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Why all crypto enthusiasts should only use authorized wallets and up-to-date addresses

May 17, 2019

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We all agree that blockchain technology is great, however, it is far from perfect in terms of user experience. It has so many nuances and pitfalls that anyone can make a mistake. A simple typo in a wallet address can bring you a lot of trouble and old software with old addresses might be incompatible with new ones.

Authorized cryptocurrency services are constantly updating their software in order to simplify user-end operations. They are simply trying to reduce the probability that users will do something wrong.

If you are about to send your crypto using a more uncommon method be prepared for things to possibly not turn out as expected for all parties involved.

The case of the custom wallet

Recently, a user—let’s call him Bob—sent funds to a Freewallet address. After some time, he checked his account and couldn’t find coins there. So, he contacted our support team for help. Our engineers along with the finance department did a thorough step-by-step investigation of the transaction and finally found it. However, it was impossible to retrieve the money.

Why? Turned out that Bob used custom software to make the transaction and the code of the transaction had been modified. As a result, our software couldn’t decrypt the transaction and money got stuck in the blockchain. The same can happen if a customer uses an outdated wallet with old addresses.

How can I avoid such a problem?

It is very simple, just follow these rules:

Use only well-known authorized crypto wallets and platforms like Freewallet or Binance etc.
Use up-to-date addresses – such services always notify about updates.
Don’t use a custom wallet and don’t try to edit the code. You are risking making a mistake that will result in your transaction getting lost on the blockchain.

That’s it, keep these recommendations in mind and it’s easy sailing.
Got questions? Our support team is always glad to help out on our social networks or via email [email protected].

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