How to Cancel A Bitcoin Transaction? What to Do if a Transaction Froze? 974

how to cancel a btc transaction

The user database of the Bitcoin network is growing every year. The novelty of the industry implies the presence on the market of a large number of non-professional investors. They, because of lack of experience or by trivial inattention, can voluntarily lose their digital assets, simply by sending them to the wrong wallet. In this article we’ll talk about why you cannot just cancel a BTC transaction and what to do if it froze.

Contents:
(please, click the topic to scroll down to it)

  1. Is it possible to cancel a BTC transaction?
  2. Why is it impossible to return Bitcoins?
  3. The transaction isn’t responding, what should I do?
  4. Conclusion

1. Is it possible to cancel a BTC transaction?

As already mentioned above, unfortunately, it is not possible to cancel the transaction in the Bitcoin network technically and physically. In the history of the coin, many users, on their own bitter experience, were convinced of this feature of digital currencies. At first glance, this may seem to be a developer’s fault, but if you recall the blockchain technology, which underlies cryptocurrencies, then everything falls into place. The fact is that Bitcoin is a decentralized system, that is, it does not have a single center from which it would be possible to correct the direction of transactions. It is worth noting that cryptocurrencies gained their popularity precisely for the opportunity to exchange coins without the control of intermediaries.

You can see the transaction queue, but you cannot return the funds. Transactions in digital currencies are different from traditional electronic systems. The process of conducting transactions consists in rewriting the balances of two wallets (the sender’s and the receiver’s). Data about this operation is written to the registry, after which it is no longer possible to change it.

2. Why is it impossible to return Bitcoins?

Due to the peculiarities of the technology, it is not possible to reverse the transaction. If You, for example, bought something on the Internet and paid bitcoin, but want to make a return of the goods, then You need to contact the seller to make a new transaction to Your wallet. Since the data on Your payment has already been successfully entered in the register and nothing can be done about it.

But what to do if You accidentally sent money to the wrong wallet? Let’s be honest, unfortunately, you have to put up with it, since most likely you will not get it back. Although the Bitcoin address, to which the transaction was made, is in the public register, there is no possibility to find a person by name or surname. Therefore, You cannot 100% know of whom you have sent your digital assets.

3. The transaction isn’t responding, what should I do?

A long time of confirmation of transactions in the Bitcoin network is the weak point of this payment system. The BTC algorithm is designed in such a way that it can handle only 7 operations per second, so sometimes users have to wait for the transaction to complete for several hours or even days. But it happens that they hang for a very long time, for what reasons can this happen?

  • a sudden break in the Internet signal;
  • setting a too small commission fee.

What should you do in this case?

  1. First, you need to make sure whether the operation is actually suspended or whether the queue has just not yet arrived. Open Block Explorer, it will be indicated there.
  2. Next, go to the debugging console (Help-Window-Debug-Console);
  3. Get a private key from your wallet.
  4. Export private access keys to all bitcoin addresses, on which there are funds.
  5. After that, close the application and delete the wallet.
  6. Again run the client of the wallet program, create a new wallet and import private keys. Prepare that this process will take a sufficient amount of time.
  7. Done. In the new wallet, access to blocked funds will be resumed. In this way, you can undo an unconfirmed Bitcoin transaction.

It is important to understand that this instruction does not apply to cloud wallets.

4. Conclusion

Performing transactions on the Bitcoin network one should be extremely careful, since they cannot be reversed. This is both the main feature and the lack of the system.

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Football Fans Will Soon Be Able to Buy Tickets for Games Using Blockchain 176

uefa launches a blockchain app

The UEFA wants the fans to have the smoothest experience ever. Right now, buying tickets for football matches is one of the most problematic areas: tickets are often falsified and stolen, moreover they are very hard to get. That’s why the organization is researching new technologies to fix the problem.

UEFA has recently announced about the testing of blockchain for developing a ticketing app. The app works via bluetooth on electronic devices and will be used when entering the stadiums.

The report said: “Fine-tuning and improvements took place at several test events, and the system was first used for 50% of the tickets distributed to the general public for the 2018 UEFA Europa League final between Atlético and Marseille in Lyon.

The Association will keep on developing its blockchain-based app, and, hopefully, football fans will soon have an opportunity to use it.

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Andreas Antonopoulos Criticized Bitcoin ETF 490

opinion on bitcoin etf

The well-known author of books about Bitcoin and the founder of his own Bitcoin-business Andreas Antonopoulos published a Youtube video where he expressed his opinion about Bitcoin ETF and explained why they cause so much sensation.

