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Topic
Board Announcements (Altcoins)
Re: Pandacoin (PND) - 12 days til POS [Multipool | NO PREMINE | NO IPO | Scrypt | KGW]
by
f3cuk
on 09/05/2014, 09:45:50 UTC
From another thread. I guess it's the same for PND.


What happens to Bitcoins that are sent to a non-existent address?


In three situations:

1) If the coins are sent from a local wallet
2) If the coins are sent from an online wallet with a static address
3) If the coins are sent from an online wallet with a dynamic address

I've always been afraid of mis-copying/mis-pasting an address into the corresponding field, so I want to get this cleared to prevent future worry.

Would appreciate any info :]

Thanks!

the 3 situations are exactly the same.

If you send coins to an INCORRECT but VALID address they are gone forever.

Bitcoin addresses have a 32 bit checksum so the odds of creating a typo which is INCORRECT but VALID is about one in 4 billion.
Still it could happen.  If you are copying and pasting the odds are essentially zero (that you could drop or add an extra digit and still produce a valid address with the same checksum).

The much more common problem is doing something stupid:
For example thinking you are sending coins to yourself (i.e. your address) but copying the last outgoing address and sending a boatload of coins to someone you sent coins to before.
Obviously the network can't protect you from that.