Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Tribalchief on December 16, 2023, 08:31:46 PM
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Bitcoin transactions take place almost every minute globally, indicating frequent transfers of funds between wallet addresses. With a large number of transactions daily, there's a significant chance that individuals may mistakenly send Bitcoin to the wrong address. This can result from missing or incorrectly inputting the wallet address, device keyboard malfunctions. This topic sparked a debate between myself and some friends.
My Opinion:
1. When Bitcoin is sent to the wrong address, the funds are typically deducted from the sender, and the transaction is approved.
2. There is a 1/100 chance that someone else might receive the funds.
3. Bitcoin addresses for individuals are not closely related; the address generation process is not done alphabetically or numerically.
These were my viewpoints during the argument. The other person held a different opinion:
1. There is a higher chance, such as 80/100, that someone else would receive the money.
2. Bitcoin addresses are usually generated in alphabetical and numerical patterns.
In conclusion, we couldn't reach an agreement on the entire argument. I'm seeking opinion from the general public on this forum. I'll screenshot all the replies and send them to the person in a week from today.
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Bitcoin transactions take place almost every minute globally, indicating frequent transfers of funds between wallet addresses. With a large number of transactions daily, there's a significant chance that individuals may mistakenly send Bitcoin to the wrong address. This can result from missing or incorrectly inputting the wallet address, device keyboard malfunctions. This topic sparked a debate between myself and some friends.
My Opinion:
1. When Bitcoin is sent to the wrong address, the funds are typically deducted from the sender, and the transaction is approved.
2. There is a 1/100 chance that someone else might receive the funds.
3. Bitcoin addresses for individuals are not closely related; the address generation process is not done alphabetically or numerically.
These were my viewpoints during the argument. The other person held a different opinion:
1. There is a higher chance, such as 80/100, that someone else would receive the money.
2. Bitcoin addresses are usually generated in alphabetical and numerical patterns.
In conclusion, we couldn't reach an agreement on the entire argument. I'm seeking opinion from the general public on this forum. I'll screenshot all the replies and send them to the person in a week from today.
I remember that each block in the Bitcoin network is created every 10 minutes. The probability of sending coins to the wrong wallet is 1 in 1,000,000. By verifying the recipient's address, the likelihood of sending to the wrong address is significantly reduced. The same applies to security: using a separate device that is not susceptible to infection significantly reduces the risk of sending coins to the wrong wallet.
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I remember that each block in the Bitcoin network is created every 10 minutes. The probability of sending coins to the wrong wallet is 1 in 1,000,000. By verifying the recipient's address, the likelihood of sending to the wrong address is significantly reduced. The same applies to security: using a separate device that is not susceptible to infection significantly reduces the risk of sending coins to the wrong wallet.
I really appreciate your effort and explaination, but i think you are coming from an angle were the sender has verified the recipient's address.
Sometimes, we hear of clipboard malfunction: were copied items are sometimes altered. In such situation, would the transaction still be approved ?, Because i guess large number of f people making transfer lacks the patience going through the copied address due to it's length.
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I remember that each block in the Bitcoin network is created every 10 minutes. The probability of sending coins to the wrong wallet is 1 in 1,000,000. By verifying the recipient's address, the likelihood of sending to the wrong address is significantly reduced. The same applies to security: using a separate device that is not susceptible to infection significantly reduces the risk of sending coins to the wrong wallet.
I really appreciate your effort and explaination, but i think you are coming from an angle were the sender has verified the recipient's address.
Sometimes, we hear of clipboard malfunction: were copied items are sometimes altered. In such situation, would the transaction still be approved ?, Because i guess large number of f people making transfer lacks the patience going through the copied address due to it's length.
What do you mean? Is it altered with a different address? If so, there is no malfunction in that kind of scenario. There might be a chance that the website you are pasting the address into has been altering the address. Or possibly your computer device has malware that was called crypto relacing address virus. The transaction will be approved and the funds will be sent to the hacker.
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Sometimes, we hear of clipboard malfunction: were copied items are sometimes altered. In such situation, would the transaction still be approved ?, Because i guess large number of f people making transfer lacks the patience going through the copied address due to it's length.
Because you know some people don't have enough patience to check, double check Bitcoin address before broadcasting a Bitcoin transaction and signing it, I hope you don't belong to those careless people type.
Bitcoin transactions are irreversible, when you send it and it is confirmed, at least one confirmation, it's done, you lose your bitcoin forever. You only can get it back if the receiver returns it to you. That chance is very slim.
- Irreversible transactions (https://en.bitcoin.it/wiki/Irreversible_Transactions)
Spending like 30 seconds to check an address, 1 minute to check it two times, won't cost you anything than a little bit time. If you don't spend time, you will lose something bigger, your bitcoin.
In case you are a receiver, you will have to wait for at least 1 confirmation or even more, depends on value of the transaction, before you consider it is done, and release money to your trade partner.
- How many Bitcoin confirmations is enough? (https://blog.lopp.net/how-many-bitcoin-confirmations-is-enough/)
- Bitcoin confirmation risk calculators
- https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
- https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html
- 1 confirmation: sufficient for small payments less than $1,000.
- 3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.
- 6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.
- 10 confirmations: suggested for large payments greater than $1,000,000.
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Well, I don't want to dable into the technicalities of this whole sending bitcoin to the wrong address and the possibilities of possibly getting those bitcoins back, because I am not too knowledgeable when it comes to the technical side of bitcoin.
