making a submission.
thank you for remembering

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Yes true @abudar..hana si lgee nyan abu maen koh can

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COIN MAN says... FLY ME TO THE MOON...

COIN MAN by @pocketechange

@blocktrades thanks for updating on this issue that happened recently between bitcoin and litecoin addresses, hopefully the message gets to this people and the future ones to avoid the same thing happen.

I just sent you a message via the Wallet, because I made a big comment on the previous post you made 5 days ago (https://steemit.com/blocktrades/@blocktrades/blocktrades-re-enables-steem-power-delegations-limited-availability).

I wanted to let you know, Today, I posted Chapter 4 of 11: Understanding How to Keep our Steemit and Steem Cryptocurrency Account Safe - How to Use the 5 Different Passwords - This is part 4 of the 11 Chapters (Full Guide) to help new people make their way on the platform.

I mentioned you in this Chapter in part #2 and how @blocktrades can help keep our funds safer by using less passwords!

Here is the link to this new Chapter/post:
https://steemit.com/steem/@gold84/chapter-4-of-11-understanding-how-to-keep-our-steemit-and-steem-cryptocurrency-account-safe-how-to-use-the-5-different-passwords

Huge thanks to you for inspiring me to continue doing this chapters, and for all your support!

Looking forward to hear from you with your additions, knowledge and experience in any of the Chapters!

Regards, @gold84

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Can you please give me my 10 Steem back that I sent you?

Transfer 10.000 STEEM to blocktrades

d08e5492-e2eb-4395-bad1-de469da8620e

I contacted Bittrex and they said they didn't receive. I logged in to BlockTrades.us and it is not in the completed or pending transaction.

This is real issue, thanks @blocktrades for this timely alert....

I almost made the same mistake when I was funding my account. Please everybody be cautious then working with wallets of any kind!

My LTC segwit addresses start with M

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yes, this is an option that can be set in litecoin wallet, but unfortunately 3's also work.

Nice post beautiful presented and explained. detail oriented with nice pics. thank you for sharing this with us, Upvoted

If you mind checking out my blog @kingjan for latest posts and updats, Thank you

I didnt know about that, thanks for the advise!

That would be really crazy. Everyone must double check the type and address before transaction.

You need to tell him to STOP sending Litecoins to addresses starting with 3, but rather use a new format which starts with M! Same problem happened with coinbase..

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yes, litecoin can use the M for segwit, but this does't prevent users from trying to send litecoin to an address with a 3, which is the mistake some of our users have made.

Hi brother @blocktrades
Happy day . Thanks for help from our service team
But on another inquiry, 6,500 STEEM POWER were purchased on 30/12/2017
When will the receipt of the authorization be received
Hope you a happy day

Thanks for the reminder. You guys have saved me from my mistakes more than once. You have amazing support!

I have got into the habit of checking three times that I have done everything correctly during a trade. Pro tip: never rush to get things done with blockchain technology...sometimes mistakes are hard to reverse!

thanks @blocktrades for information, this is a very valuable lesson for all of us. with inadequacy can lead to errors in transactions. thank you for sharing useful post 👍👍👍

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Please can he break it down for beginers to understand.

thank you @blocktrade for this notification information

Can you please help me with this transaction that I never recieved?

Transfer 10.000 STEEM to blocktrades

d08e5492-e2eb-4395-bad1-de469da8620e

I contacted Bittrex and they said to ask you if i's confirmed on the blockchain.

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I just logged in to my account on Blocktrades.us and the transaction is not showing up in the completed section and there are no pending transactions.

Transfer 10.000 STEEM to blocktrades

d08e5492-e2eb-4395-bad1-de469da8620e

Thank you for information ... i want to ask you when you will provide delegations ...because this time i missed (i'm not in que)....if you have any idea please tell me?

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that's a costly mistake! I feel sad for those guys.

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It's not cost our customers anything but time so far: assuming it wasn't a very small amount, we're recovering it. But it does cost us a lot of time to do it. And I guess what's more dangerous is if they make this mistake on an exchange, I think at least some exchanges don't necessarily recover funds in such cases (I think I read at least one that had such a policy).

thank you for sharing! will this be addressed?
sounds like a easy fix?

@blocktrades .. Thank you so for this... I really didn't know this because I expected that when someone try unintentionally , to send litecoin to bitcoin wallet , will popop a warning or error message.. #you guys should make it that way if it makes sense .. #thanks again

Please, can I know the difference between the two?

Good post

Wow... What a huge mistake, quite tedious for you all to handle.. Pele(A local dialect for sorry).

Very good post very interesting information

@blocktrades another time thank you!

The btc is back to 11000 dolars.

thanks @blocktrades has shared good information

I suggest @blocktrades should put a warning sign on the page of every transaction to alert users that there might be something wrong that they need to cross-check

We've had a couple users make this mistake: they got a bitcoin deposit address from https://blocktrades.us, then they sent litecoin to that address from their litecoin wallet or exchange

How can this issue be resolved for it to show the transactions.?

These are the kind of headaches we aren't supposed to be causing anymore.

I am very careful about sending to the correct address, even with tiny amounts - and so should everyone else. 0.01 LTC or 100 LTC, it's worth the time to make sure you're sending to the correct address. Great speech!

Thank you for the warning.

Great information to know, Thank You @blocktrades!

