Topic: Bitcoin transactions aren't reversible... I'm confuse (Read 286 times)
Thanks for everybody helped me to overcome the confusion.
Your example is when you own both addresses. But the real situation to understand what irreversible means for example,
you send me 1BTC, I receive 1BTC. You can't retrieve it or cancel it once sent. It will be returned to you unless I send it back.
you send me 1BTC, I receive 1BTC. You can't retrieve it or cancel it once sent. It will be returned to you unless I send it back.
Look like OP misunderstand about reversible word. Reversible means you can't get back your fund if its confirmed by blockchain. It doesn't mean that you can't make new transactions. If you sent bitcoin to B address then you can't reverse it from A address. If you need it then you have to make transaction from B address to A address again. In a short word, you are not allowed to reverse again from source address that you already transferred and conformed by blockchain. But you are always allow to make new transactions.
Maybe if someone mistakenly inputs a wrong address, yet it happens to be owned by someone else, you can ask him to send back the money you sent, which I think is almost an impossible thing to happen since Bitcoin addresses is very unique.
it's nearly impossible because it's nearly impossible to know who's the owner of a specific address unless he post it publicly or you have the tools to analyze that, not because it's unique as some address might belong to 1 wallet and even though the owner doesn't state it publicly we can still know about it as long as we knows one fo the address belongs to them.
Reversible transactions is very similar to Chargeback transactions with credit cards, where you can "cancel" the transaction after it was done. The reason why you can do this with credit card transactions are because the actual "money" is just a entry on the Banks internal ledger system, so they can just "edit" the transaction entry to cancel it.
This cannot be done with Bitcoin transactions, because it is written to a on-chain decentralized ledger, called the Blockchain. It was developed specifically like this, because "chargebacks" cause a lot of troubles and you do not want to change any entries to the Blockchain, once it was done.
This cannot be done with Bitcoin transactions, because it is written to a on-chain decentralized ledger, called the Blockchain. It was developed specifically like this, because "chargebacks" cause a lot of troubles and you do not want to change any entries to the Blockchain, once it was done.
This perfectly discribes the OP's concern. Merited 1.
Regarding the OP's example, thats not reversing a transaction. Thats an example of another transaction. Maybe if someone mistakenly inputs a wrong address, yet it happens to be owned by someone else, you can ask him to send back the money you sent, which I think is almost an impossible thing to happen since Bitcoin addresses is very unique.
Such a transaction is very possible mate and this should not be something confusing at all. If this was not possible then how possibly can we introduce bitcoin as a currency to be used by people, because at a point in time some addresses you sent money to would also have to send you money.
Transactions are irreversible, so take care of security of your accounts and wallets.
Malware has become rampant in crypto. Do you have ANY plugins on your browsers or phone? Do you have any non-legit software installed? Any weird apps on your phone? Could be any piece of software or app, not even crypto related, such as stupid weather app or anything like that.
Could also be on USB sticks that you've bought online and used for your computer, SD cards, etc. Hackers are finding crafty ways to embed code that will allow them access to your coin accounts.
Malware has become rampant in crypto. Do you have ANY plugins on your browsers or phone? Do you have any non-legit software installed? Any weird apps on your phone? Could be any piece of software or app, not even crypto related, such as stupid weather app or anything like that.
Could also be on USB sticks that you've bought online and used for your computer, SD cards, etc. Hackers are finding crafty ways to embed code that will allow them access to your coin accounts.
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
It is possible of course. You don't understand I mean you misunderstand the algorithm. When you send BTC to other wallet that you don't know and you want it back, You cannot reverse it but when you own that two wallet and you make such transaction of course you can send it back again to the first sender. Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
Reversible transactions is very similar to Chargeback transactions with credit cards, where you can "cancel" the transaction after it was done. The reason why you can do this with credit card transactions are because the actual "money" is just a entry on the Banks internal ledger system, so they can just "edit" the transaction entry to cancel it.
This cannot be done with Bitcoin transactions, because it is written to a on-chain decentralized ledger, called the Blockchain. It was developed specifically like this, because "chargebacks" cause a lot of troubles and you do not want to change any entries to the Blockchain, once it was done.
This cannot be done with Bitcoin transactions, because it is written to a on-chain decentralized ledger, called the Blockchain. It was developed specifically like this, because "chargebacks" cause a lot of troubles and you do not want to change any entries to the Blockchain, once it was done.
