I believe we have all bumped into a pothole one time in our life be it on the road, in our homes, business and even in our relationship with others. Mine was not different even though it was not a physical pothole i.e. the kind of pothole we see on the road but it was a pothole that made me march the break suddenly even though I have already bumped into it. If you are driving a car and suddenly you see a pothole in front of you and because you on a high speed you may find it hard to dodge it i.e. if you have not already jumped into it but whatever be the case, once you have gone through it you will be forced naturally to slow down and listen carefully to every sound that comes from the car as a way to check if anything went wrong with the car as you bumped into the pothole.
This was how it happened to me just last night as I was driving through from one wallet to the other as I wanted to make a deposit. Don’t get it twisted, what I am about to say might not be as important to everyone reading this article but it is important to me because I will not want another person to bump into the kind of pothole I bumped into last night in the transaction process. Ok, let me be a bit clearer.
I was trying to deposit some amount of BNB from my Binance wallet to my Roqqu wallet where I will be able to convert the BNB to my local fiat (Naira). I had to go through this new process because of the ban on cryptocurrency in my country last month. As I copied my Roqqu BNB deposit address, I carried out the transaction without adding the Roqqu memo which at that time didn’t occur to me that the memo address is as important as the receiving address.
After completing the withdrawal from my Binance wallet, I received the usual notification which states that the transaction was successful and also I noticed that my BNB reduced which meant that it has been deposited to my Roqqu wallet. As I went back to my Roqqu wallet to check after 6hrs I was shocked when I could not see the BNB reflect in the wallet. I had to check the transaction through blockchain to verify if it was successful, to my greatest surprise it was sent to the receiving BNB address of my Roqqu wallet but I still could not see it reflect as I checked back again. This made me goggle it to know if I can see any similar case mind you that was my first time using the wallet for any transaction. As I checked through online, I saw something about memo and tags.
I had to open the article to read and it was on the cause of reading the article that it became clear to me that I have lost my token because from their explanation, without the tag which serves as a unique user ID for XRP transactions and the memo which serves the same purpose but for any BNB transaction in their wallet that the deposit is likely going to be lost in the warehouse of tokens (just using the actual word the used to describe it).
This got me crazy because I have never encountered such with other wallets even though they have options for memo but I still don’t add it and it has never affected my transactions or made it not to reflect. So this got me to ask this question; what is the need for the Roqqu wallet BNB deposit address if without the memo your transaction will be lost? I must say that this is a huge inefficiency in the crypto world that must be looked into urgently.
Since I joined the crypto world I have always known that your receiving address is the only thing one needs to send you any token bearing the address. With the event of last night, I am made bold to say that the Roqqu wallet customer service should be able to reverse any transaction that happens without the memo since there is a TXID that can be used to track such transaction.
Let this be a piece of advice to anyone out there who is yet to carry out any transaction that will require you to input the memo. Please do not take it for granted because you may end up losing your token in the warehouse of token just like they said. Always be ready to check and cross-check that you are input the right memo at all times.
I cannot but feel bad for losing such amount of money just in one night and for record purpose, I did not sleep which is why I decided to share my ordeal with you all so that you will not make such a mistake just as I have made. We have to look out for each other at all times not minding who and where one is from. PLEASE BE VERY CAREFUL WHEN IT COMES TO MAKING ANY TRANSACTION THAT REQUIRES MEMO OR TAG.
So that was how I drove into a pothole on the road to my crypto journey, I hope you got the gist. Please learn from my mistake. STAY SAFE COVID 19 IS REAL.
Great please support me also❤❤