Cryptocurrency is unlike banks in many aspects. One of the most vital reasons to understand this is should you accidently send money to the wrong place, it may be impossible (literally) to recover. In some cases, you may lose your money forever.
As you join the cryptocurrency world, understand the importance of test transactions. Test transactions are an essential step when sending cryptocurrency because they allow you to confirm that the transaction will be successful before sending a significant amount of funds. Though they result in higher fees, they very well may be worth preventing a large error.
Test transactions involve sending a small amount of cryptocurrency to a test address. It is meant to simulate a real transaction without actually sending funds to another party. This allows you to test the sending and receiving process, confirm that your wallet is working correctly, and ensure that you have the correct address for the recipient. Once the test transaction has successfully been performed, you can copy the same transaction information for larger exchanges.
A test transaction should be a small such as $1.00; once the transaction goes through, you’ll know you can send larger amounts.