How can i reverse a Bitcoin transaction? - page 2.

Dr.Bitcoin_Strange

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Quote from: iBaba on April 28, 2023, 02:27:14 PM

Does this imply that I have lost my BTC and will never be able to reverse or recover it?

Yes, and just as others have told you, there is no way you can get back your spent bitcoin; the only way would be if you had known the person you sent it to, but since you don't, that means your bitcoin is gone. sorry.

As a Bitcoiner, when dealing with wallet transactions or payments with Bitcoin, you should be very careful. Make sure to check the wallet over and over again. If you don't feel convinced enough, you can still call the recipients to inquire if the address still belongs to them. I think a lot of crypto users may have made the mistake of sending their Bitcoin or other coins to the wrong address, but for you, just try not to make the mistake next time.

BitMaxz

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Double spending is the only way for unconfirmed transactions to send the BTC back to your wallet but the problem is it's only done on the congested network where the transaction is still unconfirmed and if it's not RBF enabled then you can't double spend.

I never sent a BTC to the wrong address if I were you before you send BTC always make sure or double check the address or before you deal with someone always research and ask to someone trusted to avoid this issue in the future this is not the same as Pay Pal that you can dispute and reverse the transaction.

_BlackStar

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Quote from: iBaba on April 28, 2023, 02:27:14 PM

For example, suppose I transfer a BTC worth 0.00023 to another address and the transaction is completed, but I later realize that it was sent to the wrong address or that I sent in excess to the next address owing to human shortcomings, after which I can't reach out to the recipient directly.

Does this imply that I have lost my BTC and will never be able to reverse or recover it?

Is there no way or platform to reverse erroneous transactions, especially when the reasons are genuine?

Thanks in anticipation!

There is no way to cancel transaction once it has been confirmed, but double spending is possible as long as the transaction has not been confirmed. So if you have made wrong transaction, especially if it has been confirmed, then there is only one way, ask the recipient to send your bitcoin back or let it go.

Some wallets allow you to double spending, while others may not. Even if you still might cancel the transaction, the wallet you use must also support double spending.

Smartvirus

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Quote from: BitcoinPanther on April 28, 2023, 03:13:39 PM

You can use RBF and send it to other address in order to cancel your transaction. Meaning you need to double spent your Bitcoin where you send another transaction with higher fee to replace the current transaction. Read this article to know about double spending.

Yeah, I have done this a few times and attend some great success with it although, I was sending the transaction to an exchange but, cancellation wasn't the intent but, that's what did result. Having to send either same amount with a higher fee and broadcast on the network would cancel an unprocessed transaction running on the same wallet.

So yeah, it's possible before confirmation and not after. Once there is as much as one confirmation on the transaction, its all gone. Not being able to reach out to your recipient for a reverse simply confirms it.

Baofeng

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[quote author=iBaba link=topic=5450545.msg62164306#msg62164306 date=1682710034]
For example, suppose I transfer a BTC worth 0.00023 to another address and the transaction is completed, but I later realize that it was sent to the wrong address or that I sent in excess to the next address owing to human shortcomings, after which I can't reach out to the recipient directly.

Does this imply that I have lost my BTC and will never be able to reverse or recover it?

Is there no way or platform to reverse erroneous transactions, especially when the reasons are genuine?

Thanks in anticipation!
[/quote]

Bitcoin transactions are irreversible, you can read the reasoning of Satoshi in the Whitepaper, specially in the "Introduction".

[img width=450]https://talkimg.com/images/2023/05/16/blobdd4c237912d0e30e.png[/img]

https://bitcoin.org/bitcoin.pdf

So may I suggest for newbies or even for those who have been in Bitcoin and crypto market in general to read the Whitepaper if we have doubts about it.

Cryptomultiplier

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I like this thought pattern. However, with even a centralized exchange it is quite impossible, let alone a decentralized network that doesn't have a backdoor or physical office where you could easily go to lay complaint.
This is one reason why it is always advisable to triple check if possible, the receiver/recipients address before completing a transaction, otherwise once it is sent, it is sent, unless if you meet a person who is humane enough to refund after a mistake BTC transaction.

coupable

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I regret to inform you that you lost that bitcoin forever if you sent it through the main bitcoin network and not through a centralized third party. The amount that you mentioned is not that big, and it can be considered as a price for the lesson that you learned by verifying the recipient’s address several times before broadcast the transaction. In general, if you use any Bitcoin wallet, warning messages will appear before sending to verify the recipient address and amount.
The only case in which a transaction can be rebroadcasted is before it has been confirmed on the network. Unfortunately, this feature is not available on all wallets.

Saint-loup

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Quote from: Nwada001 on April 28, 2023, 02:28:41 PM

You can't reverse any completed transaction if it's sent to the wrong address; it's lost forever, and there are no two ways about it; you just have to accept the loss and move on. It's only on a centralized system that there could be the possibility of a reverse transaction, but as far as Bitcoin is concerned, there are zero chances of recovery.

Unless the person you mistakenly sent it to will receive it and decide to send it back to you, which I have never come across in the history of lost transactions.

Not all people are dishonest and I have heard several stories of people returning funds. In addition it's not safe to keep funds from an unknown source, because unlike fiat cash money, all transactions are publicly registered on the blockchain, and you can get troubles if the funds are dirty.
If the mistaken address belong to someone and iBaba put an announce here along with a signed message from the address he used to send the funds, he can maybe get back his funds from the receiver.

BitDane

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Quote from: The Cryptovator on April 28, 2023, 03:36:19 PM

Imagine purchasing goods from a store using Bitcoin and being able to reverse the transaction after leaving the store. Sounds intriguing, right? However, this raises a question about the true decentralization of the transaction. The fact is, once a transaction is confirmed by the blockchain, it cannot be reversed. The blockchain doesn't differentiate between a correct or incorrect address, it simply confirms transactions based on the fees paid. If funds are sent to an incorrect address, they are irrecoverable unless the address owner is known. Thus, the permanence of blockchain transactions reinforces its decentralized nature.

