While cryptocurrency trading is booming with many people making large amounts of profits in a short time, it is a risky venture if you lack the proper knowledge about it. Yes things can go wrong when you speculate an increase in price and instead it drops but how about sending coins to a wrong address. This is among the worst case scenarios a trader can think about.
A case in point here is an unknown person who accidentally sent Btc to an African Bitcoin educator who goes by the names of Keith Mali Chung. The btc sent was worth $80,000, a huge amount of money which would have turned any African into a millionaire in an instant. Surprisingly Keith decided to refund the money, embarking on looking for the owner. He put out messages on various social media communities including twitter until he finally discovered him. He later found out the owner had mistakenly sent the btc to he's wallet instead of the intended wallet it was supposed to go to.
Although Keith did what many of us wouldn't do currently especially considering the hard economic times brought about by the pandemic, we need to put focus on the mistake the sender of the btc made and how to avoid this error.
Sending coins to a wrong address is a common mistake which can happen to anyone. A trader can input a wrong address during a transaction just like the person who sent btc to Keith, leading to loss of funds. And once the transaction has been initiated, it is near impossible to reverse it. The best one can do is contact the account owner and request him/her to refund the cryptocurrency coins. Which is also really hard if you do not have their personal details to reach them.
This is one of the causes of losses in trading which can be avoided if you know about it.
We can avoid this mistake by always checking the information of the person we are sending funds to, doing this atleast 3 times. This helps in verifying the accuracy of the information especially the address before sending funds.