5 key tips to consider before making any on-chain transaction:🔎
Transactions on the blockchain are irreversible, so it's essential to take precautions. Here’s a summary of five key tips before making any on-chain move.⚠️
🔸Verify the address: This is the most important step. Before sending any cryptocurrency, confirm the recipient's address multiple times. If possible, make a test transaction with a minimal amount to avoid losses.🧐✔️
🔸Understand gas: Each transaction has a gas fee to be processed. The cost varies depending on the network and congestion. Make sure you have enough funds to cover this fee, as a failed transaction can consume gas just the same⛽💸
🔸Choose the correct network: Cryptocurrencies can exist on different networks (like Ethereum, BNB Chain, or Solana). If you send your tokens to the wrong network, you will likely lose them. Always confirm the network with the recipient before making the transaction🌐🔗
🔸Use a secure connection: Avoid public Wi-Fi networks for making transactions. These connections are vulnerable to cyberattacks that can compromise your wallet and assets. Always use a private and secure network🔒💻
🔸Review token approvals: When interacting with smart contracts, such as in DeFi protocols or NFT markets, you will be asked to approve the spending of your tokens.
It's crucial that you know exactly how much access you are granting to these contracts. Consider using tools that allow you to revoke old or unused permissions🤝
