When sending cryptocurrency, it's crucial to choose the correct network for your transaction. Sending crypto on an unsupported network can result in lost funds, which are often irrecoverable. This guide will help you understand the key aspects of selecting the right network and the risks of sending on an unsupported one.
Networks Often Operate Independently
Cryptocurrencies run on their own unique blockchain network. For example, Bitcoin (BTC) operates on a separate network to Litecoin (LTC). These networks are often separate and do not communicate with each other. This means you cannot send Bitcoin directly to a Litecoin wallet or vice versa. If you try to send crypto across incompatible networks, your funds could be lost because the networks don’t communicate or recognize each other's transactions. Always ensure you are sending cryptocurrency on the correct, supported network.
Multi-Chain Tokens
Cryptocurrencies can also operate on multiple networks, especially tokens like USDT or USDC, which may exist on various blockchain platforms. Common networks include:
Ethereum mainnet
Binance Smart Chain
Base
Solana
Always check whether the token or coin you're sending is supported on the network you choose.
Checking Supported Networks
Before sending any cryptocurrency:
Verify the receiving wallet’s supported networks: Confirm that the wallet you are sending to accepts the token on the intended network. For example, sending an Binance Smart Chain token to a Ethereum mainnet address is not compatible. Please note that Jiggle currently exclusively supports USDC and USDT tokens on Ethereum mainnet (ERC-20).
Consequences of Sending Crypto on the Wrong Network
Loss of Funds: When cryptocurrency is sent on an unsupported or wrong network, the funds will be lost.
No Recovery: Unlike traditional banking, blockchain transactions are irreversible. In most cases, neither the sender nor the recipient can recover funds sent to an unsupported network.
Steps to Ensure Correct Network Selection
Check the destination platform's instructions: Exchanges, wallets and merchants often provide a list of supported networks for each token. Make sure to read their guidelines.
Always confirm before sending: Take a moment to confirm the network details before you initiate a transaction.
Use small test amounts: For large transactions, send a small test amount first to ensure everything is configured correctly.
Conclusion
Always confirm that you are using the correct network before sending cryptocurrency. Your sending and receiving wallets must support the same network. Failure to do so can result in the loss of your funds, with little chance of recovery. When in doubt, consult the documentation of your wallet or exchange, or test with a small amount first.
Got more questions? Reach out to our agents via our live chat. Alternatively, contact us in the Jiggle app or send us an email at [email protected]. Whatever you chose, our agents are available 24/7 and will be able to assist you!
Jiggle is not affiliated with any third-party platforms, external links, or any other third-party resources mentioned in this article. As such, Jiggle cannot guarantee the performance of third-party products or services, or that the steps shown and the information provided will always be accurate.