Other than just having access to paper money and physical coins, most people have already tasted the sweetness of digital currency. It is just a matter of time before a great attention shifts to cryptocurrencies and the digital coins. For sure Bitcoin and the other major currencies have offered alternative payment systems without any central control and regulations.
The road to achieving success in every aspect can be very bumpy and this is not any different in the world of cryptocurrency. Many have registered great success stories in this risky venture. But have we for a second stopped to listen to some of their mishaps? Cryptocurrency world has some very sad and disappointing ordeals as well.
Well, the concept of cryptocurrency trading being full of uncertainties and associated with erroneous risks cannot be emphasised any further. Before you get in, you must first learn that there are risks involved and so must be ready to learn how to deal with them. They say once you confirm your crypto transactions it remains permanent. There is no possibility of cancellation, alteration or reversion.
Is it Possible to Cancel or Reverse a Crypto Transfer?
Numerous times have people been warned against some of the risks involved in crypto trading. Well, here is just one of them. One fact is that in the banking halls and with bank accounts, cancelling or reversing a bank transfer is very possible. In the cryptocurrency business, this is not possible,
The answer is a straight no. Once confirmed, transactions in the cryptocurrency remain permanent. It is not possible to make a reversal, a cancellation or even any form of alterations. There is absolutely no one who has succeeded or been able to reverse or cancel transactions once written to the blockchain.
This is literally true in the case of a sender or a receiver not excluding any other platforms either custodial or non-custodial. The reason behind this impossibility is attributed to the operational procedure of blockchains. Blockchains technological systems operations possess the principle of immutability.
Immutability? What does it Mean?
When you are told of something being immutable, what this simply means is that its current state is permanent. It cannot be changed by anything or anybody. Blockchain technology accomplishes the principle of immutability by cryptography and its hashing procedure.
Usually, a transaction is received by the blockchain network and time stamped and embedded in a block. Then the blocks are cryptographically secured through the hashing process that links it to the previous transaction block. The arrangement of the blocks is presented in a chronological order to form a chain. Hence the result of a blockchain.
It is the chronological linking that makes this chain unbreakable and it cannot be reversed no matter what. Transactions are part of the data contained in the blockchain stacks. It is therefore not possible to delete or try to modify this data once it has been embedded in the blockchain. Once a transaction has been verified and confirmed to be correct it cannot be cancelled, reversed, or even altered.
Sending a Crypto to the Wrong Address
This isn’t any different either. It is risky anywhere and thus there is need to exercise a lot of keenness and be extremely careful. If you send crypto to a wrong address, I can assure you that there is a possibility that it might be lost. Cryptocurrency traders mostly operate anonymously or pseudonymously. So, it is never easy finding out who is the owner of a particular address.
Anybody is able to access any public address, but it is only the owner of the address who is able to access funds. Reaching to an anonymous address is quite a hell of a task. Maybe you could try comparing the wrong to an address used in the past. This way you can at least try to trace the owner.
On the other hand, there are instances where you may send unsupported tokens to your wallet or send it to a wrong network. It is fine since there are well laid procedures that can help you recover your funds if such happens.
Returning a Cryptocurrency Transaction. Is it Possible through Coinbase?
They say sometimes all is never lost and Coinbase has rendered a platform that can allow you to recover your transaction. Coinbase is considered to be one of the easiest platforms where you can buy or sell cryptocurrency. Therefore, it is very vital that you can get to understand how Coinbase handles cryptocurrency transactions.
Coinbase offers a platform that ensures all returns reach the sender’s account. Even with the hope of recovering your funds, Coinbase doesn’t support cryptocurrency being reversed directly to the account it was sent from. It does not support a direct return into what is called the input address.
If a Coinbase user sends cryptocurrency from their crypto balance, it originates from a Coinbase hot address. Any crypto sent back to the Coinbase hot address would be definitely sent to Coinbase and not your crypto balance. However, there are options to choose from the well laid down procedure of recovery
- Ask the sender to sign in and select a crypto balance of their choosing and produce a new address by selecting RECEIVE.
- Send the transaction back to the sender’s registered Coinbase email address and the system will automatically match this to their account.
- Ask the sender to issue an address from their Coinbase account that will help them receive their refund through a matching refund procedure.
It is however important to note that Coinbase will only offer support to reception of specific cryptos. Any crypto being transferred to the address of another cryptocurrency will automatically be lost.