A thread on Reddit has revealed that careless cryptocurrency users have been sending Bcash (bitcoin cash) tokens to bitcoin wallet addresses, losing funds in the process. The prevalence of such serves as a warning for cryptocurrency users to exercise caution whenever conducting transfers between wallets.
Some Are Blaming the Bcash Developers for Not Making Bitcoin Cash Wallet Addresses More Distinct From Bitcoin Wallet Addresses
Some Bcash users have been mistakenly sending funds to bitcoin wallet addresses, according to a recent thread on Reddit. The thread reveals numerous instances of cryptocurrency users losing their funds as a consequence of sending Bitcoin Cash tokens to the wrong wallet, resulting in a loss of funds.
Trezor is reported to have received numerous customer support tickets asking if there is a way for users to recoup their lost tokens. Pavol Rusnak, Chief Technology Officer of Satoshilabs, who produce Trezor wallets, has told Vice that the only way for people to retrieve Bcash funds that have been sent to a bitcoin wallet address is to “find a miner who would be willing to go through the trouble of processing these non-standard transactions.”
Many have blamed Bcash’s developers for the issue, stating that Bcash addresses look too similar to bitcoin addresses. Rusnak stated on twitter that “people WILL make mistakes… Too bad, this could have been easily prevented”.
The COO of Satoshilabs Has Previously Sought to Notify the Bcash Developers as to the Issue
Rusnak has sought to warn the Bcash developers as to the potential risk of user’s losing funds due to Bcash wallet addresses being hard to distinguish from bitcoin addresses, posting on Github; “I suggest to change the address version to something different, so it is obvious the address is a Bitcoin Cash address” in July. Bcash developer, Amaury Sechet, replied to the post stating “agreed. I have a plan to change the address format. Changing the address format is expensive, so I would like to investigate various other option[s] than just changing the prefix before settling on something. I would also have to convince other[s] in the space that this is a good address format.” Despite the response, no further action appears to have been taken in order to address the issue.
Rusnak told Vice that “the decision not to change the address format is quite irresponsible from [the] Bitcoin Cash developers, because a lot of people have big problems distinguishing these two projects, [and] more so their addresses.”
Have you had troubles distinguishing between bitcoin and bcash wallet addresses? Share your thoughts in the comments section below!
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Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.