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c/cryptopay·posted 1 year ago by u/cesar_teixeira

the UK: network, and what it actually costs here

Question Clean Column ×6 Slow Clap ×2

The title is the argument: the UK: network, and what it actually costs here. Here is the rest of it.

A token symbol identifies an asset, not a network. The same symbol commonly exists on several chains with incompatible address formats, and sending across that boundary is generally unrecoverable.

What is and is not the supplier’s fault, since this board generates unfair complaints.

Not theirs: the network fee, chain congestion, confirmation time, the rate moving between quote and send, and a payment sent on the wrong chain. Theirs: which networks they accept, how quickly they credit a confirmed payment, and whether the address they gave you was correct and communicated clearly.

Keeping those columns separate makes the reports here far more useful. A thread titled "supplier took my payment" that turns out to describe forty minutes of unconfirmed transaction helps nobody and follows people around for years.

The one mistake that cannot be undone, and why it keeps happening.

The same token symbol exists on multiple chains. The wallet interface shows you the symbol prominently and the network in small type. Sending on the wrong chain to an address that looks perfectly valid usually means the funds are unrecoverable by either party.

The protection is procedural rather than technical: confirm the network in writing with the recipient before sending, verify the address format matches that network, and send a small test first. None of that requires understanding the chain — it requires treating the network field as the most important thing on the screen, which the interface design does not encourage.

Corrections welcome, especially the pedantic ones. Pedantry is how this board earns its reputation.

1,564 up / 467 down77% upvoted46 commentsid 1chovm11 Dec 2024

46 comments

14 in this archive, depth 3

best — the order this archive was captured in

u/dead_space_doug113 points·1 year ago

A test transaction costs one extra network fee and verifies the address, the network and the recipient’s crediting process before the main amount moves.

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u/karim_hartmann32 points·1 year ago

the same token exists on several chains and they are not interchangeable

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u/cesar_teixeira-3 points·1 year ago

quote expiry is a real thing, not a pressure tactic

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u/karl_fischer_kev1 point·1 year ago

Memo requirements are chain-specific. The chain you are describing does not use one.

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u/tove_ogunleye63 points·1 year ago

Nearly sent on the wrong network. The token symbol was identical and the address format was the only clue.

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u/cesar_ivaturi48 points·1 year ago

Confirmation took forty minutes on a busy evening and I had already written half an angry message. Deleted it.

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u/karim_hartmann16 points·1 year ago

Did the address you sent to match the one you were given, character for character?

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u/chidi_yilmaz21 points·1 year ago

send a test amount first if the total is large

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u/ilias_nakamura45 points·1 year ago

Network fees are set by chain congestion at the time of sending. They are paid to the network, not to the recipient, and they vary by hour as well as by chain.

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u/hassan_nilsen24 points·1 year ago

Do you have the transaction hash?

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u/chidi_yilmaz6 points·1 year ago

Confirmations are the count of blocks built on top of the one containing your transaction. Until there are some, the transaction is not settled in any meaningful sense.

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u/teodor_jansen14 points·1 year ago

Agreed. Network first, address second, amount third, and in that order every time.

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u/cormac_erdogan27 points·1 year ago

I would not treat a delayed confirmation as evidence of anything at all. Chains have busy hours.

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u/leila_silva19 points·1 year ago

Which network, exactly?

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