One thing I've always believe is that, if one mistakenly sends bitcoin to the wrong address, whether someone somewhere got the funds or not, the fact remains that those bitcoins are lost, and the possibilities of getting it back is as good or bad as zero.
The only way the sender can get that money back is if the person that received it is a good Samaritan and decided to send the funds back to the same address it came is came from, though the chances of this happening is always very low due to the anonymity with cryptocurrencies, that is, transactions can't be traced to a particular person except on occasions some people make their bitcoin address public.
So, the best advice is, avoid making the mistake of sending bitcoin to a wrong address, whether someone receives it or not, a loss is always a loss.
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there's a significant chance that individuals may mistakenly send Bitcoin to the wrong address. This can result from missing or incorrectly inputting the wallet address, device keyboard malfunctions. This topic sparked a debate between myself and some friends.
Actually, there is no need for a long debate regarding this matter. because no matter how many transactions occur, basically it is still each individual who will determine whether to transfer to the wrong address or not. If you look at it from several angles, it could be due to someone's negligence, carelessness or inaccuracy when sending Bitcoin to a certain address. or because you are in a rush so you can't do it again on the actual Bitcoin Wallet address you are going to. So this causes the wrong Bitcoin sending address to be sent.
It cannot be denied that several of these cases have occurred and most of them were due to inaccuracy in inputting the address and also not carrying out the crosscheck process first. So delivery errors often occur. even though if it's wrong like that then we can't take it back unless the recipient is happy or voluntarily returns the Bitcoin to our wallet. Indeed, that might happen, but on the one hand, it will be difficult to find honest people like that, especially in the online world. Especially if the recipient really doesn't know who we are.
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You made the answers to the doubt that the OP has a little more complicated.
The chances of sending Bitcoin to the wrong address are quite small, where the error is a typo. Addresses are not determined randomly, but using hashing algorithms, and every wallet should indicate "Invalid address" if accidentally changing a few characters inside.
The most common mistakes are copy/paste wrong addresses, and that's a more complicated story. From simple carelessness to clipboard malware
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There are two things, the Bitcoin Blockchain has built-in checks to avoid and prevent users from sending Bitcoin to an invalid or a non-existent wallet address. So if you mistakenly send a Bitcoin to a wrong Bitcoin address, except the address belongs to another user( which the chances are very slim) then the transaction will fail and your would still be intact.
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No one can send Bitcoin to an incorrect address, if you send Bitcoin to a correct address then before 4 confirmation you can delete the transaction but you will incur a fee. Electrum wallet gives that feature. If you input the correct but the Bitcoin went to someone else then there is a malware in your device. I personally verify the address that I want sent Bitcoin to on blockchair and do check the first three and the last three digits of the address twice.
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Your opinion is mostly right. If Bitcoin is sent to the wrong address... the money is taken from the sender account and the transaction is approved. But it's not as simple as saying there is a 1 in 100 chance that someone else will get the money. It depends on different things, like how unique the recipient's address is and how likely it is for someone else to randomly create the same address.
If you make any mistakes in the address so the website you are using will indicate that your address is wrong because the addresses are unique. And if the transaction is approved so there is no way to get it back. So be careful while making a transaction.
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And if the transaction is approved so there is no way to get it back. So be careful while making a transaction.
Yes but some wallets makes it possible for you cancel a transaction before the confirmations are complete, meaning if on the process of waiting for the transaction to be confirmed, you eventually realize that you've sent the Bitcoin to a wrong wallet, you could still cancel the transaction, but it'd require a fee.
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I remember that each block in the Bitcoin network is created every 10 minutes. The probability of sending coins to the wrong wallet is 1 in 1,000,000. By verifying the recipient's address, the likelihood of sending to the wrong address is significantly reduced. The same applies to security: using a separate device that is not susceptible to infection significantly reduces the risk of sending coins to the wrong wallet.
I really appreciate your effort and explaination, but i think you are coming from an angle were the sender has verified the recipient's address.
Sometimes, we hear of clipboard malfunction: were copied items are sometimes altered. In such situation, would the transaction still be approved ?, Because i guess large number of f people making transfer lacks the patience going through the copied address due to it's length.
The responsibility for sending funds to the wrong address lies with the user. Holding cryptocurrency on a device that is vulnerable to viruses, trojans, and other vulnerabilities is a mistake. It is recommended to use cold, multi-signature, hardware wallets for maximum security. Ultimately, human error is often the cause of these issues.
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No one can send Bitcoin to an incorrect address, if you send Bitcoin to a correct address then before 4 confirmation you can delete the transaction but you will incur a fee.
I would like you to check this first before claiming such things. Have you tried stopping the transaction after the second or third confirmation?
Even if it were possible, it would not be of much use (except for fraudsters) because we only see such errors when it is already quite late.
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No one can send Bitcoin to an incorrect address
Everyone can make that mistake if the sender is careless, no double check, triple check or a device is infected with malware.
if you send Bitcoin to a correct address then before 4 confirmation you can delete the transaction but you will incur a fee.
If it is deleteable, reversible even after 1 or 4 confirmations, why do you still use Bitcoin blockchain for money transfer?
It is not safe if a transaction can be reverted.
I would like you to check this first before claiming such things. Have you tried stopping the transaction after the second or third confirmation?
Even if it were possible, it would not be of much use (except for fraudsters) because we only see such errors when it is already quite late.