I’m going to burst your bubble. I know a lot of people really want to see an ETF happen because ‘too the moon’ and ‘lambos’ and all that. I think it’s a terrible idea. I still think it’s going to happen… I’m actually against ETFs,” he said.

Antonopoulos explained that he understands why many people are so impressed by the idea of Bitcoin ETF:

Everybody’s so excited about ETFs because what we’ve seen in other markets is that when an ETF becomes available—as we saw in gold—the price really increases dramatically as suddenly that commodity becomes available to a lot more investors and these investors pile on. But the other side of it is that there’s always these claims that the commodities markets are heavily manipulated and opening up these exchange-traded instruments only increases the ability of institutional investors to manipulate—especially [in the case of] large market makers—the prices of commodities, not just in the markets where it’s traded as an ETF but more broadly,” he clarified.


We remind you that the SEC postponed the decision upon Bitcoin ETF until September.

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The Former CEO of Paypal: Bitcoin Is Eventually Going to Go A Whole Lot Closer to Zero 693

bitcoin's future is not bright

The ex director of Paypal Bill Harris is known for his scepticism and harsh comments aimed at Bitcoin. He even called it “the greatest scam in the history”. This time CNBC interviewed Harris to find out whether his opinion on the world’s #1 digital coin has changed.

According to the businessman, Bitcoin is supposed to be “instant, free, scalable, efficient, secure, globally accepted and useful”, and it fails to fulfill all of those characteristics. Harris believes that there is “no value” in BTC.

He has also mentioned that there is no need in solving the problem of Bitcoin scalability, because we don’t need Bitcoin at all.

Look how difficult it is to get money from one country across the border to another. It’s slow, it’s expensive, it’s all those things. Agree. You don’t need Bitcoin, you don’t need XRP, you don’t need any of that to solve that problem. What you need is faster networks.

Unlike many of his colleagues, Bill Harris has way more trust in conventional fiat currencies due to their relative stability which cannot be said about Bitcoin.

In conclusion he summed up his thoughts by saying:

Bitcoin makes no revenue, no profitability.

Frankly speaking, the current CEO of Paypal Dan Schulman agrees with Harris on this issue, although Paypal might change its opinion on BTC if it becomes more stable.

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The Bitcoin Application from Square Is Now Available in All Fifty States of America 477

square is available all over america

Buying and selling Bitcoins through the Cash App from Square has become possible in all US states.

We remind you that the American technology company Square, Inc. allowed the purchase and sale of Bitcoin for all US citizens in January of this year. The exception was Wyoming, New York and two other states because of the difficulty in regulating the issue of the cryptocurrency. Later, Square received a certificate from BitLicense, which allows it to work legally in New York.

In late spring of this year the number of Cash App users exceeded 4 million people.

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Forbes Published 5 Main Blockchain Tendencies for 2018 780

blockchain trends

Blockchain is one of the most rapidly developing technologies of all times. Its main features (speed and transparency) earned recognition and approval from businesses and companies from all over the world.

Forbes has conducted a research and established 5 major paths that the blockchain is likely to follow this year.

1. Companies actively implement blockchain. For example, we have recently reported about the pilot version of election in Ukraine conducted on blockchain.

2. Implementation of this technology follows a thorough research. With blockchain being fairly new, the more conventional fields that are not related to digital technologies or computer sciences treat it very carefully. For example, the Stanford University created a research center for possible introduction of blockchain in the future.

3. The hype is going to fade. Blockchain has been marketed as a panacea for quite a while. Many people were sure it would help to solve major world problems. However, the results coming from this technology, though being mostly beneficial, are not as phenomenal as everyone thought they would be.

4. New and smaller projects are more likely to implement blockchain since they are more adaptable to changes and upgrades. Huge companies like Amazon find it way more difficult.

5. The personal information on people and other important data will be secured a lot better with the help of blockchain. Scammers never rest, however, blockchain will ensure that they have the hardest time ever hacking and stealing.

Thus, we can definitely see a lot of potential for blockchain. More and more companies choose to implement it. Hopefully, this technology will keep flourishing and bring benefits to those using it.

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Playboy Accused a Crypto Firm of Fraudulence 731

playboy is suing a crypto company

Playboy Enterprises submitted a lawsuit to the court of LA against the Canada-based company Global Blockchain Technologies. The plaintiffs claim that the abovementioned enterprise violated the contract concluded between the companies and refused to liquidate the damages ($4 million).

GBT was supposed to assist Playboy with implementing the blockchain technologies through an intermediary service. The firm, however, denies the accusations. According to The Los Angeles Times, GBT’s representative claimed:

Global believes it has a strong defense to the action and will be vigorously defending same.

We would like to remind that Playboy readers might soon get an opportunity to pay for it in cryptocurrency.

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