Asked: What are Memo and Tag when depositing crypto?
I usually answer this way: XRP Ledger lets receiving accounts enable a “destination tag required” setting. Once enabled, transfers without a tag are rejected outright. Using a shared address with a Memo means exchanges have fewer addresses to manage, but the trade-off is that identifying who a deposit belongs to depends entirely on that string of digits.
$XRP 1.3357 (+1.96%)
What topic would you like to see next? Wallets or something else?
#XRP
In a highly volatile market, manage your risk first.
I usually answer this way: XRP Ledger lets receiving accounts enable a “destination tag required” setting. Once enabled, transfers without a tag are rejected outright. Using a shared address with a Memo means exchanges have fewer addresses to manage, but the trade-off is that identifying who a deposit belongs to depends entirely on that string of digits.
$XRP 1.3357 (+1.96%)
What topic would you like to see next? Wallets or something else?
#XRP
In a highly volatile market, manage your risk first.