That is a shit post and I really don't understand why pakhitheboss made it. ::)
He even did not read my post there (https://www.altcoinstalks.com/index.php?topic=313299.msg1455755#msg1455755). It is at the same page of his reply but he did not read.
- 1 confirmation: sufficient for small payments less than $1,000.
- 3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.
- 6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.
- 10 confirmations: suggested for large payments greater than $1,000,000.
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Before Bitcoin is sent to the wrong address, it's either the sender mistakenly copied the wrong address or sent the coin to the old address of the receiver, which they no longer have access to, but definitely the bitcoin will be delivered to that address.
If the sender deletes one letter from the wallet address, which is a combination of 42 scattered letters, then there will be an error message stating that the wallet is not correct. But if they delete one or more letters and replace them with another letter, I think that the bitcoin may still be delivered to that address. The way to confirm if the bitcoin was delivered to such addresses is to scan the address on Blockchair.
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Before Bitcoin is sent to the wrong address, it's either the sender mistakenly copied the wrong address or sent the coin to the old address of the receiver, which they no longer have access to, but definitely the bitcoin will be delivered to that address.
They are two situations but there are more such as malwares will change address and send it to the address of hacker rather than address of receiver.
I would like to always check address two or three times and always do a mini transaction to test. If it comes to a right address of the receiver and I get confirmation from the receiver, I will complete the trade with rest value on a second transaction.
Bitcoin transaction is irreversible when it is already confirmed by miners with at least one confirmation. After it has 1 confirmation and more, you lose that bitcoin and can not revert it back to you.
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Let's assume there really is an error either it's on your fault, internet, your device or whatsoever possible factors since Bitcoins transactions are irreversible therefore you are generous enough to accidentally copied someone's Bitcoin address on your clipboad and then it's gone. Lucky for you if you set super low fees on that transaction as it took too long to confirm and you still have time to cancel that or else you will end up bankrupt depending on how much you've sent. But yeah this is an isolated case so no worries.
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As far i know that Bitcoin transactions are irreversible.Once a transaction is confirmed and added to the blockchain, it cannot be undone.This means that if you send Bitcoin to the wrong address, you are unlikely to be able to recover it.you can try to contact them and explain the situation.They may be willing to return the funds to you, although there is no guarantee.
Some cryptocurrency exchanges and wallets have customer support services that you can contact in such situations.While they may not be able to reverse the transaction, they may be able to provide guidance or assistance. Some cryptocurrencies and platforms offer features like reverse transactions or multi-signature wallets that can provide an extra layer of security and protection against mistakes.
Prevention is key in avoiding such mistakes in cryptocurrency.
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You can mistakenly send your funds into a wrong BTC address if you are attacked by a clipboard malware that changes your address into that of a scammer, or if you are attacked by dust and you copy the scammers address from your wallet tx history instead of from your address' tab. These are the ways you can send funds to a scammer.
However, if you are using a good wallet software and you make a mistake with one or two characters, the address becomes an invalid address and your wallet should notify you about that, in order for you to double check and correct your mistake.
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No one can send Bitcoin to an incorrect address, if you send Bitcoin to a correct address then before 4 confirmation you can delete the transaction but you will incur a fee. Electrum wallet gives that feature.
Wait a minute!!!!!!!!!!!!!!
You say you can delete a transaction from your electrum wallet after 3 confirmations?
On what planet is that possible?
1. When Bitcoin is sent to the wrong address, the funds are typically deducted from the sender, and the transaction is approved.
2. There is a 1/100 chance that someone else might receive the funds.
Completely false!
First!
There is a 1 in 232 chance of mistyping a valid address, that's 1 in 4.2 billions (and a bit)
Second!
There are 2160 possible addresses and only around 231 addresses ever used.
So, let me put this in numbers:
You have a 1 in 4294967296 chance to hit one of the 1461501637330902918203684832716283019655932542976 valid addresses out of which the 1239567421 addresses ever used by somebody!
That means after getting a valid address from your mistype you have a 1 in 1179041667076812101276173901275212764594 chance to hit a previously used address!
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However, if you are using a good wallet software and you make a mistake with one or two characters, the address becomes an invalid address and your wallet should notify you about that, in order for you to double check and correct your mistake.
Yeah that's the advantage when you use a third-party wallet such as Ledger or Electrum, but what you need to pay attention to now is that when you want to make a transaction in Bitcoin, it seems like the focus is on providing information like that, including that when you are at the exchange, there will be several confirmations when you want to do it. When sending assets in the form of Bitcoin, make sure you look at the network used, and the recipient's address must match, because if it differs by one letter, the asset will move to another wallet.
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Completely false!
First!
There is a 1 in 232 chance of mistyping a valid address, that's 1 in 4.2 billions (and a bit)
I don't know if you manually type your address during transactions, as I find it an unreasonable method for inputting 42 sensitive characters. Why not use the normal copy-and-paste approach? Also, what makes you think it's impossible to make a mistake while typing 42 characters?
Second!
There are 2160 possible addresses and only around 231 addresses ever used.
So, let me put this in numbers:
You have a 1 in 4294967296 chance to hit one of the 1461501637330902918203684832716283019655932542976 valid addresses out of which the 1239567421 addresses ever used by somebody!
That means after getting a valid address from your mistype you have a 1 in 1179041667076812101276173901275212764594 chance to hit a previously used address!
I think this explaination makes sense. My point should have been in percentage, maybe 1/100%. How about that??.
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I think this explaination makes sense. My point should have been in percentage, maybe 1/100%. How about that??.
