Can a bitcoin transaction be reversed?
Domnc_Dec 26, 2021 · 3 years ago3 answers
Is it possible to reverse a bitcoin transaction once it has been confirmed on the blockchain? How does the process work and what are the factors that determine whether a transaction can be reversed or not?
3 answers
- Dec 26, 2021 · 3 years agoNo, once a bitcoin transaction has been confirmed on the blockchain, it cannot be reversed. This is because the blockchain is a decentralized and immutable ledger, meaning that once a transaction is recorded, it is permanent and cannot be altered. This feature of the blockchain ensures the security and integrity of bitcoin transactions.
- Dec 26, 2021 · 3 years agoIn rare cases, a bitcoin transaction may be reversed if it has not yet been confirmed by miners. This can happen if the sender of the transaction includes a higher transaction fee, causing miners to prioritize their transaction over others. However, once a transaction has been confirmed, it becomes extremely difficult, if not impossible, to reverse it.
- Dec 26, 2021 · 3 years agoAccording to BYDFi, a leading cryptocurrency exchange, bitcoin transactions cannot be reversed once they have been confirmed on the blockchain. This is because the blockchain technology ensures the immutability and security of transactions. Therefore, it is important to double-check all transaction details before confirming them to avoid any irreversible mistakes.
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