Number 7: Top 10 Mistakes Crypto Newbies Make

Sending BTC to the Wrong Address

This continues my series aimed to help crypto newbies avoid costly mistakes. Know some people new to crypto? This should be helpful.

A recent news article described a person losing 13 bitcoins due to malware that changed the contents of his clipboard. Instead of sending the 13 bitcoins where he wanted to send them, he sent them to an address owned by the creator of that malware. Bitcoin's irreversible transactions make it impossible for him to do anything but warn others from the same fate.

How to Avoid It

Step One: Use Copy/Paste

Always copy/paste addresses and double check that they're accurate! It takes a few seconds to look at the first 4 or 5 characters and the last 4 or 5 characters of an address...if they match what you're copying from, then you're fine.

First few characters and last few characters

Another good practice is sending a small amount of bitcoin before you send a large amount. Sending .1 bitcoin and ensuring the transaction took place would have saved 12.9 bitcoins in the above case. Instead, he was out about $36,000.

I hope this was helpful, and that it might help at least one person avoid being scammed in the future. If you liked it, and want to see more articles like this, please click the button below!