Here you go:
0.00000000000000000000000000000000000000084814644632474391532%
Don't know if you manually type your address during transactions, as I find it an unreasonable method for inputting 42 sensitive characters.
Why not use the normal copy-and-paste approach?
Because malware, clipboard hijackers, etc!
Also, what makes you think it's impossible to make a mistake while typing 42 characters?
It's not impossible, but getting a valid address by typing one one wrong letter is a one in 4 billion chances!
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Most of the time it seems stupid to me to make a mistake when trading bitcoins. Because you are not having any fun or entertainment with this topic. You probably trade with this in mind when making a mistake here when trading Bitcoin, and you can lose big financially. When you send someone Bitcoin to an address, you must patiently double check that the Bitcoin address is correct. And if there is a keyboard error then you should not click the send button. Then your first task will be to change the keyboard. But the last is the least likely to go to the wrong address.
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The chance of transferring bitcoins to the wrong address is very low because we check multiple times before transferring and then transferring. Those who do not have such a habit should make it a habit to check the address before transferring bitcoins to an address. If the bitcoins can be transferred by matching the addresses properly then there is very little chance of us making a mistake. The safest way is to copy and paste the address and do not use any extra words in the middle of the address. Copy and paste if checked multiple times then I believe your btc will transfer successfully to specified address. But we must be careful in making transfers so that we are not in too much of a hurry, whenever we want to do something in too much of a hurry we are more likely to make a mistake and in these cases the chances of getting a refund are less.
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Bitcoin transactions take place almost every minute globally, indicating frequent transfers of funds between wallet addresses. With a large number of transactions daily, there's a significant chance that individuals may mistakenly send Bitcoin to the wrong address. This can result from missing or incorrectly inputting the wallet address, device keyboard malfunctions. This topic sparked a debate between myself and some friends.
My Opinion:
1. When Bitcoin is sent to the wrong address, the funds are typically deducted from the sender, and the transaction is approved.
2. There is a 1/100 chance that someone else might receive the funds.
3. Bitcoin addresses for individuals are not closely related; the address generation process is not done alphabetically or numerically.
These were my viewpoints during the argument. The other person held a different opinion:
1. There is a higher chance, such as 80/100, that someone else would receive the money.
2. Bitcoin addresses are usually generated in alphabetical and numerical patterns.
In conclusion, we couldn't reach an agreement on the entire argument. I'm seeking opinion from the general public on this forum. I'll screenshot all the replies and send them to the person in a week from today.
And My opinion is different than both you and your friend's.
In My opinion:
1: when bitcoin sent to a wrong address. they are gone forever. forget those bitcoins.
2: There is 10/10 chance that Bitcoin will go to some wallet. now that's a different thing that the wallet is not being used or not owned by anyone. if the wallet doesn't exist. the wallet wouldn't even accept the wallet and give inncorrect address error.
3: bitcoin addresses are randomly generated..
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2: There is 10/10 chance that Bitcoin will go to some wallet. now that's a different thing that the wallet is not being used or not owned by anyone. if the wallet doesn't exist. the wallet wouldn't even accept the wallet and give inncorrect address error.
What's a 10/10 chance , 10 out of 10? So 100%?
Read the topic and my previous reply to the OP, a simple mistype will only gran you a 1 in 4 billion chance of hitting a valid address!
Bitcoin addresses have a hash encoded with a checksum, it's so 32 bits the probability of entering an incorrect address that will still be valid is roughly 1 in 4.3 billion!
Most of the time it seems stupid to me to make a mistake when trading bitcoins. Because you are not having any fun or entertainment with this topic. You probably trade with this in mind when making a mistake here when trading Bitcoin, and you can lose big financially.
This is not about trading!
The safest way is to copy and paste the address and do not use any extra words in the middle of the address.
What extra words?
And no copy pasting it's not the "safest" way!
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I remember that each block in the Bitcoin network is created every 10 minutes. The probability of sending coins to the wrong wallet is 1 in 1,000,000. By verifying the recipient's address, the likelihood of sending to the wrong address is significantly reduced. The same applies to security: using a separate device that is not susceptible to infection significantly reduces the risk of sending coins to the wrong wallet.
I really appreciate your effort and explaination, but i think you are coming from an angle were the sender has verified the recipient's address.
Sometimes, we hear of clipboard malfunction: were copied items are sometimes altered. In such situation, would the transaction still be approved ?, Because i guess large number of f people making transfer lacks the patience going through the copied address due to it's length.
When you send your bitcoin to a wrong address, you have automatically lost those bitcoins. This is the reason why scammers send malware to your clip board. This is the reason why you should re-check the bitcoin address that you want to send bitcoin to over and over again to make sure that it is the right one. The only way that you can get those coins back is if the receiver is a good person, then he might transfer back your coins to the address that you used in sending it. Apart from that once the transaction is confirmed there is nothing that anyone can do. This is because bitcoin transaction is irreversible.
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When uoi senf your bitcoin to a wrong address, you have automatically lost those bitcoins. This is the reason why scammers send malware to your clip board. This is the reason why you should re-check the bitcoin address that you want to send bitcoin to over and over again to make sure that it is the right one. The only way that you can get those coins back is if the receiver is a good person, then he might transfer back your coins to the address that you used in sending it. Apart from that once the transaction is confirmed there is nothing that anyone can do. This is because bitcoin transaction is irreversible.
