A beginner asked me about this a couple of days ago, so I thought I’d write it down.
When you withdraw funds from an exchange, once the withdrawal request has been sent to the blockchain, the platform can’t cancel it. It can only be canceled before it’s broadcast.
This irreversibility protects the recipient: once a transfer has received enough confirmations, they don’t have to worry about the sender changing their mind and taking it back.
For reference, the market data is: $BTC , current price 80711.59, 24h +4.25%.
If I missed anything, let’s chat in the comments.
When you withdraw funds from an exchange, once the withdrawal request has been sent to the blockchain, the platform can’t cancel it. It can only be canceled before it’s broadcast.
This irreversibility protects the recipient: once a transfer has received enough confirmations, they don’t have to worry about the sender changing their mind and taking it back.
For reference, the market data is: $BTC , current price 80711.59, 24h +4.25%.
If I missed anything, let’s chat in the comments.