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
No. Simply put, irreversible means there is no way to "cancel" or undo a transaction once it was made and confirmed. Compare it with Paypal where you can open a dispute and get your money back if the deal went bad or something.
Some terms are too technical for newbies which is why a simplified guide of crypto & its basics could help resolve these matters rather quickly without the need to ask anyone!
Ireversable means it cant be canceled what you are saying is just sending back funds from wallet to wallet,its not the same thing.Once the bitcoin transaction is sent it cant be reverse nor cancelled.
I think the answer is clear already and OP should have got the answer from previous posters. So better to lock the topic to avoid more repetitive post as I believe the answer will be the same or similar and might give you more confusion because of different ways of explanation.
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
it depends if you control the private keys to address "B". for example, if these addresses are just in your own wallet, you can send coins back and forth no problem.
if you don't control the private key to address "B" and the payment is already confirmed on the blockchain, the funds are gone and you can't recover them. for example, if you pay a bitpay invoice and the transaction gets confirmed, you can't get those coins back.
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
its possible if you own the different wallet addressDue to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
when you send from B to A wallet address you will need to pay a transaction fee same with A to B address
it means you can send Bitcoin back and forth but every transaction have fee
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
Centralized banking system is being done with the help of middle man. So they will be able to help reverisblle here on bitcoin or any altocoins you are making payment from one peer to another peer. here you need to check multiple times before you are making transactions. So you cannot reverse it.
Many people does not know the available escrows while dealing with bitcoin but if you use such people then it is really useful for to avoid incorrect transactions and avoid scams over you.
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
Simply means, when you mistakenly sent transaction to a wrong or unknown address once transactions are confirmed there's no way for you to cancel or get it back on your end.
Based on your example, if you are the owner of both address A and B of course you can send it back. However, beong irreversible means, you cannot do this task if ever let's say wallet B is another parties address, there's no way for you (address A) to cancel or reverse a transaction on your end once the transaction is confirmed. This is to avoid fraud, bitcoin is created as a form of payment. If payments can be reversed, users can just get their money back after a transaction, which is not good.
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
No you could do it but you can not cancel the transaction once it has been made.Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
You could send from A to B and B to A but once you send it there is nothing you could do, So if you sent to a wrong address then you could kiss your crypto good bye.
Bitcoin transactions are irreversible.
This basically means that you can't take back the same bitcoin you send to someone unless they themselves send it back to you.
This is there to stop fraud from taking place because in bitcoin's system there is no need for a trusted third party. For example, if you go to a store and buy something with bitcoin, you can't reverse the transaction after you leave the store.
Remember that the best way to understand Bitcoin is through its Whitepaper.
Bitcoin's Whitepaper published by Satoshi Nakamoto in 2008 is fundamental to understanding bitcoin and blockchain technology. If you want to learn about bitcoin in simple terms and understand the bitcoin whitepaper in urdu/eng, This is one of the best sources:
https://www.youtube.com/watch?v=VmusvimRKWk
Hope it helps!
This basically means that you can't take back the same bitcoin you send to someone unless they themselves send it back to you.
This is there to stop fraud from taking place because in bitcoin's system there is no need for a trusted third party. For example, if you go to a store and buy something with bitcoin, you can't reverse the transaction after you leave the store.
Remember that the best way to understand Bitcoin is through its Whitepaper.
Bitcoin's Whitepaper published by Satoshi Nakamoto in 2008 is fundamental to understanding bitcoin and blockchain technology. If you want to learn about bitcoin in simple terms and understand the bitcoin whitepaper in urdu/eng, This is one of the best sources:
https://www.youtube.com/watch?v=VmusvimRKWk
Hope it helps!
non reversible means cant be cancelled once confirmed
refundable means the recipient can move the funds back to you after confirmation.
bitcoin is non reversible. but is refundable
refundable means the recipient can move the funds back to you after confirmation.
bitcoin is non reversible. but is refundable
Bitcoin transactions aren't reversible..
Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
You are having a misconception between things. Your scenario is a possible thing. But it is like playing your btc. And playing btc makes you lose some of it, probably when you receive the btc back to address "A" then you might be receiving .998 btc. If the fee would be .001 btc each. Due to lack of awareness about crypto, I'm still confuse at this topic. Does it mean something like this,
I send 1BTC to address "B" from Address "A". Next I try to send back that 1BTC to address "A" from address "B". Is it an impossible thing?
On irreversible, it only says that once you processed a withdrawal, you can never reverse it. For example, you sent your btc to a different address. You can never get it back now.
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