What are Memo and Tag used for when making a transfer?
ATOM transfers on the Cosmos chain also include a Memo field, which many exchanges require you to fill in when depositing ATOM.
Using a shared address with a Memo means exchanges don’t have to manage a large number of addresses. The trade-off is that they rely entirely on that note to identify who made each deposit.
When transferring $XRP to an exchange, you generally need to enter both the address and the destination tag (Tag).
Avoid making large transfers over public Wi-Fi, and remember to keep your phone up to date.
ATOM transfers on the Cosmos chain also include a Memo field, which many exchanges require you to fill in when depositing ATOM.
Using a shared address with a Memo means exchanges don’t have to manage a large number of addresses. The trade-off is that they rely entirely on that note to identify who made each deposit.
When transferring $XRP to an exchange, you generally need to enter both the address and the destination tag (Tag).
Avoid making large transfers over public Wi-Fi, and remember to keep your phone up to date.