In addition to a regular address, some assets also may require a special identification tag such as Destination tag, Memo, Memo ID, Message or Payment ID to specify when sending. In this article, we cover how to use them correctly.
What is Destination tag, Memo ID and Payment ID?
The following assets are using these identifications:
- XRP uses Destination tag
- XLM, EOS, BNB and KIN use Memo ID
- XEM uses Message
- XMR uses Payment ID
- ATOM, LUNC, and OSMO use Memo
They all serve the same purpose – transaction identification in order to deposit funds correctly.Big centralized exchanges use the same coin address for a lot of users. This is especially true for coins like XRP and XLM which require a deposit for the address activation.
What is Destination tag, Memo ID and Payment ID?
It is economically beneficial to have one activated address for many users. Memo ID and similar identifications are used to determine what account a given transaction should be assigned and credited to.
The Destination tag, Memo, Memo ID, Message or Payment ID usually look like numbers (XRP, XLM) a combination of letters and numbers (EOS).
Where to enter Destination tag, Memo, ID or Message in the wallet.
If you are sending these specific assets (as stated above XRP, XLM, ATOM, LUNC, EOS, BNB, KIN, XEM, OSMO, XMR) to exchange, it is very important to specify Destination tag/Memo/Message. Otherwise, your transaction can be lost. To enter these identifications, you simply need to choose the asset from the list and click on it. The field for Memo/ Destination tag/ Message will be there if required.
Let’s make an example with XRP.
- Open the wallet and search for XRP.
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Click on the asset to open a sending interface.
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There you can find a field to specify the Destination tag.
- Enter the address, Destination tag, amount to send and click Send. Your funds would be deposited correctly then.
Do I need to specify Destination tag, Memo ID or Message if I am depositing to Atomic Wallet?
The short answer is – no, you don’t have to enter Destination tag, Memo or Message to deposit funds to Atomic Wallet.
Atomic Wallet generates a unique address individually for every user. You don’t have to specify any additional info except for the address if you are depositing to Atomic Wallet. If you are still required to specify the tag, just insert 9 random numbers. Your funds will still be sent to your Atomic Wallet address correctly.
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