The wrong address could be wrong one but you can still have access to the private key. Problem arises when you don't have access to private keys and not your keys, there is no any way for you to, signed a transaction even if you create a transaction with the wallet address.
Because Bitcoin transaction are irreversible and and can't be undone, the best you can do to avoid this kind of problem is to recheck wallet addresses that you paste just incase you are have downloaded a malware on your device. Also reconfirm the wallet address before you sign and broadcast a transaction just to be at safer hands.
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Any lost funds due to a wrong receiving address is sent back to the network and that is part of what we all received being splitted upon everyone's transactions and balances unknown to many, don't expect the lost coins to go anywhere or to anyone, they are neither wasted as well, but it is good that if we cannot afford to loose our money then we should main a perfect practice that ensures we don't create any chances for that to ever happened.
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My Opinion:
1. When Bitcoin is sent to the wrong address, the funds are typically deducted from the sender, and the transaction is approved.
2. There is a 1/100 chance that someone else might receive the funds.
3. Bitcoin addresses for individuals are not closely related; the address generation process is not done alphabetically or numerically.
If Bitcoin is sent to a wrong address and the address happens to be a correct Bitcoin address, then the transaction will definitely go successful but if it not a correct Bitcoin address, then you will get a warning to check address. One of my teacher told me that the day he tried to withdraw from binance, the address was incorrect so the he got a warning. But there is a case of clipboard virus which can automatically change any wallet address that you copy and if you don't crosscheck the address you will send your Bitcoin to someone else.
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Any lost funds due to a wrong receiving address is sent back to the network and that is part of what we all received being splitted upon everyone's transactions and balances unknown to many, don't expect the lost coins to go anywhere or to anyone, they are neither wasted as well, but it is good that if we cannot afford to loose our money then we should main a perfect practice that ensures we don't create any chances for that to ever happened.
If you send to wrong address, I think you will lose. Always check your recipient addres if you want to send coins. Crypto is untraceable and no guarantee there. Maybe many people here ever experienced this. The experience is better but it's so expensive. Be careful mate.
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If you send to wrong address, I think you will lose. Always check your recipient addres if you want to send coins. Crypto is untraceable and no guarantee there. Maybe many people here ever experienced this. The experience is better but it's so expensive. Be careful mate.
If we send the Bitcoin to the valid address, the transfer will be success although we probably lose the Bitcoin. It is a very rare case to get back the Bitcoin because we don't know who has the address. Sure, it is difficult to track who owns the address, there is no feature to know it. There should be some people who ever experienced it because it is very possible to happen to careless people. So, we must be more careful if we want to send Bitcoin.
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- If you sent the Bitcoin to another address, you won't be able to recover it for sure, but if you know the address you sent it to, you can still recover it. But the most common reason why such scenarios happen is because the address to which the bitcoin or crypto will be sent is not properly checked.
And if there is a mistake in the address, it was sent to another network, so the person who receives what you sent can be said to be lucky, unless you can identify who or where it was sent.
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There should be some people who ever experienced it because it is very possible to happen to careless people. So, we must be more careful if we want to send Bitcoin.
It is more likely to happen to people whose devices are infected with clipboard malware, this malware would change their copied address to that of the attacker. But people who are careless might just make a mistake with one alphabet or number in their address, and this makes the address invalid and their wallet software would alert them about them, in order for them to double check and correct it.
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There should be some people who ever experienced it because it is very possible to happen to careless people. So, we must be more careful if we want to send Bitcoin.
It is more likely to happen to people whose devices are infected with clipboard malware, this malware would change their copied address to that of the attacker. But people who are careless might just make a mistake with one alphabet or number in their address, and this makes the address invalid and their wallet software would alert them about them, in order for them to double check and correct it.
good info mate, I think members should know about this. Malware will change address without us knowing and realizing it.
We should check again the address before go action to send.
We didn't know there is malware infected our wallet or our device.
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Any lost funds due to a wrong receiving address is sent back to the network and that is part of what we all received being splitted upon everyone's transactions and balances unknown to many, don't expect the lost coins to go anywhere or to anyone, they are neither wasted as well, but it is good that if we cannot afford to loose our money then we should main a perfect practice that ensures we don't create any chances for that to ever happened.
Sent back? If it can be sent back to the sender wallet, it will be very good. But I don't think this will happen. If we send the coin to the correct address, the coin will be transferred to the receiver wallet. But if the receiver is a kind guy, he may return the coin to sender wallet. But I never heard this story, most of them lost the coin when they did a wrong transfer.
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When you send your bitcoins to a wrong address, those bitcoins are gone and if the address has its own owner and he willingly returns the bitcoins to you, then that's fine, but if he doesn't return the bitcoins to you. Then your bitcoins will be someone else's forever. Moreover, if you send to an address that has no owner of its own, you will lose your bitcoins forever and never recover those bitcoins.
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There's nothing you can do about it because if you send bitcoins to the wrong address, the bitcoins will be lost forever. Therefore, before sending bitcoins, you should check the wallet carefully, especially if the address you send to is a bitcoin address. Before sending bitcoins, you must double-check that the characters are correct. Before sending you must make sure it matches the wallet address and then send.
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There's nothing you can do about it because if you send bitcoins to the wrong address, the bitcoins will be lost forever. Therefore, before sending bitcoins, you should check the wallet carefully, especially if the address you send to is a bitcoin address. Before sending bitcoins, you must double-check that the characters are correct. Before sending you must make sure it matches the wallet address and then send.
You're right, before send bitcoin we should double check the wallet address.
