Choosing the wrong network for a cryptocurrency transaction can result in severe consequences. Each cryptocurrency operates on a specific blockchain network, and sending funds over an incompatible network can lead to irreversible loss.
For example, if you attempt to send TON over a network that does not support TON, your transaction may fail. In some cases, the funds can become permanently inaccessible if sent to a wallet address on a different network.
Moreover, sending tokens over the wrong network can also result in a permanent loss of those assets. Unlike traditional financial transactions, cryptocurrency transactions are often irreversible.
Once the transaction is confirmed on the blockchain, there is typically no way to recover the lost funds.
Therefore, it is vital to double-check the network you are using to ensure it matches the cryptocurrency you intend to send.
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Cryptoassets are high-risk and may not be right for everyone. The value of your crypto can go up or down at any time and may even fall to zero. You should only invest if you fully understand the risks and if it suits your financial situation. Funds used for crypto transactions are not safeguarded and are not covered by the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service.
Read the full Risk Disclosure of Synterra Innovations Ltd. for more details. |