I hope that everyone will take care to read carefully what they are doing in the future, but probably not. It's human nature to be in a rush to get things done. too bad that it causes so much work for others. :-(

This is an important information which may save people from loss so I will resteem it right now. I would say from personal experiece that using Litecoin is better than using Bitcoin due to economy and speed. Blocktrades.us is an amazing service for Steemians particularly!

Can you please give me the transaction number for this?

Transfer 10.000 STEEM to blocktrades d08e5492-e2eb-4395-bad1-de469da8620e

I contacted Bittrex and they said they don't think it's confirmed.

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7545e9ff75937e1099bc1bda669bd6c441037951

Crypto is all about giving power back to the individual and with that power comes personal responsibility. You are in charge of your own transactions and if you mess up the addresses then nobody is there to save you. The world needs people taking responsibility for themselves and not sheltered by anyone, let alone government and regulators.

I’ve written a quick technical analysis comparison between Bitcoin and Litecoin which might be handy for you and your readers on the topic.

Have a great day mate!

very good information, because now a lot of uses, because of the price factor @blocktrades

phewww thanks for telling about that otherwise would have done mistake and when is the delegation is starting back again ?

Nice information for us

hi! I've accidentally transferred Steem instead of sell with an intention to sell for steem power. would you kindly refund? :(

I am following you now. I hope you can me to understand a little more this world of trade and transactions. I am new about it.

nice :) and i've vote you on witness voting @blocktrades
hey don't forget mind too ok, upvote it
https://steemit.com/life/@thomasjug/the-mistery-of-diabetes-it-s-true

Thank you for the information @blocktrades
now i know how to handle this ...

Best Regards @fikrihaikal

Amazing and very interesting post..

urgent delegation required how to contact support

@blocktrades i have sent you 200 steem for 90 day delegation since 6 days please delegate my power thank you and my old delegation was without login which is going to expire with in 7 days so you promised you will sent me delegation extend link i am waiting for the link

Nice to see although that such mistakes are treated (even if they imply manual work and is time consuming) considering that other services just stipulate that if you are mistaken all is lost and they throw you at the wolves. The transactions are and will be mistaken nevertheless considering that most of the such called investors are just newbies. Still that's good that there is a repairing service offered by you for such cases, while we need to learn from our mistakes and not repeat them in the future.

Yo soy nuevo en este mundo y informaciones como estas son de gran importancia.. gracias

Thank you very much for the information, and for always being attentive and attending to the users.

Thanks for the information. It is so easy to mix things up if they look so similar. Litecoin has been hailed by many as the true heir to bitcoins throne as the king of all cryptocurrencies

Is it something wrong? I changed SBD into steem 15 minutes ago and transaction didn't went thrue, and I didn't get Steem beck. Usaly this transaction takes few seconds.
Bez naslova.png
It says - Steem wallet temporarily unreachable, cannot validate address now. ????

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blocktrades showing this message! "Steem delegation purchases disabled until current pre-orders are filled".Hopefully the problem will be resolved very quickly.

We need to be careful for each transaction at the end it is all about money.

Hi. I just sent SBD to blocktrades to be converted to LTC an hour ago but its not reflecting in the completed transactions. Please check and sort it out.

Why can't we see the options of SBD and steem on blocktrades.us? We can't convert our money. @blocktrades

no steem trades on blocktrades?

Aah thanks for the info buddy
If you would mind take a look at my post
https://steemit.com/adventure/@ashkanco/introduction

Why can't I buy steem (power) anymore on your site

Hello dear@blocktrades, First thank you for the upvote sometimes , because your vote is magic and all be happy!!
Also i have a question.. There's no option to trade SBD/Steem on blocktrades..why??

@blocktrades
Why isnt there Steem and Steem Dolar in the dropdown menu. I cant sell or buy it

Hi. .. I just want to ask that there is not steem or SBD on send and receive option, can you tell me what's happened?

Hi, blocktrades! I transferred 2.213 SBD to blocktrades account 3 hours ago to get ETH in my wallet. Money sent already, but I haven't received any Etherium and you stopped accepting Steem on the website now? Will I get my coins or I get a refund? Thank you!

I can't sell my steem and steem dollars.
What's problem there?
I can't find out any option.
Screenshot_2018-01-05-19-38-50.png
There are no options for steem and steem dollars.

Hi @blocktrades,
Why is this message showing?
"Steem delegation purchases disabled until current pre-orders are filled".

I don't think it's your responsibility , although you're a champion for concerning yourself with it. I think that people need to take responsibility, just like if you were sending cash in the mail (just an analogy) you would do the due diligence of closely triple checking the address.

I think that the zombie'd out dissociated state that a lot of people operate on the internet from causes this issue but still....take a minute, realize that there is a lot of money on the line and just go back and forth 2-4 times and check the addresses over and over and over.

The comment section is bugging me a bit because people are acting like blocktrades needs to hurry up or solve the issue from happening again but you don't say that when you Venmo the wrong person right? LOL I dunno just my 2 cents

Love what you do blocktrades

great advice, does this mean that blocktrades already support SegWit and transaction batching to help lower the fees?

Hi @blocktrades. I sent STEEm to be converted into SBD to you. However, it has not been done. What do I do now?

damn thank you so much for your info !

Thanks for the advise as i will make use of it and then i need to understand it more, thanks again.