Crypto Basics | Why can’t on-chain transfers be reversed?
When you withdraw from an exchange, if the request has already been broadcast to the blockchain, the platform can’t cancel it. You can only try to cancel it before it’s broadcast.
This irreversibility is a benefit for the recipient: once a transfer has received enough confirmations, there’s no need to worry about the sender changing their mind and reversing it.
While we’re at it, here’s a quick look: $BTC is currently at 83412.04, down 0.76% over 24 hours.
If you don’t understand a product yet, don’t take a large position in it. Start by practicing with a small amount.
#BTC
When you withdraw from an exchange, if the request has already been broadcast to the blockchain, the platform can’t cancel it. You can only try to cancel it before it’s broadcast.
This irreversibility is a benefit for the recipient: once a transfer has received enough confirmations, there’s no need to worry about the sender changing their mind and reversing it.
While we’re at it, here’s a quick look: $BTC is currently at 83412.04, down 0.76% over 24 hours.
If you don’t understand a product yet, don’t take a large position in it. Start by practicing with a small amount.
#BTC