✔️ Information reviewed and updated in December 2023 by Eduardo López
One of the most popular cryptocurrencies is Ethereum, considered the closest opponent to Bitcoin. This cryptocurrency has excellent arguments to be one of the most popular as a solid Blockchain, good value and some stability, in addition to being compatible with many other currencies and Wallets.
When we have Ethereum, we probably want to move it from one Wallet to another, either to have better control, sell it or use it as a bargaining chip. That is why here we will talk about one of the most common problems when making ETH transfers.
➡✨ Transfers by Smart Contract
Before talking about this common mistake, we must know that a Smart Contract is a computer program which allows you to program and automate certain agreements. Basically it is as if we program the transfer of cryptocurrencies or the purchase as if it were a publication on social networks.
The problem is that not all Wallets operate with smart contracts, as some do not yet have the ability to automate. This is something that many users, through ignorance or omission, overlook when making a transfer such as ETH.
When you make a transfer from one Wallet to another and one of them does not accept the Smart Contract then you will be facing a problem because your cryptocurrencies left, but they will not arrive. This will cause them to remain in a kind of limbo within the system, although they will be able to recover.
Losing your coins for this mistake is very common in beginners so avoiding it is very important. This way, you won't have to go through the slow and complex process of trying to return your Ethereum coins. If you are a beginner, you better keep reading this we have for you.
➡✨How to avoid losing my Ethereum cryptocurrencies in a transfer?
If you do not want your coins to end up floating through the cyber space between Wallet and Wallet, it is important that you take the following points into account. Thus, you will not have to suffer the slow process of recovering them.
- Find out how Wallets operate: EIt is very important that, before making any transfer, you verify how the Wallets operate and if they, for example, accept a Smart Contract. Thus, you can avoid transferring your ETH by a method that is incompatible with the Wallet. You can find this out on the platform's website itself.
- Read the warnings: Many platforms throw warnings before making a transfer, this in order to notify users of potential risks such as the fact that the Wallet does not use Smart Contract. Bypassing these notices without reading them is something you should never do.
- Research: Finally, you should know that knowledge is power, so research everything you can about how Smart Contracts operate, Ethereum transfers and platforms will help you a lot. In this way, you will know how to react to a warning or an error in the transfer.
➡✨ What if there was a failure in the Ethereum transfer?
If you launched the Smart Contract and you just realized that it was not successful due to the incompatibility with the Wallet, then you should know that all is not lost. Unlike erring the address, no block has been generated here so the cryptocurrencies have not been lost.
Rather, they are wandering in a limbo from which we have to retrieve them to return them to our coffers. The complicated thing is in the process which must be done manually.
This manual process can be a bit complicated because we have to see where the cryptocurrencies were left and try to recover them. Another disadvantage is that the process can be very, very time consuming, taking up to months, although it can also be fast, in a matter of hours.
Some Wallets offer the option of guides or technical support for this process in order to make it much easier. Although, as the experts say, it is better to be safe than sorry so if you don't want to go through this whole process, it is better to be careful when transferring Ethereum.
➡✨3 tips to transfer Ethereum
Review how Wallets operate
The first advice we can give you is to thoroughly review how the Wallet operates and what type of transfers we can make. This in order not to take some kind of surprise when sending or receiving token.
For example, check if the Wallet can accept or launch smart contracts (Smart Contract) when moving your tokens from one place to another. This will avoid the surprise that your transfer was not successful and the process of having to recover the lost currency.
Follow up on each part of the process
A very common beginner's mistake is to make the transfer, but not follow up on it, just launch it and that's it. This is a mistake that we should not make, since trusting ourselves that it will arrive can mean that, through carelessness, we cannot recover our cryptocurrencies if the shipment fails.
We recommend that you closely follow the shipment, as well as make notes and have a control of each movement of your cryptocurrencies. In this way, if there was a failure when transferring Ethereum, you will be able to know where the error was.
Get to know Ethereum
Finally, we recommend that you pay close attention to Ethereum, how it works and what is behind this cryptocurrency. This will help you a lot not only when making transfers, but also when choosing a Wallet and even making investment decisions.
Ethereum is one of the most important virtual currencies, which, together with Bitcoin, fight the new market for cryptocurrencies. So it is worth investigating as much as you can about Ethereum, on which platforms you can find it and which are the Wallets where you can host and transfer it to avoid problems.