When asked, “Why can’t on-chain transfers be reversed?”
I usually answer like this: A wallet can only check whether an address is correctly formatted; it can’t tell who the address belongs to. If you enter the wrong person’s address, the transfer will still go through. The irreversibility of on-chain transactions protects the recipient: once the funds have been sufficiently confirmed, there’s no need to worry about the sender reversing the payment afterward.
$BTC 73830.01 (-0.78%)
If you have friends who are new to crypto, feel free to share this with them.
Whether to buy is up to you—I’m just sharing.
I usually answer like this: A wallet can only check whether an address is correctly formatted; it can’t tell who the address belongs to. If you enter the wrong person’s address, the transfer will still go through. The irreversibility of on-chain transactions protects the recipient: once the funds have been sufficiently confirmed, there’s no need to worry about the sender reversing the payment afterward.
$BTC 73830.01 (-0.78%)
If you have friends who are new to crypto, feel free to share this with them.
Whether to buy is up to you—I’m just sharing.