Because no solution if we transfer to wrong address. it will lost forever. Honestly I have done it at the past, It's my bad experience. For now I always check the address carefully
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You're right, before send bitcoin we should double check the wallet address.
Because no solution if we transfer to wrong address. it will lost forever. Honestly I have done it at the past, It's my bad experience. For now I always check the address carefully
Check clip board of your computer running well or not because some time get attack malware and address hacker paste on your feature of bitcoin withdrawal fund.
usually I make double check when sending bitcoin, before paste the address withdrawal I check on notepad and make its right fully or not from the beginner word until the end.
If yo have habit withdrawal bitcoin to one address only better save it in your exchange account withdrawing, you don't take time get re copy or paste the address withdrawal and I think make it less mistake with wrong address for withdrawing bitcoin fund.
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If you transfer bitcoins to someone else's address, no matter who you transfer them to, whether it's exchanges or a regular person, you can't get your bitcoins back, it's the same as with regular money, but there at least it's easier to find a person to whom you make a transfer, but here it's almost impossible.
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You should always check the Address you copy and paste, even if you take it from a QR.
There are several answers above of users that are mentioning "returns" or solutions that are not real for the bitcoin network.
There are several answers or "solutions" that are wrong in the beliefs of some users, which bring us to the idea of this thread, consequently, you could be the next to have a typing error, or also victims of malware, for not doing a simple visual check, that takes only a few seconds.
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What Happens When I Mistakenly Transfer My Bitcoin To A Wrong Address?
The probability of making a bitcoin transaction to a wrong address is very low because we double check my address before making a bitcoin transaction. I check where the first few numbers and the last few numbers are correct. In particular, I copy and paste the address to which I will send bitcoins into my wallet so there is no chance of making a mistake. But if something goes wrong, you have to cancel the block before it is done very quickly, but this is only possible with Electrum wallet. Also, if the transaction is completed too quickly, you won't be able to get your bitcoins back from the wrong address. But I think mistakes can definitely be avoided if you test again and again before making mistakes.
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If you transfer bitcoins to someone else's address, no matter who you transfer them to, whether it's exchanges or a regular person, you can't get your bitcoins back, it's the same as with regular money, but there at least it's easier to find a person to whom you make a transfer, but here it's almost impossible.
The transaction yes is irreversible but there are still ways to make this transaction be rejected by the nodes and create a new transaction to send it to the correct wallet address. However, it depends on whether the transaction pays a low fee and is still unconfirmed you can still have a chance to correct your mistakes by sending BTC to the correct address and replacing the wrong transaction with a new transaction just make sure that you paid a higher fee than the old transaction.
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If you transfer bitcoins to someone else's address, no matter who you transfer them to, whether it's exchanges or a regular person, you can't get your bitcoins back, it's the same as with regular money, but there at least it's easier to find a person to whom you make a transfer, but here it's almost impossible.
Most like 99% of electronic transfers are reversible.
With banks it's almost impossible to get a payment wrong because if you copy or type a wrong number you also have to type the wrong person name correctly, so the chances of that happening are even less than with Bitcoin.
Second, for other type of payments, that require just an ID or an email most of them are reversible, even cc payments are, you can open disputes you can do x and y.
The main difference is that with Bitcoin you can send to an address nobody has control over it, with banks you can't sent to the account A4544231RBTY988 is this account doesn't exist.
If you sent the Bitcoin to another address, you won't be able to recover it for sure, but if you know the address you sent it to, you can still recover it.
Let me repeat myself!
The chances of the address you have mistakenly used funds to be one that is under the control of somebody is close to
0.00000000000000000000000000000000000000084814644632474391532%
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And if there is a mistake in the address, it was sent to another network
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You can't send bitcoin to another network!
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Partly so, but sometimes you can make a mistake and where you do not need to fill out the sender's name and surname additionally ( and there are such believe me ) there sending to someone you can then and can return but if the amount is not large you will simply get tired of doing it, it is always better to double-check when you send someone money or cryptocurrency .
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The probability of making a bitcoin transaction to a wrong address is very low because we double check my address before making a bitcoin transaction
~snip~
Yeah, I think we just copy the address which we send bitcoin and double check it.
So, the probability of making wrong is very low.
But accident could happen in anytime. It's human error, and careless.
Always be careful and check again before send.
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The probability of making a bitcoin transaction to a wrong address is very low because we double check my address before making a bitcoin transaction
~snip~
Yeah, I think we just copy the address which we send bitcoin and double check it.
So, the probability of making wrong is very low.
But accident could happen in anytime. It's human error, and careless.
Always be careful and check again before send.
Human error and careless will always happen mate, although we did double check. If we transfer bitcoin to wrong address, we will lost our bitcoin. I ever did it, my bitcoin didn't come to back. Sometimes we didn't focus when do transaction, that's normal. But be careful
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- I see only two reasons why there are mistakes in sending Bitcoin. The first, of course, is that we have been careless because we did not check our address properly or the address we were sending to as the destination.
Second, you or we may have sent the Bitcoin to a different network, and when this happens, it really won't be recovered unless the address is the same, even if the network is different, like the addresses of ETH and BSC. This is in agreement with the experience before. But with Bitcoin, I have never experienced that.
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OP, if you try to send your bitcoins to wrong address it will automatically detect it as wrong address but if your bitcoins are sent to the address then if the transaction is confirmed then your bitcoins cannot be returned. If sending Bitcoins from Electrum Wallet is not confirmed immediately, you can cancel your transaction. However, if the Bitcoin sending is confirmed, you will lose your Bitcoins forever and there will be no possibility of recovery.
