I began to hear about the Bermuda triangle from the moment I started reading, writing and having an understanding of how things work in the world. I heard about the total disappearance of the ship, aeroplane and anything that crosses above Bermuda and to make it worst, there has never been any story of survivals in all this disappearance. What this means is that a multitude of persons have gone into oblivion with no form of a trace as to know where they are and if they are alive over there. The Bermuda triangle is also known as the devil's triangle which is the region in the western part of the North Atlantic ocean where a lot of heavily travelled shipping lanes in the world cross through it for ports in the Americas, Europe and the Caribbean island (source)
Although there has been theories and theorists who have tried to dissipate the fact that the Bermuda triangle is a mysterious place where extraterrestrial activities happen which causes the disappearance of aeroplanes and ships, I have decided to draw a link between the Bermuda triangle and the cryptocurrency space. I will urge you to carefully read through this article because a lot of us have seen and are living witnesses to the existence of the Bermuda triangle in the cryptocurrency sphere. First, let me use this medium to warn the newbie in the crypto space that the world of crypto is a place where you must do everything humanly possible to live by the rules guiding the crypto world to avoid having great losses which can lead to total bankruptcy.
The first time I lost an asset in the crypto world, I will say that I did not ask enough questions to understand how certain things worked at that time because I was just a newbie trying to break into the system by all legal means necessary. I understand that this is the same thing that happens to most newbie’s if not all of them especially those who do not make proper research before diving into the deep oceans of cryptocurrency. How did I lose my asset? I will call it a careless mistake because I could have asked a question but I felt I could navigate through the ocean on my own without seeking help, I never knew that there was a might Bermuda triangle that existed in the cryptocurrency space.
I wanted to transfer an Ethereum based token into my wallet from another wallet for me to carry out a swap, I ended up using a TRON based token receiving address and the moment I made the transfer, I was so happy that I have made my first crypto transfer but after waiting for days which ran into weeks and months, I reached out to a friend who introduced to crypto. The first thing he asked me was; which receiving address did you use since you said you wanted to transfer an Ethereum based token? I showed him the address and he exclaimed and said that my asset is now lost in the blockchain because the receiving address does not support ethereum based token. At first, I did not understand what he meant by I have lost my token because I could not comprehend losing 28 dollars just like that this made mean to ask him a question I still consider silly to this day.
I asked him; since it is lost in the blockchain, can’t I send an email to them explaining what happened? This silly question of mine got my friend laughing so hard that his legs couldn’t carry him. To cut the long story short, I lost the asset to the Bermuda triangle of the cryptocurrency sphere. As a newbie, you may think you do not need to ask questions but let me inform you that once your asset is lost there is no retrieval just as we have seen in the case of lost aeroplanes and ships in Bermuda. Therefore this calls for a careful study of the system to know about how it works before diving into it.
Even though I feel it is high time for the blockchain to develop a means of recovering lost assets because, in this 21st century where technology has shown that nothing is impossible, there should be a means by which any lost asset can be recovered. If our local banks can track the movement of money from one country to another using transfers, why then will the blockchain not have a means of recovery of lost assets? It is a clear fact that transactions are monitored through the transaction ID which is the unique number of every transaction therefore there is the possibility of recovering any lost asset.
I think it is at this time that developers should work towards closing this gap that makes the cryptocurrency space look very ambiguous when it comes to carrying out transactions and recovery of lost assets. If our local banks can do it then the blockchain developers can do it even better. We cannot continue to do the same thing the same way without an upgrade.
I understand that there have been upgrades in so many ways in the crypto space but there is still nothing one can do if there is an issue of assets lost due to wrong receiving address therefore I write this article also as a means to spur the developers scattered around the world to bring that needed change as soon as possible before someone else will lose his assets in the Bermuda triangle of cryptocurrency.
It’s time for a change, it is time for modifications because very soon the world will embrace cryptocurrency as the only means of transactions and this might be the reason why most persons are afraid to come into space because they believe that if their assets get lost, they should be able to get it back since there is an existing transaction ID.
