how to recognize the cryptocurrency from the address

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Let’s suppose you have in hand some address to which cryptocurrency can be sent.  You might wonder “which cryptocurrency can be sent to that address?”  A chief reason that you might wonder is that if a person were to send an incorrect currency to a particular address, the result might be complete loss of the money. 

I was fascinated to find that if you look at an address (to which cryptocurrency might be sent) you can often work out which cryptocurrency it is.  For example:

  • Bitcoin (BTC) starts with 1, 3, or bc1.
  • Ethereum (ETH) starts with 0x.
  • Bitcoin testnet (tBTC) starts with tb1.

Having said this, it seems that a person who wants to be very sure can reach higher confidence by using a blockchain explorer to look up the address.

Of course the prudent thing to do, before sending any large amount of currency to any particular address, is to send a small test transaction first.  Then confirm that it worked.  Only after that should you send the large amount of currency.

 

 

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2 responses to “how to recognize the cryptocurrency from the address”

  1. […] to generate an address.  It started with the familiar and reassuring “bc1” (see blog article).  The next question was how to communicate the address from the Phantom app (on my smart phone) […]

  2. […] the exchange to the cold wallet starts with “Ox”.  The alert viewer, however, knows (blog article) that any on-chain address for transfer of bitcoin will start with “bc1” or (less often […]

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