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OP, if you try to send your bitcoins to wrong address it will automatically detect it as wrong address but if your bitcoins are sent to the address then if the transaction is confirmed then your bitcoins cannot be returned. If sending Bitcoins from Electrum Wallet is not confirmed immediately, you can cancel your transaction. However, if the Bitcoin sending is confirmed, you will lose your Bitcoins forever and there will be no possibility of recovery.
I don't think there is any wallet that will help you detect if address is wrong unless the wallet is in wrong format like 1L..., BC1... and 3hj....... which you can tell that the format is wrong but prior to the broadcasting of transaction, you can see with your baked eye if the wallet is exactly where you want to send the bitcoin or not.
There use to be a time when transaction can be override when it hasn't get any comfirmation, you can send bitcoin to another wallet address if the first one has not been comfirm but because scammers where abusing it, most of the new wallet and nodes don't allow you to replace wallet address when it has been broadcasted, so when a transaction is send to a wrong wallet, the coin is as good as gone unless you have access to the private keys.
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I don't think there is any wallet that will help you detect if address is wrong unless the wallet is in wrong format like 1L..., BC1... and 3hj
Segwit addresses which are the addresses that starts from bc1 are not case sensitive. The address can either be in small or capital letters and numbers. If you change the address to upper case and send a coin to the right address but in upper case, the address would be seen as a valid address and the transaction will be successfuly sent.
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Human error and careless will always happen mate, although we did double check. If we transfer bitcoin to wrong address, we will lost our bitcoin. I ever did it, my bitcoin didn't come to back. Sometimes we didn't focus when do transaction, that's normal. But be careful
One letter difference in the Bitcoin recipient's address will be wrong, and the money you transfer will never come in. So, as you have mentioned, when making Bitcoin transactions, you have to be careful, as much as possible, to re-correct all the characters, but there are ways to make the transaction easier. Without having to worry about characters, you can use barcode scanning. With barcodes, it seems easier to carry out Bitcoin transactions.
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OP, if you try to send your bitcoins to wrong address it will automatically detect it as wrong address but if your bitcoins are sent to the address then if the transaction is confirmed then your bitcoins cannot be returned. If sending Bitcoins from Electrum Wallet is not confirmed immediately, you can cancel your transaction. However, if the Bitcoin sending is confirmed, you will lose your Bitcoins forever and there will be no possibility of recovery.
You are right in what you said that as long as there is no confirmation, the chances are still high, but if it has already been confirmed and you realize that it is the wrong address, there is no hope, You can still recover the bitcoin you sent.
It hurts you a bit if you send a large amount of Bitcoin, but if it's only a small amount, you can easily accept it yourself that you made a mistake, and you won't regret it too much because it's small.
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OP, if you try to send your bitcoins to wrong address it will automatically detect it as wrong address but if your bitcoins are sent to the address then if the transaction is confirmed then your bitcoins cannot be returned. If sending Bitcoins from Electrum Wallet is not confirmed immediately, you can cancel your transaction. However, if the Bitcoin sending is confirmed, you will lose your Bitcoins forever and there will be no possibility of recovery.
You are right in what you said that as long as there is no confirmation, the chances are still high, but if it has already been confirmed and you realize that it is the wrong address, there is no hope, You can still recover the bitcoin you sent.
It hurts you a bit if you send a large amount of Bitcoin, but if it's only a small amount, you can easily accept it yourself that you made a mistake, and you won't regret it too much because it's small.
Yes, if the bitcoin withdrawal is confirmed, there is no way to recover that bitcoin, in this case all hopes will be zero. Before withdrawing bitcoins, you must double check that the address is correct. If the address is wrong, it can auto detect the wrong address while withdrawing from many wallets, but if all the characters are correct while sending the wrong address, auto detection will not be of any use.
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OP, if you try to send your bitcoins to wrong address it will automatically detect it as wrong address but if your bitcoins are sent to the address then if the transaction is confirmed then your bitcoins cannot be returned.
I don't think there is any wallet that will help you detect if address is wrong unless the wallet is in wrong format like 1L..., BC1... and 3hj....... which you can tell that the format is wrong but prior to the broadcasting of transaction, you can see with your baked eye if the wallet is exactly where you want to send the bitcoin or not.
There is indeed none!
Wallets only check if the address is valid, they can't know if it's "wrong".
How could a wallet even know you're planning to send those coins to your mistress not your wife ? ;D ;D
Till we get neuro-implants there will be no way for that to happen!
There use to be a time when transaction can be override when it hasn't get any comfirmation, you can send bitcoin to another wallet address if the first one has not been comfirm but because scammers where abusing it, most of the new wallet and nodes don't allow you to replace wallet address when it has been broadcasted,
You can still do it, even if your wallet doesn't allow you at long as you have the keys you can import them in one that does, it is true for most custodial wallets but that's just because of their centralized system.
Plus there is also RBF which one should have it set by default all the time, for other reasons than just a mistype
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OP, if you try to send your bitcoins to wrong address it will automatically detect it as wrong address but if your bitcoins are sent to the address then if the transaction is confirmed then your bitcoins cannot be returned. If sending Bitcoins from Electrum Wallet is not confirmed immediately, you can cancel your transaction. However, if the Bitcoin sending is confirmed, you will lose your Bitcoins forever and there will be no possibility of recovery.
