6 problems that make you unable to find your coins in your hardware wallet

Recently, many people have encountered problems with managing their wallets, such as not being able to find their coins or transfers not arriving. These issues are not new; they have existed before, but their form has changed with the times. Today, I will summarize the common questions I receive about tokens and wallets, so you can understand them better. I've categorized them into 6 main problems:

Transferring to the Wrong Address

This is a classic problem for newcomers to the crypto world. When I first started, this happened all the time. The reason was that older applications didn't always verify if an address was standard. Nowadays, this problem has evolved somewhat, as applications can check address standards. However, people still fail to double-check and end up sending funds to the wrong address.

I've often shared a tip for checking before transferring: checking only the first and last five characters of an address is usually enough to confirm you're sending to the correct wallet. In the past, I often skipped checking because wallet addresses were so long, making it tedious. But by checking only the beginning and end, the amount of verification significantly decreases, making it less of a chore. And honestly, this level of checking is usually sufficient, as the chances of the first and last five digits being identical while the middle part changes are almost nil.

Consider how you always double-check the bank account number when making a bank transfer. Why wouldn't you do the same when transferring on the blockchain? Even today, I still encounter malware that intercepts and changes the destination address in memory to a hacker's address. Therefore, checking is a crucial way to prevent this type of attack. In the past, many people used pirated software, making it easier for such malware to attack. While I see fewer people using pirated software now, leading to a decrease in these malware types, cases still occur.

Therefore, checking the address before sending is a low-cost yet highly effective practice. I recommend everyone to check the address before every transfer. Don't forget to check the beginning and end before hitting send!

Transferring to the Wrong Blockchain

For this problem, I feel quite fortunate to have entered the crypto world earlier. It helped me understand transfers across different chains. In the past, Ethereum was practically the only chain that supported tokens, so we didn't need to choose a chain when withdrawing. However, nowadays, when you look at digital asset exchanges, you're faced with the question of which chain to choose, as there are so many options.

This problem arose because people started copying Ethereum's code to create their own chains. This made the Ethereum standard compatible with the copied chains. The address formats are identical, meaning cross-chain transfers are possible, but there needs to be a bridge between the chains, which in this case are digital asset exchanges. This often leads to people who don't fully understand the process making transfers to the wrong chain.

 

If you transfer to a certain chain, the principle is simply to look at the wallet on that specific chain. It will have the same address but on a different chain. It's like living in a house with the same house number, but in a different universe. So, you need to find that house number in the correct universe to find your assets.

This problem usually doesn't occur with smart contract platforms that are built from scratch and don't copy Ethereum, such as Cosmos or Polkadot. For these chains, digital asset exchanges can verify and programmatically prevent transfers to the wrong chain. This is in contrast to ERC20 compatible tokens on Ethereum, where newcomers often encounter this issue.

If you've transferred to the wrong chain, what should you do? The solution is to first calm down, take a deep breath, and don't panic. You just need to switch the network to match the network you transferred from. Check the wallet address to see which digits it ends with and adjust the network accordingly. If you transferred to BNB Smart Chain, you need to select BNB Smart Chain. If you transferred to Tron, you need to select Tron. If you transferred to Ethereum, you need to select Ethereum.

I want to emphasize this: if you bought Bitcoin and transferred it using a chain other than Bitcoin or the Lightning Network, and you can't find it, it's because you transferred it to the wrong chain. Bitcoin will not be on other chains; it will only be on the Bitcoin chain. If it's on Ethereum or BNB Smart Chain, that Bitcoin is merely a representation of a contract that states you can exchange it for actual Bitcoin. Therefore, when you transfer it to Ethereum, it becomes a token, and you will need to add that token to your software to see it.

Token Not Added to Application Yet

This problem affects all newcomers because understanding the difference between tokens and native tokens, especially how native tokens act as "gas" to make smart contracts work, is hard to grasp by just reading. It requires hands-on experience to truly understand the distinction.

In addition to the previous problem of transferring to the wrong chain, many people also encounter the issue of transferring tokens to their hardware wallet and not being able to find them. In the past, adding tokens to a wallet was much harder than it is now. You had to manually look up the contract address and then add the token to the software yourself, which was called a "Custom Token."

But today, many wallets automatically add popular token contract addresses to the software. For new and less-known coins, however, it's still necessary to manually add the contract address, and this is where most people can't find them.

The solution is very simple and depends on the application you're using. If you use OneKey, you just click the plus sign next to "Token" and select the token you want to add. If it's not in the list, you might need to add the token manually. Most of the time, I use Coinmarketcap to find this information, but you need to be careful. I've seen cases where hackers create fake contract addresses and use logos that look similar to the real ones. So, only refer to reliable sources like Coinmarketcap for details.

