Transaction Fields

Transaction Fields?


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Transaction Fields

Transaction fields are special identifiers that you fill in before making the exchange. They play a key role due to the fact that they distinguish the transactions in the blockchain, and deposit the funds correctly. Additionally, they are mandatory when it comes to receiving certain coins

What Is a Wallet Address?

A wallet address is defined as a unique, as well as randomly generated combination of alphanumeric characters. You can compare it to your bank account number as a point of reference. To exchange cryptocurrencies on Swapzone specifically, you are required to use your existing wallet address, or alternatively create a new one

What Is a Recipient’s Address?

Discussing the recipient’s address, it is an address that is also unique as well as randomly generated. It is a combination of alphanumeric characters, and it serves the role of the crypto wallet address to which the cryptocurrency you choose to buy will end up getting transferred to

What Is a Memo?

A memo, when correlating to the world of cryptocurrencies, is an additional feature which is a requirement to the identification of a transaction recipient alongside the wallet address. It ties a transaction to the sender, and gives the recipient an easy time identifying the sender, especially in a crypto wallet public address. You can find a crypto wallet address example to get a perspective of how all of this looks

That said, only a few cryptocurrencies will tend to use a Memo ID. There are a lot of cryptocurrencies and exchanges that use different kinds of identifiers, and there are even cryptocurrencies that will only require a user to send a token using the provided addresses

These memos will typically be 9-digit values, however, you can find others that feature alphanumeric letters as-well

What Is a Destination Tag?

The destination tag in crypto is the value that is used to discern the holder of a specific cryptocurrency token that is being deposited or withdrawn. The crypto destination tag is just another special identifier that specific cryptocurrencies require

What Happens if I Forget to Add Extra IDs?

You should never forget to put an Extra identifier in whatever ends up requiring it. Even if it is a memo, message, destination tag or any other type of ID, you need to always ensure that you put it in if you are not using a wallet that you privately own. That being said, if you forget to add these extra ID properties, the exchange will end up failing to process your transaction, and fail to identify the owner of the sent digital assets in question. You will end up losing your cryptocurrencies as a result of this action


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