Crypto Basics | Why can’t on-chain transfers be reversed?
Blockchains don’t have a chargeback mechanism like banks do. If you send coins to the wrong address, you can only get them back if the recipient voluntarily returns them. If they don’t cooperate, there’s basically nothing else you can do.
Irreversibility on-chain protects recipients: once a payment has enough confirmations, they don’t need to worry about the sender changing their mind and reversing it.
Here’s a real-time price update: $BTC reports 73720.09, down 1.13% over 24 hours.
Knowledge can help you avoid some pitfalls, but it can’t replace risk management.
Blockchains don’t have a chargeback mechanism like banks do. If you send coins to the wrong address, you can only get them back if the recipient voluntarily returns them. If they don’t cooperate, there’s basically nothing else you can do.
Irreversibility on-chain protects recipients: once a payment has enough confirmations, they don’t need to worry about the sender changing their mind and reversing it.
Here’s a real-time price update: $BTC reports 73720.09, down 1.13% over 24 hours.
Knowledge can help you avoid some pitfalls, but it can’t replace risk management.