The memo tag in the Stellar network is a piece of information used to identify transactions. It is very important to sent it correctly. The memo tag ensures that the recipient can correctly identify who sent the funds and for what purpose.
WHERE CAN I FIND THE MEMO/TAG?
Whenever you want to receive payments in USDC through the Stellar network the wallet you use will always provide you with an address with numbers and letters, followed by the Memo tag which is a set of numbers.
As an incorrect memo can result in loss of funds, if you have any doubts about what your memo may be please contact support@bitwage.com to help.%2010-12-23%E2%80%AFa-%C2%A0m--png.png?width=438&height=277&name=Captura%20de%20pantalla%202024-08-01%20a%20la(s)%2010-12-23%E2%80%AFa-%C2%A0m--png.png)
How to enter your memo in Bitwage
When you want to enter your address in Bitwage, you can either enter it manually, but be CAREFUL because if you enter a wrong number or letter, your PAYMENT MAY BE LOST.
The first thing will be to designate USDC COIN from the Bank Accounts and Wallets tab%2010-00-21%E2%80%AFa-%C2%A0m--png.png?width=386&height=312&name=Captura%20de%20pantalla%202024-08-01%20a%20la(s)%2010-00-21%E2%80%AFa-%C2%A0m--png.png)
Now you will choose your wallet network:
This can be done through Vibrant, or by manually entering your address and memo/tag. %2010-00-39%E2%80%AFa-%C2%A0m--png.png?width=349&height=310&name=Captura%20de%20pantalla%202024-08-01%20a%20la(s)%2010-00-39%E2%80%AFa-%C2%A0m--png.png)
All about Vibrant here
If Vibrant is not the wallet you use, you can choose any of the ones that offer an address and Memo Tag. Remember that incorrect memos can result in loss of funds.
Purpose: The memo tag helps identify the specific transaction or user for payments sent to addresses that serve multiple users.
Necessity: For transactions to certain wallets or exchanges, including the correct memo is essential to ensure the funds reach the intended recipient. Failing to include the correct memo can result in lost funds.
Recovery: If you send a transaction without a memo or with an incorrect memo to an exchange, recovering the funds can be difficult and may involve contacting the exchange's support team.
Security: While the memo is useful for identification, it should not be used for sensitive information as it is publicly visible on the blockchain.
Understanding and using the memo tag correctly is vital for transactions on the Stellar network, especially when dealing with shared or exchange addresses