Hi fellow Lions,
Today I wanted to talk about how important it is to take a step back and spend a few extra minutes to ensure that funds transfer successfully every time!
Always Do Test Transactions
I think in the day that we live in, where the contemporary banking system we have ways of "reversing" things like transaction mistakes, we have gotten used to being able to make a fair number of mistakes in a financial sense.
With the advent of digital assets (formerly known as cryptocurrency) though, there is a paradigm shift that a lot of people have to take in order to be able to take advantage of the financial freedom that it offers. One of those paradigm shifts that we have to get in the habit of doing is performing a TEST transaction!
Any time I do transfers of digital assets that is not on the Hive ecosystem, I always always always do a TEST transaction first! This is such an important element because there are so many things that can go wrong with just sending full payments willy-nilly. I haven't gotten to the point where I am buying things with Bitcoin and others in the physical world but when I do, one of the things that I am going to make sure even if it annoys the other party that I am doing transactions with, is performing a TEST transaction.
A TEST transaction is such an easy and basic step. If you are going to buy something from someone and it's 500$ worth of Bitcoin, that isn't an astronomical amount but at the same time, you don't just transfer it right away. You do a test transaction of 20$ or something of a much more nominal value and wait for the transaction to be confirmed and received by the other party. This is especially true and important when you are working with people you don't know. They don't give a shit if you made a typo or an error in transferring them 500$ worth of Bitcoin. All they want is their money. Yes they may feel bad for you but at the same time they need their money and will not give you something even if you messed up the transaction.
This also is an important factor when you are trying to transfer digital assets between crypto wallets. Say for example you have a Coinbase account and also (should, hell MUST) have a hardware wallet and want to transfer funds from Coinbase to the hardware wallet or vice versa. It is in your best interest to do a test transaction of a much smaller amount than what you are going to transfer as a whole. If you're only transferring 50$ off Coinbase to your wallet it might be fine to just send it but even then that's a little silly, although these days with the transaction costs you may not get away with a smaller amount like that easily. Back to the point though, you should do a test transaction between the accounts to make sure that it will go according to plan. If all goes well then get the transaction confirmed and transfer the larger amount and be done with it.
This just goes back to having to take ownership and security back into our hands and wrestle it away from governments and corporations. They do NOT have our best interests at heart and we need to remember that every single day. They are in the business of maintaining a monopoly on control and that's it. The era of digital assets is a dawning of a new paradigm where they have far less control over the finances than they have for quite a long time and that pisses them off. This means that we have to take and keep that power in our hands because the more we get control back in our lives, the more that we can effect positive change on many levels.
I don't transfer funds around all the time and I've done it quite a few times at this point but one of the most important things is that I do test transactions to keep my funds safe and secure between transfers. I don't think this is a habit that I am going to break because it's just peace of mind!
-CmplXty. Real human written content, never AI.
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Wise words.
Hear hear!
I am considering to even move to a safer ( offline ) hardware wallet but I need to sort out all the tech stuff first.
Ever heard of SeedSigner (bitcoin wallet )?
Yeah I've got my assets in a hardware wallet, I want to get another one so that I split it up between the two and don't have it in one place but at least I've got it where it is now instead of an exchange where they can take your stuff and have no repercussions.
I haven't heard of that one, Edicted might know he's good with those wallet differences. Does it have good reviews? I'm guessing it's only for bitcoin though or is it just the name?
I have two Ledger wallets but since I heard about some kind of backdoor, I trust that company less. SeedSigner is offline and gives you total control. Bitcoin only indeed. I heard of them via a great podcast called Satoshi's Plebs. I know enough about it to probably order one super soon. Exited about it!
More info here: https://seedsigner.com/
Yeah sadly I heard of the sketchiness of ledger too! I’m going to get one of those other big ones, Trezor which is apparently open source so that’s good. At any rate though it’s better to have it in a hardware wallet than not!
I think the fact that we usually can't reverse transactions warrants doing test transactions, especially for relatively huge amounts of money. We can't fully trust the other party we're making transactions with even though they may have the best of intentions. Besides, there's no third party to settle the matter with, so mistakes can be really really costly.
Yeah absolutely! It’s important to do things smart instead of convenient.
Most of the time, digital transactions that involves digital assets kept me scared because most of the time, it is difficult to get it reversed and which should not be so
Well the challenge there is like if you hold money in your hand. You need to know where to put it and if you put it in a random box that nobody knows or the wrong person is monitoring then you are going to get screwed one of the times. It’s best to do a test transaction, like putting one dollar in a box, and confirming the other party receives the money. Once that’s confirmed you can do the rest of it or separate it into two or three transactions depending on the amount you are transferring. Not too difficult to be safe!
Hmm test transactions is really important. I don’t think there is a way we can get our money back or get it reversed so the test transaction will be very helpful
Yeah it's a great practice to get into, even here on hive!
Of course, this is a good habit. One should look at transactions and everything very carefully. If one is working in the digital market in the same way, then it is very important to take care of all these things, otherwise one will lose. And the way we see the weather there is nice and snow is everywhere so things look a lot more beautiful when they are white.
Yeah snow is beautiful for sure!
We have to do the tests to make sure that it's correct. Especially with most other crypto wallets that aren't associated to an easy-to-read name like here on hive!
Yeah I totally agree with you.
Recently now, I strongly agree to test transactions. The ways issues are been encountering at the point of transactions lately is not right