Transactions on the blockchain are immutable. Once a transaction is processed, it cannot be changed.
After Binance was hacked, the idea of carrying out a “reorg” was floated but was deemed to be impossible. In laymen terms, a reorg involved the reversal of blockchain transactions.
Given the irreversibility of transactions, you need to be extremely careful when processing them. Here are some precautions to take note of when sending and receiving cryptocurrencies.
1. Be extremely careful.
Double and triple check the address you are sending to in its entirety.
2. Consider running your own node.
This allows you to verify transactions without having to rely on a third party.
3. Unconfirmed transactions are not secure.
If receiving funds, wait for at least a few confirmations.
Want to know more about protecting your crypto when sending and receiving funds? View the full article on [url]https://whotookmycrypto.com/safely-sending-receiving-cryptocurrencies/[/url]. It contains easy to follow steps on how to protect yourself when processing transactions. There we further explain each of the above points in greater detail. Additional tips can also be found on that page.
Have other security tips to suggest? Did we miss something? Leave them in the comments below and we will update the list.
See you next time when we discuss inheritance planning.