Make sure the wallet you send your funds to is really under your control.
Why should I check receiving/deposit address?
Bitcoin transactions are completely immutable, which means if you send your bitcoin to the wrong address, you will make it inaccessible. Thankfully, you can use hardware wallets to check your bitcoin address on the device before sending funds.
Checking your address on your wallet teaches you 3 very important things about the address and the computer you are working with, which ensures that the address is safe to send funds to.
- If your hardware wallet displays the address, you know that the address was built correctly. In multisig, you know that your address is 2-of-3 for example, and not 2-of-5 where an attacker has added 2 more of their keys and actually controls the funds.
- You know that the computer you are working on does not have a virus or malware that finds and replaces bitcoin addresses with an attackers address. If the address you see on your computer matches the address on your hardware wallet, your computer isn’t compromised.
- If your hardware wallet displays the right address, it’s your device telling you that you hold a key to the address on the device. The address is under your control.
Checking the address on your hardware wallet should be done before sending meaningful amounts of funds to the address.
How to confirm addresses using a hardware wallet:
The steps vary depending on your hardware wallet type. Choose the appropriate guide below:
- How do I confirm an address using my Trezor?
- How do I confirm an address using my Ledger?
- How do I confirm an address using my Coldcard?
If you have checked your 2-of-3 multisig address on 2-of-3 hardware wallets, you know for certain that the address is under your complete control and is totally safe to send as much bitcoin to as you would like.