OVERVIEW: CRYPTOCURRENCY SEND-TO ADDRESS SECURITY TIPS
“Cryptocurrency send-to address security” refers to things that you can do to be sure you don’t send your cryptocurrency to the wrong wallet. The “Send-To” address is the cryptocurrency address where you want to deliver your payment. The flip side of “send-to” address is the “receive” address. For the sender the address is “send-to” but for the owner of that address, it is there “receive” address.
When you are spending funds you will send your cryptocurrency to someone else’s receive address. You want to be sure to send to the correct address. Since these addresses are very long it can be difficult to visually spot an error. If you send to the wrong address then it is impossible to get it back. You won’t even know who received it.
There are several ways that you could send to the wrong address:
- MISTYPE: You might simply mistype the address (which is rare since you will almost never type in the address).
- WRONG ADDRESS: You might have multiple addresses to send to and you could send the wrong amount to the wrong address.
- WRONG QR: You could scan the wrong receiver QR code.
- MODIFIED ADDRESS: Malware on your computer could change the receive address that you have temporarily copied to your clipboard via “cut-and-paste”. Here is more info on clipboard-jacking malware changing the receive address in your clipboard
STANDARD TIPS: CRYPTOCURRENCY SEND-TO ADDRESS SECURITY TIPS
To protect your funds, follow these fairly standard cryptocurrency send-to address security tips:
- VISUAL: When you are in your wallet, attempt to visually double check the receive address you are sending to just before you send. These addresses are long so this might not be easy, but consider at least checking the first and last several digits to be sure they are identical. If they are the same then the entire number is “probably” correct.
- TRIPLE CHECK: The more money you are sending the more you will want to double and triple-check the receive address. For even larger amounts you might consider calling (or secure messaging) the person who is expecting to receive the funds and verify the receive address.
- YOUR ADDRESS: Also, double check your own address when you are asking others to send to you. You don’t want to have someone send you funds and then have those funds wind up in someone else’s wallet.
- SAME CURRENCY: Make sure the send and receive addresses are of compatible currency types. I.e. if you try to send your bitcoin (for example) to someone who has a completely different type of cryptocurrency then the send may be successful in that the funds will leave your wallet but they may wind up in never-never land. Gone forever. There is some level of error checking that will be done by the wallet, but it is not foolproof.
- QR CODE: Considering scanning a QR code to import the receive address rather than manually entering the address (but be sure you are scanning a LEGIT QR code.)
- LINKS: It is possible to obtain the receive address as a clickable link on some shopping or donation website. This is a convenience to you to automatically put the full address into your wallet for spending — but be sure the link you click is legit. (Review our “Phishing Scam” section)
- ANTIVIRUS: Make sure your anti-virus is up to date so that you don’t get Clipboard-jacking malware.
ADVANCED TIPS: CRYPTOCURRENCY SEND-TO ADDRESS SECURITY TIPS
The following advanced cryptocurrency send-to address security tips additional security and are willing to put in extra effort to get it. These tips may also address more rare, fringe issues.
- EMAIL: Don’t trust email for sending/receiving send-to cryptocurrency addresses. There is a tiny chance that that email can be intercepted and the address changed. Instead, use a secure encrypted messenger app, like WhatsApp or others.
See all of our cryptocurrency security tips.
In the comments below, you can add your own tips, and/or correct or dispute our tips.