Bitcoin Cash
$446.26 -0.26%
BCH · 57w

Sloppy Crypto Users Are Loosing Bcash Sending to Bitcoin Wallets

Blockchain

A thread on Reddit has revealed some cryptocurrency users have been sending Bitcoin Cash (BCH) to legacy bitcoin wallet addresses. This has caused them to lose their funds.

Also read: Bitcoin.com Just Added Bitcoin Cash Functionality for All Wallet Versions

Btctroubadour wrote the post on Reddit. He said many people have been making this mistake. They have especially been sending their BCH to BTC Trezor wallets. The author of the post provided a list of users who have accidentally made these BCH to BTC transactions. Here are just a couple:

According to the Reddit report, users are also allegedly being told there is no way to recover their lost funds when they enter the wrong address. However, that is not the whole truth.

Solutions to the problem?

Private Key Fix

First it is important to note that these kind of mistakes will happen. The BCH and BTC addresses look similar, but it is still up to the user to confirm the proper address. For instance, on Trezor’s page, they issue multiple warnings about sending coins to the proper addresses.

That stated, there is a quasi-technical method to retrieve lost coins. A user can go through the process of using their private key to sign the transaction correctly on the chain they are transacting on. However, Btctroubadour elaborated on another fix using the public key:

In order to spend money sent to a P2SH-wrapped segwit address, you only need to know the public key of the address (or more precisely: the RIPEMD160 hash ...
Continue on news.bitcoin.com
Recent news