on the crypto
Stellar Lumens is increasingly used on the cryptocurrency market: this increase was also favored by the recent distribution by Airdrop, of 125 millions of dollars in XLM to those who create a Wallet on the portal.
In recent times, messages from some users who have lost their monetary funds as they have made a mistake in making a transaction have spread online.
Apparently, the error would have been caused by the absence of memos in operations; at this point, it is necessary to clarify the importance of memos in operations.
Stellar Lumens (XLM): What are memos and what are their types?
Il memo allows everyone to communicate with anyone on Ledger (the "ledger" in which the details of the operations carried out are noted).
Taking the Bitcoin portfolio as an example, the memos that can be inserted are of two types: the first is the "text“, For text messages, and allows you to insert a message of content that has a length up to 128 bites.
The second type is the "memo ID"And is used to identify the subject that carries out the transaction.
Why include a memo in transactions?
Insert a memo during cryptocurrency trading operations it is of fundamental importance.
The reason is that the Exchange itself requires the insertion of a memo during transactions.
Let's see in detail how this process works. For the deposit, the Exchange uses a limited amount of addresses; consequently they need the memo to distinguish the deposits between them.
In summary, your operation is associated with your account thanks to the memo that is assigned to you by the Exchange.
The procedure for entering the memo
To insert a memo you need to access the "Deposits" section your Exchange and choose Stellar Lumens (XLM). At this stage, a memo associated with your wallet will appear.
A message will appear at the top of the Exchange indicating that sending Stellar Lumen requires both a destination address and a memo.
The latter is indicated for each wallet in the field below the message.
Next, the system specifies that Stellar Lumens must be sent to one of the indicated memos, after which the deposit will be credited to your personal account.
If they are generated more memo, the previous ones still remain valid for the acceptance of a deposit.
If the Exchange you are using does not show the message in which the memo is requested, it means that, in order to make the deposit, in this case it is not necessary to insert a memo.
Therefore, it is essential to always pay the utmost attention and scrupulously follow the messages of the Exchange while making the transaction, otherwise you risk the loss of your funds.
