Re: Why it is important to lose Bitcoin to an incorrect wallet address
I believe many of us has lost the precious Bitcoin at some point.
A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).
At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.
Either ways, the coin becomes lost.
In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?
My answer to this might sound inconsiderate, but...
It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time
When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.
If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.
It's not possible to execute a transaction sending coins from bitcoin address to an ERC-20 wallet's address. The bitcoin protocol would not recognize that address due to its completely different format.A lot of this loses could be traced back to wrong wallet addresses on the part of the sender (more reason you should double check the address before sending).
At some point you mistakingly sent Bitcoin to an ERC-20 wallet or sent it to an incorrect wallet.
Either ways, the coin becomes lost.
In times like this thoughts like this set in, "why is there no provision for recovering lost Bitcoin?
My answer to this might sound inconsiderate, but...
It is a good thing you lost it, and it's a good thing it cannot be recovered.
Maybe you will be more careful next time
When you consider something as valuable, you ought to treat it with great value and care, so before sending out your "valuable Bitcoin", if it's really important to you, ensure that you double check the address to avoid loss.
If you have lost Bitcoin the first time due to the aforementioned wallet issue, then you ain't supposed to lose another one, as you must have learnt to be more careful now.
The immutable nature of blockchain prevents from unspending the transaction which is a huge plus point, we have seen many examples of Paypal frauds occur due to the unspending feature.
In no way I see it as a good thing, losing your entire savings is a serious situation to be in. Though it contributes to the overall scarcity of movable bitcoins, but this can't justify the previous statement.