Topic: Few cons to be aware of before going into Bitcoin - page 2. (Read 308 times)

Technically it's double spending the unconfirmed coins to one of our addresses but in Electrum it's terms as Cancel that is somewhat confusing to people who don't know what it actually is cause once the transaction is broadcasted there is no way to cancel the transaction even with zero confirmation, it can be dropped/purged from the network then we can reuse the funds again.

This is the part I was just trying to get, I know we can cancel unconfirmed transactions by sending it back to our own address which I have done this before. But what I was asking is that can we also spend those unconfirmed transaction to a total different wallet of our choice? I have not tried that out before which is why I’m asking that question I always used to believe that I can only cancel a transaction by sending it back to my personal wallet (which is the wallet I sent it from in the first place). I don’t know if I’m able to be clear enough or I have still made my self confused the more.

I do not understand what you post but I just want you to know that PytagoraZ is correct. If you are sent bitcoin and the transaction has not be confirmed, wallet like Electrum will let you see the unconfirmed coin and also able to spend it. Assuming I send you bitcoin and it is unconfirmed, I can cancel the transaction by sending the unconfirmed coin in another transaction to one of my own addresses. Only what you will notice is that you do not see the unconfirmed transaction anymore. Assuming if you spend the unconfirmed coin, it will become invalid as I use replace-by-fee to cancel the transaction by sending the unconfirmed coin back to my own address.

Change the Bitcoin address to what? I taught it only gives you room to replace the receiver address with the senders address where the sender also becomes the receiver and you can then increase the fee which will make it replace the first transaction to the new one and get it confirmed fast or are we also allowed to change go what ever wallet of our choice as a replacement address?

As long as the transaction has not been confirmed by the network, we can cancel the transaction and change the bitcoin recipient address by increasing the transaction fee from before.


My country has regulations regarding bitcoin and crypto asset ownership. Additionally, if a company has a business license then it must comply with the same policies regardless of whether it uses a crypto or fiat investment system. But I agree that there are still many investment frauds in the crypto world, but there are also many in fiat so all the risks are the same, whether fiat or crypto

Yes. But if the transaction is not yet confirmed, it can be reversed.

But it has been the opposite. People are buying and the price is increasing more than decreasing. Bitcoin is an appreciative asset.

The reason it is not a depreciative asset, unlike the fiat control by the government which is a depreciative asset.

Bitcoin is decentralized. Do not be surprised that people in the countries it is not accepted are having it and trading it.

So, I just did a little research and I think this information is worth sharing, and will help the newbies around here.  And I'm open to other ones too

These are a few cons to take note of before doing BTC

• Irreversible:  Most of us know that BTC transactions are final and not reversible,  and as such, if you send to a wrong recipient or a wrong amount, it becomes a really sticky situation. A lot of people tend to keep their digital currency in a cryptocurrency wallet, which puts them at rusk of losing investments if there is no longer access to their private key.

•Volatility: Satoshi Nakamoto imposed a limit of 21million Bitcoins, and then, it was regarded as  totally scarce. That contributed to Bitcoin's value. But also contributes to price volatility. Bitcoin's decentralization also implies that no minimum valuation is guaranteed, that is to say, if a large group of investors stops using Bitcoin, and sells them off, the value would significantly drop , and people with large amount of the coin will be affected 💔

•No Government Regulations: While decentralization is  considered as an advantage of crypto, it can be seen as a disadvantage of Bitcoin, given that it implies there is no investment regulations.
Unlike a currency regulated by a Central Bank, Bitcoin transactions are not accompanied with legal protection, and given it's irreversibility, makes it scam prone.

•Not accepted everywhere: Even as the rise of cryptocurrency is upon us, Bitcoin, still isn't accepted just everywhere. Major companies now recognizes Bitcoin as a means if exchange, it's still not widely accepted. This puts a limit on where you can spend.