We all have that moment… especially during our rookie days in the cryptocurrency space when we entertained fears that our coins had gone missing. I will be writing a three-part series around this theme based both on my personal experiences and the experiences of friends. I believe that it will be easier to educate and draw lessons from real-life scenarios so as to help people safeguard their coins and not lose them to simple mistakes that could have been avoided in the first place.
We can all relate to our early days when we started our foray into cryptocurrencies and for most people, the first cryptocurrency we owned was bitcoin (this is an assumption and not backed by any empirical study). A lot of people can vividly recall that first time they installed their wallets and made that BTC purchase… that first transfer process must have been a bit confusing. That instance when you have paid up and the bitcoin seller tells you he/she has made the transfer – especially for Over The Counter (OTC) or peer-to-peer (P2P) transactions, but you still cannot find the bitcoin reflecting in your installed wallet… and then after several moments, you see the bitcoin appear and you heave a sigh of relief. This possibly happened because back then we were not aware of the fact that transactions require some moments of confirmation before they get to reflect in our wallets. We had to later learn that once a transaction had been executed, it is most likely already registered on blockchain and your coin will be eventually delivered. I bet almost all experienced cryptocurrency folks today had this moment. The good thing with cryptocurrency transactions is that irrespective of visible wallet balance, every single transaction can be looked up and verified on the blockchain by simply asking the sender for a transaction ID that can be searched on the corresponding blockchain of the coin being transferred or even just searching the wallet address of the sender of even your own wallet using online blockchain platforms. With this, pending transfers are pulled up.
For example, if the sent currency is bitcoin, interested parties can simply enter the transaction ID, the sender’s wallet address or the receiver’s wallet address into the search column on https://blockchain.info/ or other similar platforms and the transaction(s) will be made available with the needed details.
Additionally, especially for crypto-newbies, you can simply tap on the receiving wallet into which the coins are to be deposited to view the transaction history. More often than not, the expected coin amount will be seen appearing either blurry or tagged with a ‘pending’ inscription.
There have been instances and situations where some have truly lost funds due to non-executed transfers and there is the need to ensure that much diligence is done with cryptocurrency purchases. It is therefore advisable to make purchases using well-known and reliable platforms and sometimes trusted persons. But there are also several instances when ignorance of the process has caused many to panic unduly and as such the need to draw attention to this.