What is a Memo/Destination Tag?
Memo/destination tag is a feature that helps identify the user's wallet and verify the validity of the transactions, especially when using a shared wallet address or the same wallet address for multiple users.
Memo/destination tag is only available for certain cryptocurrencies such as XRP, XLM, IOST, and BAND. Memo/destination tag can be in both numeric and alphanumeric formats, 8 - 10 digits.
What is the difference between a Memo/Destination Tag and a Wallet Address?
A wallet address is used for depositing coins into your bitcoin account. You can create a wallet address after you have successfully completed Level 1 (KYC) verification. Each coin has a different address. You can learn more from Account: Bitkub Account Wallet Address
However, many cryptocurrency exchanges use the same wallet address or shared address for multiple users. As a result, a memo/destination tag is used to identify each user's account and transactions.
To make a simple comparison, the wallet address is similar to the address of your condominium building, and the memo/destination tag would be your exact room number. If you want to order something online but only provide the address of the building (no room number), the parcel delivery may not reach you.
Coins that Support Memo/Destination Tag on Bitkub:
- XRP: Destination Tag (numeric)
- XLM: Memo (numeric)
- IOST: Memo (alphanumeric)
- SIX: Memo (numeric)
- BAND: Memo (numeric)
- SCRT: Destination Tag
- DON: Memo (alphanumeric)
- LUNA: Memo (alphanumeric)
**Please note that you must use a memo/destination tag every time you deposit these coins into your Bitkub wallet, otherwise your transaction may not be successful.
You can learn more about how to deposit coins using memo/destination tag from How to deposit cryptocurrency to your Bitkub wallet?
Things you should be noted when using memo/destination tag
For withdrawing coins that support a memo/destination tag from your Bitkub account to another wallet, you may not need to use a memo/destination tag. This depends on the type of your wallet.
- For a cryptocurrency exchange wallet, you may need to use a memo/destination tag.
- For a hardware wallet or personal wallet, you may not need to use a memo/destination tag. Please carefully check if you need to use a memo/destination tag with your wallet service provider.
- If the tag is not needed, be noted that you can’t leave the memo/destination tag space empty. You can enter any number. However, it is recommended to put 1 or 0 in the space, and please avoid entering any letter or symbol in the space, or else your transaction may be declined.
- Due to limitations of memo/destination tag usage, we cannot verify the validity of the memo/destination tag that you entered prior to the confirmation of the transaction. Please check the validity and correct format of your memo/destination tag each time before confirming the transaction.