can you reverse or cancel a bitcoin transaction? - page 3.

Twinkledoe

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Quote from: pushups44 on April 02, 2019, 03:41:04 PM

No, bitcoin cannot be reversed or canceled. However, there will probably be services to reverse or cancel bitcoin transactions in the future as a layer 2 solution. Bitcoin's irreversibility is what makes it both valuable and frightening to the average person.

I like what you said here. Frightening to the average person but it's true. If you are not a real crypto user and a crypto user told you about this thing, you will hesitate to use crypto because of this aspect. But once you get oriented with crypto, you should know how to double check, triple check your transactions before pressing the confirm button.

CaVO32

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Quote from: earnfreecoins on April 02, 2019, 04:15:16 PM

Quote from: dunfida on April 02, 2019, 04:05:55 PM

Quote from: earnfreecoins on April 02, 2019, 03:49:13 PM

Quote from: hyunee on April 02, 2019, 03:42:23 PM

In hitbtc, you can. Once you ordered to send the money and confirmed it you can always cancel it but the fee will be reduced. So if your money is. 05 btc and the fee is .0015 btc then when you cancel it, the funds you can get is only. 0485 btc.

It can be done by the exchanges only as they will do by their own pocket but in blockchain bitcoin transaction cannot be cancelled once it is confirmed by the blockchain. Until the transaction is not confirmed or included in the block it will get cancelled for example if you have set very low fee then your transaction will get cancelled automatically after some time as no miner will included it in their block.

Well said but i would like to clarify that theres no cancelation of your transaction if you do set out very low fee.Its still broadcasted on the network but
due to low fee it would have the tendency or chances that it will got stuck or wont confirm at all yet it wont be pushed by miners but on the current condition
theres no problem with fee though yet they are on the lowest possible amount.

Ya you are right that right now the fees is low but in past when the fees was high that time if you have set very low fee then it can cancelled automatically after some time/days. As it is not broadcasted by any miner. I have experienced this as once in that time i had set low fee and was waited for more then a week for my transaction to get cancelled and then i got my coins back in my wallet.

the situation is still good because the money goes back to your wallet. what if the money comes from the exchange and you are sending your money to another exchange. and it got unconfirmed for a week. what is the next step for this? does anybody here experienced such situation from an exchange? and how did you approach that situation?

earnfreecoins

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Quote from: dunfida on April 02, 2019, 04:05:55 PM

Quote from: earnfreecoins on April 02, 2019, 03:49:13 PM

Quote from: hyunee on April 02, 2019, 03:42:23 PM

In hitbtc, you can. Once you ordered to send the money and confirmed it you can always cancel it but the fee will be reduced. So if your money is. 05 btc and the fee is .0015 btc then when you cancel it, the funds you can get is only. 0485 btc.

It can be done by the exchanges only as they will do by their own pocket but in blockchain bitcoin transaction cannot be cancelled once it is confirmed by the blockchain. Until the transaction is not confirmed or included in the block it will get cancelled for example if you have set very low fee then your transaction will get cancelled automatically after some time as no miner will included it in their block.

Well said but i would like to clarify that theres no cancelation of your transaction if you do set out very low fee.Its still broadcasted on the network but
due to low fee it would have the tendency or chances that it will got stuck or wont confirm at all yet it wont be pushed by miners but on the current condition
theres no problem with fee though yet they are on the lowest possible amount.

Ya you are right that right now the fees is low but in past when the fees was high that time if you have set very low fee then it can cancelled automatically after some time/days. As it is not broadcasted by any miner. I have experienced this as once in that time i had set low fee and was waited for more then a week for my transaction to get cancelled and then i got my coins back in my wallet.

dunfida

legendary

Activity: 3122

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Quote from: earnfreecoins on April 02, 2019, 03:49:13 PM

Quote from: hyunee on April 02, 2019, 03:42:23 PM

In hitbtc, you can. Once you ordered to send the money and confirmed it you can always cancel it but the fee will be reduced. So if your money is. 05 btc and the fee is .0015 btc then when you cancel it, the funds you can get is only. 0485 btc.

It can be done by the exchanges only as they will do by their own pocket but in blockchain bitcoin transaction cannot be cancelled once it is confirmed by the blockchain. Until the transaction is not confirmed or included in the block it will get cancelled for example if you have set very low fee then your transaction will get cancelled automatically after some time as no miner will included it in their block.

Well said but i would like to clarify that theres no cancelation of your transaction if you do set out very low fee.Its still broadcasted on the network but
due to low fee it would have the tendency or chances that it will got stuck or wont confirm at all yet it wont be pushed by miners but on the current condition
theres no problem with fee though yet they are on the lowest possible amount.

earnfreecoins

newbie

Activity: 22

Merit: 1

Quote from: hyunee on April 02, 2019, 03:42:23 PM

In hitbtc, you can. Once you ordered to send the money and confirmed it you can always cancel it but the fee will be reduced. So if your money is. 05 btc and the fee is .0015 btc then when you cancel it, the funds you can get is only. 0485 btc.

