The crypto space is quite a beautiful arena, laden with opportunities, hope, optimism and a degree of uncertainty. It also presents a huge opportunity to learn, unlearn and relearn. It is an opportunity to enrich oneself not just with finance but also knowledge, skills and connections. Such that may not have been possible outside the decentralised system.
I delved into the space back then during the lockdown. The first instruction or warning I received was to keep the phrases of my wallet safe because it cannot be retrieved if lost and there is no option of reset password.
I was quite shocked but took the advice, storing the phrases in the safest and most easily accessible place I could think of.
Fast forward to February this year, I got introduced into hive and I received same instruction to keep my keys safe and also there was no possibility of retrieval if lost. As usual, I hearkened to the advice.
One other instruction which I received when I joined crypto is that it is easy to lose your funds permanently by making the wrong transaction. Sending to the wrong wallet, wallet address, coin, unlisted coin, etc. I didn't understand the gravity of this but I am usually very careful so I didn't think this would be a problem.
When I made my first transaction on Hive, I was advised by my close friend to never send as HBD but as Hive because it would get lost if I made a mistake, I took note of this and was prepared to avoid such errors.
The Picture is mine
Some weeks ago, I wanted to withdraw some money from hive but I was not disposed to do it myself so I sent it to another friend who has been on Hive even before i joined. I didn't think there was need to explain the possible dangers, it didn't even cross my mind because this friend has been here long before I came. Surprisingly, he mistakenly sent it in the form of HBD and not Hive which is recognised/listed.
This resulted in a loss that could not be retrieved. This is quite worrisome, I mean, gratefully, it was not so much money but it was meant to serve a purpose.
When I got to know about the mistake, we made some efforts to try and retrieve it but it all proved abortive. I began to look out for other people's experience but I didn't see any positive story of recovery of funds after loss in crypto, so I decided to bring it here.
Have you had a similar experience?
Have you lost crypto due to sending to the wrong address or sending it to an unlisted coin?
Where does this money actually go to, does it vanish into thin air or what?
Is there another type of loss not listed here?
Feel free to share your knowledge
This is my response to day 11 of the #mayinleo prompt.
Do join in the fun here
Posted Using InLeo Alpha
Congratulations @graat! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next payout target is 500 HP.
The unit is Hive Power equivalent because post and comment rewards can be split into HP and HBD
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts:
Ouch! It's really painful to experience such especially when you've already budgeted the funds for something urgent. Sometimes I do ask myself the same question you asked. Where does the money actually go?
I wish I knew the answer too😔