What Are the Major Issues With Crypto Transactions

[Mika]

Crypto continues to be a popular medium for sending funds, whether you are sending funds to the man next door or someone in another country or continent, you can send swiftly and also with a comparatively low cost. However, crypto as a payment form also has a lot of issues. For instance, sending crypto to the wrong address can lead you to lose your funds, and there is no way to reverse your crypto transactions. If you know the recipient, a friendly request for the return might do the trick. But what if it's a stranger? Your crypto will be lost. Therefore, using a QR code to send funds and sending your QR code for receiving funds is the best way to send and receive crypto.

 

[Suba]

That's true, there are many cases of wrong crypto transfers due to copying and pasting errors or having been infected with a virus so that when pasted a different crypto address will appear, you should check again carefully. after coffee paste. If you make a mistake, it will certainly be lost unless the recipient is generous enough to return the crypto to the crypto sending address. Don't easily trust platforms that offer lost crypto recovery. Apart from that, the main problem in crypto transactions is the issue of costs, such as if the BTC price is higher, the transaction fees will also be high. Incident in November 2023, due to incorrect input, an error occurred when sending 55 BTC, with a transaction fee of 83 BTC. A similar error was also made by Paxos when sending BTC with a transaction fee of more than 19 BTC sent to F2Pool. I also made the mistake of sending $400 worth of BTC but the fee was too high, up to $200.

 

[King bell]

The ups and downs in cryptocurrency values can be tricky for shop owners and buyers to figure out, and not a lot of rules in the market may make people worry about cheating and unfair practices. If cryptocurrency exchanges or digital wallets get hacked or tricked by phishing, people could lose their money, and once a transaction is done, there's no easy way to get the money back if there was a mistake or if someone was scammed. Not many shops or service providers accept cryptocurrencies, so it's not that easy to use them for buying things every day, plus issues with handling lots of transactions at once can slow things down and make it too expensive. Getting into cryptocurrencies, holding onto them, and using them can be tough for new people, and there are also worries about how much computer power and electricity it takes to keep everything running, especially with systems that require proof-of-work.

 

[Isi24]

I believe one of the major problems is sending assets to wrong address as you have mentioned, as in most cases it’s irrevocable unless you know the receiver. Another case is trading with a reputable exchange, I lost money during the ftx crash and the shutting down of hotbit as well. But thankfully my experience so far with BITGET and binance has been smooth to one from copytrading to p2p