What does on-chain recharge mean (wrong chain selected)?

What does on-chain recharge mean? On-chain recharge refers to the method and ways of recharging Bitcoin on exchanges like Binance. However, if users do not conduct transactions through exchanges, this method cannot be completed. Because these platforms are controlled by a centralized entity, they can only choose the appropriate wallet address or support the type of wallet address based on specific circumstances.

In literal terms, blockchain technology is a technology that enables people to achieve real-time offline payments, and its main purpose is to solve the anonymity problem in the digital currency network. (For example, you can send tokens through an Ethereum wallet)

Wrong Chain Selected

Editor’s note: This article is from JU, authorized by Odaily Star Daily for reprint.

In the bear market of Bitcoin, choosing the wrong chain for recharging is one of the best choices. It does not have any technological advantages or innovations; it simply brings blockchain to the public in a new way.

When a project wants to achieve high returns, its platform often uses the most advanced programming language-C++ (ie C/C++), or directly connects to this website from an exchange to trade tokens. However, this practice has flaws, leading to many investors being unable to receive funds in time and being trapped. For example, users need to transfer funds through centralized cryptocurrency wallets, not trusted third-party service providers (such as Coinbase).

Therefore, if we want to truly implement and add value to blockchain applications, we must cooperate with traditional financial companies. However, for some start-ups, they do not have this skill and lack the necessary expertise and experience to quickly build business models, product features, and community construction.

Currently, on-chain recharge does face great challenges, as its competitors are mostly young and small in scale, so it is almost impossible for them to achieve large-scale application scenarios. In addition, due to the lack of sufficient information channels or professional capabilities for many entrepreneurial teams, and most of them rely on “hackers” to boost prices, it is difficult to find projects that can integrate blockchain into other fields.