You are right in what you said that as long as there is no confirmation, the chances are still high, but if it has already been confirmed and you realize that it is the wrong address, there is no hope, You can still recover the bitcoin you sent.
It hurts you a bit if you send a large amount of Bitcoin, but if it's only a small amount, you can easily accept it yourself that you made a mistake, and you won't regret it too much because it's small.
Yes, if the bitcoin withdrawal is confirmed, there is no way to recover that bitcoin, in this case all hopes will be zero. Before withdrawing bitcoins, you must double check that the address is correct. If the address is wrong, it can auto detect the wrong address while withdrawing from many wallets, but if all the characters are correct while sending the wrong address, auto detection will not be of any use.
The truth is that it is something very sad, because if a person does this and makes a mistake like that, there is no way, I think that when the Address is incorrect it is not even sent, but otherwise if it comes out, the bitcoin or the fraction of it is gone. Bitocin and everything goes there, so the things that are done in view of a mistake of this have to try to see who could have sent it, in this case what can be done or I recommend doing is posting on social networks or In the forums see if he sent it to someone with a good heart who could do things well for him and give him back, but I consider that if a person does that, then he has to clear up all the possible bullying.
So I don't know what's worse, although I Personally can come to believe that it can reach into someone's Wallet and return it just like that , there are people who don't like to take Possession of things that aren't theirs , there are upright people in That sense and that's the only thing we Should bet on, I would do it like that.
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The probability of making a bitcoin transaction to a wrong address is very low because we double check my address before making a bitcoin transaction
~snip~
Yeah, I think we just copy the address which we send bitcoin and double check it.
So, the probability of making wrong is very low.
But accident could happen in anytime. It's human error, and careless.
Always be careful and check again before send.
Yes, always sending with caution will reduce the chances of mistakes. There are many people who send bitcoins from their account to other addresses, they send bitcoins without checking the address, as a result, sometimes they see other addresses and their bitcoins are gone. So it is natural for humans to make mistakes, but if you take precautions, you can certainly reduce the tendency to make mistakes.
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Yes, always sending with caution will reduce the chances of mistakes. There are many people who send bitcoins from their account to other addresses, they send bitcoins without checking the address, as a result, sometimes they see other addresses and their bitcoins are gone. So it is natural for humans to make mistakes, but if you take precautions, you can certainly reduce the tendency to make mistakes.
Usually the wrong person sends a Bitcoin wallet because sometimes new users are not careful with the address used to make transactions, so that one letter is too large or too short, and that can have fatal consequences. There have been many cases like that, and currently, what is even more frightening is that there are several You also have to pay attention to the network because sometimes, in some exchange places, the network you want is not yet available.
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Yes, always sending with caution will reduce the chances of mistakes. There are many people who send bitcoins from their account to other addresses, they send bitcoins without checking the address, as a result, sometimes they see other addresses and their bitcoins are gone. So it is natural for humans to make mistakes, but if you take precautions, you can certainly reduce the tendency to make mistakes.
Usually the wrong person sends a Bitcoin wallet because sometimes new users are not careful with the address used to make transactions, so that one letter is too large or too short, and that can have fatal consequences. There have been many cases like that, and currently, what is even more frightening is that there are several You also have to pay attention to the network because sometimes, in some exchange places, the network you want is not yet available.
In fact, experienced Bitcoin users should not go wrong in this case because they will never send Bitcoin to a wrong address. Experienced users must be careful when copying Bitcoin addresses, but those who are new or experienced in sending Bitcoins for the first time can definitely make mistakes. Again, many exchanges require a tag while withdrawing bitcoins, in which case if someone makes a mistake, the bitcoins can be lost forever.
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Yes, always sending with caution will reduce the chances of mistakes. There are many people who send bitcoins from their account to other addresses, they send bitcoins without checking the address, as a result, sometimes they see other addresses and their bitcoins are gone. So it is natural for humans to make mistakes, but if you take precautions, you can certainly reduce the tendency to make mistakes.
Usually the wrong person sends a Bitcoin wallet because sometimes new users are not careful with the address used to make transactions, so that one letter is too large or too short, and that can have fatal consequences. There have been many cases like that, and currently, what is even more frightening is that there are several You also have to pay attention to the network because sometimes, in some exchange places, the network you want is not yet available.
These is a simple answer here and that is "YOU WILL LOSE THIS FOREVER" though there are some small chance that it will be given back of those who have received the amount .
There are other transactions here in forum that one mistakenly send the amount and it was sent back( a super lucky person)
But obviously if you are lazy enough to double check your sending address then you will lose that funds and expect nothing from it.
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Usually the wrong person sends a Bitcoin wallet because sometimes new users are not careful with the address used to make transactions, so that one letter is too large or too short, and that can have fatal consequences. There have been many cases like that,
If the address you copy pasted is one letter short or too long nothing will happen!
The address you typed will simply be invalid and both your wallet and any other node out there will simply refuse to broadcast it!
So no, there couldn't have been any such cases ever!
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If the address you copy pasted is one letter short or too long nothing will happen!
The address you typed will simply be invalid and both your wallet and any other node out there will simply refuse to broadcast it!
So no, there couldn't have been any such cases ever!
You are right, if the address we are going to is missing one letter or one letter excess, it will be rejected and cannot be sent. Maybe What is meant is if the address that was copy pasted turns out to be wrong and not the address that he wanted, our assets will be lost, because we cannot manage them. We don't know who is the address owner.