Sending Crypto to Yourself Won't Lose You Money

Imagine sending cryptocurrency to what you think is your relative's address, but it turns out to be yours. Don't worry, this won't result in a loss of funds.

Crypto networks use public-key cryptography that makes each address virtually unrepeatable and impossible to guess or duplicate. This means the funds will stay with you and not go anywhere else.

However, the network still records transactions on the ledger, even if they're made for yourself. The system takes an obligatory transaction fee, which can vary depending on the type of transaction. More complex transactions like those involving smart contracts are typically more expensive.

Centralized exchanges like Binance and Coinbase have different systems than crypto networks. They maintain strict organization regarding deposit and withdrawal addresses. If you change your deposit address or use an outdated one, it may lead to the loss of funds on these platforms.