My First Erred Blockchain Transaction - Irreversible HBD Deposit

Despite all the resources we put into trying to avoid mistakes, we are still bound to do one or two things wrongly every day. In this case, I succeeded in making my first crypto transaction mistake by doing an irreversible deposit from my Hive wallet to my Binance wallet. When I realized my mistake, I couldn't be mad at myself because it felt like one of those situations you believe was bound to happen.

I never imagined this happening because I do my best to be meticulous with my affairs. Thanks to my undiagnosed ADHD, I pay great attention to details, I don't sign off on things without looking it over and over. It is already in my nature to double-check everything- door locks, appliances, outlets, etc, whenever I'm going out. However, it is usually epic when my brain fails to do its job and lands us in a mistake, as in this case.

Fortunately, spilled milk is my least favorite thing to cry on so I quickly counted my losses and accepted my helplessness in the situation. I have heard of some common mistakes like entering the wrong address, or the wrong memo when making a deposit, which happens to the best of us. I was always careful to avoid making such mistakes by copying and pasting directly, but as I said earlier, regardless of how hard we try, it is the natural order of mistakes to find us.

How Did I Make A Wrong Deposit?

I did not enter the wrong address, I did not mess up the memo, my mistake was sending an unlisted token to the blockchain by not first trading my Hive Backed Dollars(HBD) for Hive. That was literally the first thing I should have done but my brain completely forgot about it. I sent my raw unlisted HBD directly to Binance and that cost me a few. Don't be like me, okay?

There I was refreshing my Binance wallet multiple times expecting my Hive tokens to reflect. It didn't show and I gave it a little time because sometimes it takes more than a minute for it to show. One hour later, I realized I had fucked up and lost my assets forever to the underground gods of the blockchain.

I went on Binance support to try and redeem my mistake, of course without any expectations. I went through the entire process of filing and submitting my report only to learn it would take two days to process it and thirty more days to process the possible reversal of the fund. Welp. At least I tried. We shall know more in no time.

Why Are Cryptocurrency Transactions Generally Irreversible?

That's the design. Transactions on the blockchain sort of carry a final note to them. Once a command has been issued to execute a transaction on the blockchain, it is broadcasted on the network. The confirmation of this transaction becomes permanent on the block, that's why it is difficult to undo these mistaken deposits. What is a Blockchain without its system of engineering and execution of smart contracts? So, we must love it when it favors us and when it fucks us.

Nevertheless, I can't help but wonder where these tokens go. Do they burn automatically or get depleted to some crypto quantum space? I'm curious and hoping there is a rabbit hole I can go ravage for some answers.

Thank you for stopping by.

Images were designed with Canva

Follow me on my blog atyourservice

Posted Using LeoFinance Alpha