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Can you retrieve your Bitcoins back if sent to the wrong address?

Nov 12, 2017 Posted /  11566 Views

Can you retrieve your Bitcoins back if sent to the wrong address?

The bitcoin bug has bitten off many people around the world. This revolutionary concept of blockchain lets a person transact digital currency on a ledger based blockchain which is immutable. There are many people in the world who know the mechanism of sending and purchasing bitcoins very well, and there are people who are becoming aware of this virtual currency and learning to transact it. The mechanism for sending and purchasing bitcoin is very simple. But when a naive user tries to send bitcoin, often goofs up. This may happen if a user sends the bitcoin to the wrong address. What happens if you send it to the wrong address? Can they be retrieved back?

Be very watchful with the address

Point to be noted for any transaction related to bitcoin is to put the correct wallet address. Since, any transaction committed once, cannot be reversed back. So special care should be taken while submitting the wallet address. The only way by which Bitcoin can be received back is that to request the person to whom you have sent the bitcoins by mistake, to refund it. This simply implies that you should be very cautious with the people you are doing business or sending bitcoins to, such that they have an established reputation. However, Bitcoin can detect typo mistakes, so it won't allow you enter an invalid address. But precaution should be taken to enter the correct wallet address. The single technique to acquire your bitcoins back is if you are acquainted with and have the information of the person who controls that particular bitcoin address. You can get in touch with the receiver plus ask to give back your funds.There is nothing like declined or reject transaction in bitcoin; since the transactions that get included in a block are the ultimate one.

Bitcoin transaction are irreversible

The Bitcoin network transactions are created to be unalterable as well as we don’t have power over them. Consequently, take care whether you are sending your money to the correct person and in addition to this confirm your transactions information before you click send. For this reason, it is necessary to be careful when sending them. For all time it is suggested that you make sure that the address you are sending to accurately match the address of the recipient before sending. Further, cooperation from the recipient of the bitcoin possessing that address is the only way to retrieve your funds back. You can also submit a request concerning your issues to your respective wallet/exchange service provider.


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Tags: blockchain bitcoin digital currency Bitcoin network reverse transaction wallet address

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