Measure twice, cut once - making a mistake can be expensive

in #cryptocurrency7 years ago (edited)

A golden rule in the world of cryptocurrency is: “Measure twice, cut once”. Before sending funds to a wallet, make sure you have aces to the wallet. After I installed a wallet and backed up my mnemomic phrase, I always remove the account and fill in the mnemonic sentence again out of my (handwritten) back up to see or I can reopen it.   


As soon as you are sure you will have aces to your wallet you could send your funds to it. Before sending the funds, make sure you filled in the address correctly, again: measure twice, cut once! I check the whole address once, and then I check the first three symbols and the last three as a second measure before hitting the “send-button”. 


With steem, make sure to add the 'memo' as you send your steem or SBD to Bittrex or another exchange. Without the memo, which is linked to your exchange account, the funds will not arrive in your wallet! For steem the address is the name of the account, thus make sure to write it correct!




I also check first digits and last digits when making a payment. The whole address thing is still a litttle unwieldly to handle.

On the other hand, the same goes for bank account numbers.

I still do the whole line once, as I once experienced that what I copied was all in upper capitel letters, as it shouldn't be. Lucky for me I saw this on time, because the first 3 and last 3 where okay!

I agree, you just can't double check these things enough

With higher amounts I mostly triple check it ;-) + a quick test with a small amount. However, with those high BTC fees, I don't send small "test funds" with bitcoin anymore 😜

Thanks for this useful tip.

Cryptocurrency - something for me. Thanks! :)

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