There is a condition where the transaction is irreversible. The condition is being confirmed. Unconfirmed transaction is susceptible to double spending and cancellation, this is another reason why merchants and exchanges do not send or deliver item or services unless it has 2 or 3 confirmation.

Bitcoin transaction is immutable once there is a sufficient confirmation. There are cases where a transaction needs a number of confirmation to be labeled safe or secured just like what this article is talking about.

The Cryptovator

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Imagine purchasing goods from a store using Bitcoin and being able to reverse the transaction after leaving the store. Sounds intriguing, right? However, this raises a question about the true decentralization of the transaction. The fact is, once a transaction is confirmed by the blockchain, it cannot be reversed. The blockchain doesn't differentiate between a correct or incorrect address, it simply confirms transactions based on the fees paid. If funds are sent to an incorrect address, they are irrecoverable unless the address owner is known. Thus, the permanence of blockchain transactions reinforces its decentralized nature.

kawetsriyanto

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When the transaction is completed, you have no chance to reverse the Bitcoin yourself. As far as I know, there is no application/tool to reverse it yourself.

It's the same as you send a good/item. Once it arrives at its destination, you can't take it back yourself. You need the help of the person you sent the BTC, kindly ask him to send back the BTC. If he is a good person, he probably sends back your Bitcoin. But if he refuses it, you lose your BTC forever.

In addition, if you send it on CEX, you can ask for help from customer services. They may help you or give you a solution!

Anyway, it is a must to be careful and always check again the destination address before you decide to send your BTC!!

BIT-BENDER

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If the required confirmation has been reached I am sorry to say that the transactions has been completed and there is no calling back.
Crypto-currency isn’t like the banking system that you can call back after transactions has been sent.

Quote from: iBaba on April 28, 2023, 02:27:14 PM

Is there no way or platform to reverse erroneous transactions, especially when the reasons are genuine?

Now what platform did you use to perform the transactions if it’s from your private wallet like Ethereum which is decentralized and the required confirmations has been reached then there is nothing you can do, but if it’s on a centralized exchange that requires KYC then depending on the efforts of the exchange or government involvement the receiver who has giving out their information can be reached but all this is another tedious process that may not still yield any results.

BitcoinPanther

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There is a confirmation window where you can cancel your transaction. Unless your transaction is confirmed, you can be able to cancel your transaction. You can use RBF and send it to other address in order to cancel your transaction. Meaning you need to double spent your Bitcoin where you send another transaction with higher fee to replace the current transaction. Read this article to know about double spending.

Take note, once the transaction is confirmed, it can never be reversed or it is harder to reversed and may need a huge amount of resources which is possibly we cannot afford. Only unconfirmed transaction has the huge possibility to be reversed or cancelled.

Quote

How to Reverse Unconfirmed Transactions?
There is no sure way to reverse a Bitcoin unconfirmed transaction. However, there are a few methods that may work, depending on the situation:

If the transaction is stuck because it pays too low a fee, you can sometimes use a service like Replace-By-Fee (RBF) or Child Pays For Parent (CPFP) to increase the fee and get it confirmed.
If the transaction is double-spent, you may be able to use a service like Replace-By-Fee to replace it with a higher-fee transaction.
If none of the above methods works, you may have to wait for the transaction to eventually confirm, or simply cancel it and send a new transaction.

here is another article[1] that explains how to cancel unconfirmed Bitcoin transaction.

[1] https://guardian.ng/business-services/business-roundup/how-to-cancel-a-bitcoin-transaction-if-unconfirmed/

Charles-Tim

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Quote from: iBaba on April 28, 2023, 02:27:14 PM

Does this imply that I have lost my BTC and will never be able to reverse or recover it?

Before you broadcast a bitcoin transaction, check and recheck the recipient address. Any bitcoin transaction with 1 confirmation can not be reversed anymore.

If the transaction support RBF and not yet confirmed, you will be able to reverse it before it got confirmed. But if got confirmed, it can not be reversed anymore.

Hyphen(-)

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Quote from: iBaba on April 28, 2023, 02:27:14 PM

Does this imply that I have lost my BTC and will never be able to reverse or recover it?

Yes the Bitcoin is gone.
It is important to double-check the wallet address you are sending your Bitcoin to before sending it, as well as to ensure that the amount you are sending is the correct amount you are supposed to send, to avoid mistakes because Bitcoin transactions are irreversible.

Quote

Is there no way or platform to reverse erroneous transactions, especially when the reasons are genuine?

Thanks in anticipation!

I don't think so because the transaction is anonymous; unless you know the person to whom you sent the Bitcoin, in which case you will ask him to return the remaining balance, otherwise it will be lost forever.

Nwada001

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You can't reverse any completed transaction if it's sent to the wrong address; it's lost forever, and there are no two ways about it; you just have to accept the loss and move on. It's only on a centralized system that there could be the possibility of a reverse transaction, but as far as Bitcoin is concerned, there are zero chances of recovery.

Unless the person you mistakenly sent it to will receive it and decide to send it back to you, which I have never come across in the history of lost transactions.

iBaba

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For example, suppose I transfer a BTC worth 0.00023 to another address and the transaction is completed, but I later realize that it was sent to the wrong address or that I sent in excess to the next address owing to human shortcomings, after which I can't reach out to the recipient directly.

Does this imply that I have lost my BTC and will never be able to reverse or recover it?

Is there no way or platform to reverse erroneous transactions, especially when the reasons are genuine?

Thanks in anticipation!

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