If you're using MetaMask and want to add a token, you can add it directly from Coinmarketcap. Just go to the token, find the chain you want to add, and click on the fox icon on Coinmarketcap. Your token will then be listed in MetaMask.

Transaction Not Yet Confirmed

Some people might not have experienced this problem themselves, but if you have, it's incredibly frustrating. I've been through it and understand the feeling of those who contact me for solutions. If you're stuck on this, feel free to add me on LINE at @bitcast for help, if you can't resolve it or don't understand.

In the blockchain world, especially with Bitcoin, it's entirely capitalistic. This means if you have more money, you can use your resources to speed up your transaction, bypassing those who pay lower transaction fees. If you've heard the old saying "penny wise, pound foolish," this is exactly the case. I once learned this the hard way by being stingy with fees, wanting to pay less, but ultimately ended up paying more to accelerate the transaction, and it caused me headaches for days. Bitcoin transfer fees are calculated based on the amount of data you use. If you pay the standard fee, it won't be too slow and generally acceptable. But if you're willing to pay a little more, it will be much faster. The problem arises when you're stingy and want to pay less; in many cases, it can take months to get out of the Mempool.

When you pay low fees, miners have little incentive to process your transaction, especially since there are always new transfer requests coming in. Therefore, miners naturally prioritize those who offer higher fees, which is common in a capitalist society like the Bitcoin blockchain. Is there a solution? Yes, there is. In the past, the easiest solution was to re-broadcast the transaction. There were websites that offered services to re-broadcast your TX ID to encourage miners to include it in a block and finalize it. Re-broadcasting transactions can be free or paid, with paid options usually being more effective. Many mining pool services, such as ViaBTC, offer this service for those who want to resolve unconfirmed transactions. You simply copy and paste the TX ID, and they will provide a cost. Once you pay the new fee, they will re-broadcast the transaction, prompting miners to pick up your TX ID.

The second method is called "Child Pays for Parent," meaning you create another transaction with a sufficiently high fee. This will incentivize miners to pick up your TX ID, and if there are pending TX IDs before it, they will also be processed to complete the current transaction.

Another method for Bitcoin users is RBF, or Replace-By-Fee, which needs to be enabled before transferring if you're using Trezor. This allows you to modify the fee for sending if the TX ID doesn't confirm after it's sent.

Regarding pending transaction issues on other chains, these might be less frequent than on Bitcoin because Bitcoin still uses Proof of Work, while other chains are largely controlled. Therefore, they manage in a way that allows for more control, unlike Bitcoin's complete decentralization. However, there can still be cases of extremely high transaction volume. In such situations, you can usually increase the transfer fee to prioritize your transaction, or simply cancel the transaction altogether.

Application Not Synced with Blockchain

In this scenario, if you check the blockchain, you'll see that the transaction was successful, but when you look at the application, it's missing. What I usually say is to trust the blockchain, because the blockchain holds the only true record. Incorrect display in the application can stem from various reasons, but the main cause is often the cache on your device. Therefore, to fix an incorrect display, simply clear the cache on your device and allow the application to connect and update its data with the blockchain again, which should resolve the display issue.

Wallet Compromised

If you encounter this situation, I'm telling you, it's every man for himself. A compromised wallet usually means that your seed phrase, which is the key to generating your address's private key, has been stolen. This could happen through vulnerable software or even through phishing attacks on hardware wallets, tricking you into entering your seed phrase. This is the only scenario where I believe there is no solution. If a thief gets your seed phrase, you will never get your coins back because they can control everything in your wallet. They can transfer coins out of your wallet; they have complete control over your wallet in every way. This is the worst-case scenario among all the examples I've given.

Even though we can't fix it, we can prevent it, and the best way to prevent it is by being disciplined and careful when using your application or hardware wallet according to standard practices. Remember that the most vulnerable point in any attack is where humans are involved. Systems and software are designed to be quite secure; the weak point is where users lack knowledge. Therefore, hackers invest in attacking these points because the returns are worth their effort. Please be cautious and use your applications carefully.

Conclusion

I hope this has been helpful for those who have trouble finding their coins, even when they're on the blockchain (not counting cases where the seed phrase was stolen).

The most important thing I believe newcomers to the crypto world should understand is how to properly store their digital assets. I always say that no matter how much effort you put into generating returns in the crypto world, if you lose it all due to lack of knowledge, everything you've earned can disappear in an instant due to carelessness. Portfolio growth is important, but preventing your coins from being lost is even more crucial. Don't forget to be careful with how you use and store your coins. I think this is where everyone entering the crypto world should start. Thank you.