How to Deal with Accidental Transfer of Litecoin to an Ethereum Address

One study suggests that most Americans who buy digital assets like Bitcoin are under age 40. As a result, we have seen many young cryptocurrency investors in the US complaining about the accidental transfer of digital currencies into the wrong wallets.

But how can you deal with a situation where you entered a wrong Ethereum wallet address and tried to send Litecoin but failed? Here’s a detailed study on how to avoid and deal with such situations in the future. Let’s dig in now!

Understanding Incorrect vs. Invalid Wallet Addresses

When you type a wrong wallet address, you either enter an incorrect or an invalid address. Here’s the difference:

• Incorrect Wallet Address: A wallet address will be known as incorrect when the sender transfers to a valid crypto address but not to the desired wallet. The validity check by the crypto wallet will pass the transaction, and the coins will be lost.
• Invalid Wallet Address: An invalid wallet address is recognized when the sender transfers to an old address or a new address not supported by the exchange, and also if the address is entered in other fields. The crypto client will show a notice, and as a result, the transaction will be put on hold.

Transferring Litecoin to a Different Blockchain

If you transfer to a different blockchain when sending Litecoin to an Ethereum address, there’s a chance the transaction will be marked as invalid. The built-in check codes and encoding addresses will drop any mistakes. For multisig wallets with several keys, currencies transferred to a different blockchain will be lost forever. 

Sending to a Correct Address but Transaction Unconfirmed

There’s a chance that after sending to a correct digital wallet the recipient will show unconfirmed. To solve the issue you must wait for a day or two for a refund. You can check the information on Litecoin Explorer and the Ethereum Blockchain Explorer. If you find no information in the Blockchain Explorer, try deleting the wallet and logging in again. 

Avoiding Accidental Transfers

To avoid such accidental transfer of Litecoin to an Ethereum address, you must follow a few safety checks. For instance, you mustn’t retype wallet addresses; rather, copy and paste the addresses. Even before copying the Ethereum address, remember to double-check it. 

How to Exchange LTC for ETH with Godex

Before starting the exchange process, you should always check current prices by asking, “How much is one LTC to ETH?” 

• Select the currencies LTC and ETH for conversion.
• Paste the right Ethereum address.
• Allow the exchange to deposit the funds for conversion.
• Select the Exchange button and wait for the transaction.

Summary

In conclusion, after reading this article you will understand the consequences of using wrong wallet addresses and how to deal with it by double-checking your wallet addresses. These suggestions will protect you from unnecessary worries and save you money and time. You will know what to do if you mistakenly transfer Litecoin to the wrong Ethereum address.