BTC Markets announces Caroline Bowler as CEO; NPP Withdrawals at BTC Markets ; Advanced Order Types; BTC Markets 17th Largest Exchange Globally; Tax Reporting Now Available; Bitcoin Cash (BCH) Hard Fork ; View all articles. Destination tags are for payments to institutions with multiple users. They have a single Ripple address, but need a way to identify which customer the payment is for. When you are receiving payment to your personal Ripple address, destination tag isn't important. When you are depositing XRP to an exchange, destination tag is very important. A destination tag is a unique 9-digit figure assigned to each Ripple (XRP) account. It is used to identify the receiver in a Ripple transaction. When sending XRP, you need to provide the following information: The target wallet's address.
Btc markets destination tagRipple (XRP) Destination Tags Issues on Exchanges – Changelly
We will take a closer look at common mistakes happening during the exchange process and sort out the possible aftermath. If they are specified incorrectly, your transaction may get stuck in Limbo or go to another Changelly user. Destination tag is used in XRP transactions. It is the most tricky thing you should be extremely careful with. If you send XRP to Changelly, you should specify a destination tag when sending. If you mix up digits in the tag or put in a random combination, you may encounter quite frustrating issues.
John is about to exchange XRP to Bitcoin. He sees a screen below:. John opens his wallet app, puts in our wallet address. The tag is unnecessary stuff. This is the very moment John makes a terrible mistake because is the tag tied to a wallet address of another Changelly user who is obviously not John! Once XRP is sent it will go to the wallet address provided by that user, and John will lose his money forever! Poor John. Only in this case, your transaction will pass through in the right way.
If you omit it or specify incorrectly, your transaction will not pass through. You will have to send to our support team a request so that we can process your stuck transaction manually. The Memo is unique supplementary information used in transactions with a range of cryptos listed on Changelly , such as Stellar, Steem and Decent. Although Memo works similarly in all these platforms, it is important to mention that they utilize different algorithms. For all of them, entering the Memo is a mandatory measure.
When sending either, you must indicate your memo, so that our machine will know that the transaction comes from you. If the memo is omitted or incorrect… well, now you know the outcome. Changelly will have to process your transaction in a correct way. The Destination Tag is mandatory for the overwhelming majority of transactions. Either the funds will be sent to any other user having that combination as the tag, or to the exchange storage as an unassigned transaction.
The Destination Tag purpose is identification transaction recipient. The Destination Tag is not required if you use your own personal address. However, when it comes to exchanging your coins using centralized services, the Destination Tag becomes mandatory. Unique address or fee for registrations is a special feature for Ripple and Stellar.
This will be an unspendable balance which is a fee to prevent the whole network from spam attacks. If filling out the field is mandatory, just put random numbers here.
And when sending coins to someone else, just input the Destination Tag of a recipient. Thank you for your opinion. You can leave your feedback or share this article. Your comment must pass moderation and will appear on the site in the near future. Your support helps us build a stronger and convenient platform. A lot of interesting features are coming soon! Academy Assets. Sep 09 , Find answer What is Destination Tag?
How to use Destination Tag?