It can be done by the exchanges only as they will do by their own pocket but in blockchain bitcoin transaction cannot be cancelled once it is confirmed by the blockchain. Until the transaction is not confirmed or included in the block it will get cancelled for example if you have set very low fee then your transaction will get cancelled automatically after some time as no miner will included it in their block.

hyunee

full member

Activity: 476

Merit: 100

In hitbtc, you can. Once you ordered to send the money and confirmed it you can always cancel it but the fee will be reduced. So if your money is. 05 btc and the fee is .0015 btc then when you cancel it, the funds you can get is only. 0485 btc.

pushups44

sr. member

Activity: 868

Merit: 281

No, bitcoin cannot be reversed or canceled. However, there will probably be services to reverse or cancel bitcoin transactions in the future as a layer 2 solution. Bitcoin's irreversibility is what makes it both valuable and frightening to the average person.

MarioV

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There are some rigid and non-modifiable certainties for bitcoins: one of these is the immutability of a transaction. Once done, you can't go back. Luckily.
This is precisely one of the greatest values attributed to bitcoin.

Eclipse2021

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Sorry mate but as far as I know there are no ways to reverse a transaction once it has been procesed into blockchain...I did a mistake like this once and since then when I make crypto payments I make sure that every input is corect before sending it...

maldini

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can't, and so far I've never seen anyone who can do it.
Therefore, it is expected to be careful when dealing with bitcoin transactions, make sure everything is correct and in consciousness
If there is a mistake then it will be complicated and make you regret

gabmen

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Quote from: minersday on March 31, 2019, 05:13:46 PM

Once you click on the send button, your transaction can't not be reversed or cancelled. I wish this aspect of Bitcoin could be upgrade to help people cancel their transaction request if the transactions has not yet been confirmed by the blockchain network. Such upgrade is going to transform the whole nature of the bitcoin ecosystem.

Well probably for those transactions that are still in queue yes, but for already completed transactions, i highly doubt that it'll change. Users should be cautious in pressing that send button for now to avoid losing coins since there's no way it can be revoked once completed.

BennyK

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Verified of confirmed transaction cannot be reversed because it is already mined and added to the Block. This is why several attempts has been made on the forum to create awareness on the necessity to double-check and if possible check as many times as possible the amount to be sent and the receiving address before sending.

santiPOGI

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Think before you click as everyone says.
Always to just not triple check the transaction before sending it as it is permanent and cannot be undone.
Blockchain technology is great, once done it will be history!

minersday

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Once you click on the send button, your transaction can't not be reversed or cancelled. I wish this aspect of Bitcoin could be upgrade to help people cancel their transaction request if the transactions has not yet been confirmed by the blockchain network. Such upgrade is going to transform the whole nature of the bitcoin ecosystem.

jerrison

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Activity: 1442

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bitcoin transaction and blockchain technology in general is known for its irreversible and un-cancellable transaction feature so when a transaction is initiated in the blockchain space, it does not get cancelled or reversed as the technology was not designed in that light

Ucy

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Not possible as far as I can tell . Though I have read couple of suggestions about making this possible only on side chain or with other applications while leaving the main chain irreversible. If you understand the idea behind irreversible transactions, you wouldn't worry too much about it.
Only unconfirmed transactions can be reversed I think.

bhabygrim

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I think once it is already sent or the transaction is already out,
There is nothing that we couldn't do with it but to wait till it is confirmed.
We couldn't reverse or cancel a Bitcoin transaction once it is made.

aioc

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This is one of Bitcoin's strongest and most liked feature, without this feature and decentralization, Bitcoin will not be this popular, so be sure that before you send that coins, you are 100% sure that you want to do that unless you are sending it to a company which offers reversal.

levyashin

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If that was possible i don't think bitcoin will have the popularity right now. It is what it should be also. I mean if you do a money transfer can you reverse that?

Nasty23

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Quote from: Ojengonggu on March 30, 2019, 06:32:01 PM

we already know that all the bitcoin transactions that have been running, it is impossible to cancel because at that time the data block has begun to be resolved and this is not a transaction like what happens to cash that we can withdraw, so be careful in making wise transactions every time we place an order for bitcoin transactions, we know the risk

I agree with you, that it is impossible to cancel or reverse every bitcoin transaction that's why it is very important for us to study it first before doing any transactions so that we would not regret for what we have been done but we will receive a benefits from it because in that way we can use and transact any amount of money wherever we are.

Topic: can you reverse or cancel a bitcoin transaction? - page 3. (Read 1182 times)