You’ve probably already seen how big cryptocurrencies like Bitcoin, Ethereum and more have become over the last few years. That looks set to continue, as prices soar and more transactions take place every day.
Cryptocurrencies, especially DeFi coins like Ethereum (and others built on the same blockchain technology) have countless benefits over traditional fiat currencies like the Dollar.
However, some security issues still remain. One of the biggest of these is users sending transactions to the wrong wallets. Normally just a simple mistake, this can often lead to huge losses for either the sender, receiver—or both. In this article, we’re going to look at some of these mistakes, along with how you can avoid them—with the revolutionary new tool ethbox.
Famous instances of lost crypto
Monty Munford considered himself tech-savvy and was an early adopter of Bitcoin. As with many early-adopters, he made a lot of money buying and holding Bitcoin from when it was at a fraction of its current price.
However, being tech-savvy doesn’t necessarily save you from a simple mistake. A mistake that could lose you a lot of money.
In 2019 he reported the story about how he lost £25,000 in Bitcoin because he did not take the right security precautions.
Thousands of users across the planet have lost Bitcoin, Ethereum and other coins for a variety of reasons. Some have simply thrown out their old hard drive.
Others have been hacked, or forgotten their password only to be locked out forever.
If you check the crypto community regularly, you’ll see countless stories of people losing crypto in all sorts of ways. Some of them have lost millions.
But for those who have lost millions by simply sending to the wrong wallet address (a mistake that’s easy to make)—there is a solution—ethbox.
How can ethbox help?
With ethbox, crypto traders can harness the unbreakable safety of the underlying ethereum blockchain. Smart contracts are created based on digital escrow technology to completely eradicate risks when sending cryptocurrency.
The ethbox smart contract takes the recipient’s wallet address and authenticates it with MetaMask. In order to receive funds, the recipient has to be connected via MetaMask with the correct address and must also know the passcode that was set by the sender. This two-factor authentication guarantees that only the correct recipient can retrieve the funds. The sender can retrieve it as long as the receiver has not verified and received the transaction.
Transactions can also be wrapped in an additional layer of privacy for a small fee. When enabled, the blockchain’s list of clearly trackable transactions are hidden, making it impossible for other users (or hackers) to see their origin and destination.
This makes it easy to send crypto discreetly, to the right place.
With ethbox, you can secure all your peer-to-peer crypto transactions, both the source and destination.
In addition to this, funds could be sent both ways for a safe OTC trade. This is most sought after as the world moves away from centralized exchanges and institutions.
Currently, you can use ethbox safely and securely to send or receive Ether and ERC-20, but plans are well in place to extend usage for many other cryptocurrencies.
With ethbox, you can have full peace-of-mind when making crypto transactions on the Ethereum blockchain. ethbox adds extra layers of security to transactions that the crypto industry has been crying out for, for free or a very small fee. That’s why more and more crypto holders and traders are moving to ethbox every day.