How to Remove Scammers from the ICO Market? Review of ILP Funding 1021

ilp as a solution of scamming

The ICO market is developing by leaps and bounds. If for the whole of 2017 all start-ups attracted a little more than $3 billion, then just for 5 months of 2018 this figure reached 13.7 billion. This method of collecting investment is fairly simple and very convenient for all parties. But it has a downside: the fact is that along with honest teams in the market there are a lot of scammers who simply take money from trusting investors. An unprofessional investor has a much higher probability of getting trapped than getting a profit. The ICO market does not have any administrative control, regulatory rules and verification. In this article we will talk about one of the options for solving this problem, namely ILP funding.

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

  1. What is ILP?
  2. The main advantages of ILP
  3. Forecasts for ILP
  4. Conclusion

1. What is ILP?

This alternative to IPO in the crypto world (and not only) was first proposed by the international company Tokenote. The abbreviation ILP stands for Initial Loan Procurement. To eradicate fraudulent schemes, all participants (both borrowers and creditors) undergo a procedure for verifying the identity through a digital ID. Only after this the borrower can create smart contracts, and creditors (investors) make investments. Directly crowdfunding takes place on the Blockhive platform, where internal currency is the HIVE token. The main idea of ​​the developers is the modernization of the ICO market and the elimination of its main shortcomings.

2. The main advantages of ILP

  • Combining the simplicity of the ICO and the legal responsibility of the parties. Clever contracts in this concept are signed by means of a digital signature, so they have legal force, and then they are stored in the blockchain.
  • All procedures meet the necessary requirements of international law, therefore ILP provides for prevention of money laundering schemes. This is achieved through verification and authentication of all participants in the process.
  • One of the main differences between ILP and ICO is the lack of funding based on tokens. The fact is that within the ICO, start-ups, in pursuit of initial investments, can release an unlimited number of tokens, creating a glut in the market. In ILP, there are loans, not tokens, so the problem of inflation is solved by itself.
  • Due to the fact that investments are fixed in the legal field under the guise of loans, they cannot be taxed. This is a huge plus, as in our time in many countries there are quite impressive taxes on the cryptocurrency.
  • Within ILP, investments are protected from speculative schemes, as investors derive their profits from the company’s real revenues, rather than from the artificial increase in the price of tokens.
  • ILP funding need not necessarily be related to cryptocurrencies, this method of attracting investments is much more universal than ICO (private companies, government structures, etc.).

3. Forecasts for the development of ILP

This method of issuing digital credits can potentially have a great future, since ILP is as simple as ICO, but it has a much greater range of functions, and is also in the legal field. For this reason, ILP is unlikely to be prohibited even in such countries as China, where the ICO is banned.

4. Conclusion

The ICO market is certainly one of the most highly profitable investment instruments in our time, but due to the lack of regulation, there are a lot of scammers here. A novice investor has virtually no chance of succeeding in this field. ILP is one of the solutions to the problem of fraudulent schemes in this area.

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Crypto Scams on Twitter Can Bring Up to $100k in One Day 569

twitter scams

Crypto scammers are getting more and more inventive and come up with new ways to fool people and security systems. A cryptocurrency expert Adam Guerbuez had a unique chance to talk to a real Twitter scammer and find out about the peculiarities of their “job”.

In his interview, Guerbuez mentioned that scammers mostly work in small groups, although the vast majority of things is handled in an automated mode. The main thing to do is to avoid the Twitter security protocol which deletes bots. Bots do not even have to be verified accounts since the naive Twitter users don’t even pay attention to it.

Afterwards, everything goes quite easily, scam messages are sent out to people, Ethereum wallet addresses are generated, and the money is transferred there. According to an anonymous scammer, the only thing done by people is the conversion of crypto into fiat. 

The illegal actions usually bring ridiculous amount of money to the fraudsters: from 50 to 100 thousand dollars a day.

We have compiled for you a selection of the loudest crypto scams involving Elon Musk, Pavel Durov, Vitalik Buterin, Bittrex and adult sites.

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Is It Safe to Use Crypto Exchanges and Wallets in 2018? 523

crypto exchanges are not reliable

The cases of hacker attacks aimed at major cryptocurrency exchanges and various scams are getting more and more frequent. A lot of experts in this field start seeing an ongoing tendency in this. So why are many cryptocurrency holders losing trust in digital wallets and exchanges?

Firstly, we all remember the strange story with the bounty campaign of John McAfee’s wallet Bitfi, during which nobody received the promised $250k. Secondly, one of the largest crypto exchanges Bithumb was hacked not so long ago with the losses of about $30 million. The list goes on and on.

Encrybit conducted a thorough research of the issue and conducted a survey. According to it:

40% of participants said that security is a major concern.

Hopefully, the representatives of exchanges and wallets take this into consideration and upgrade their security systems and customer service so that the users can be sure their funds are well-protected.

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Algorithm of Action for Victims of Scam ICO 1226

scam ico

The market for initial placement of coins is saturated with fraudulent projects, which initially promise to “change the world”, but after receiving funding, they stop being in touch. There are, of course, those which simply are not able to fulfill their obligations, and the product for which the investors’ money was spent is not necessary for anyone. Some particularly brazen scammers removing their site, leave on it not quite censorship messages, as it was with the Lithuanian startup, which wanted to “bring the blockchain” into the vegetable and fruit industry.

In this article, we’ll talk about what you need to do in order to get your money back if you have already invested it in a fraudulent ICO.

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

  1. Is it real to return your money if you’ve invested in a scam ICO?
  2. What to do in the beginning? Collect evidence
  3. Who to sue?
  4. What do you need to know about the court?
  5. Conclusion

1. Is it real to return your money if you’ve invested in a scam ICO?

As practice shows, surely, there have been similar precedents in history, but to a greater extent they concern only the United States and Canada. For example, in 2017 on the initiative of the SEC, the founders of the scam project Munchen returned 15 million dollars to their depositors. Another example, the organizer of the cryptostart PlexCoin Dominic Lacroix was arrested, sentenced to 8 weeks of imprisonment, and fined personally for 10 thousand, and his company for 100 thousand dollars.

The Securities Commission is actively working in this field, but, unfortunately, outside of North America it is not yet particularly developed. For example, in the CIS countries no ICO scammers have been caught yet. But, despite this, there is still a chance to get your money back. Please read this material to know what to do in such an unpleasant situation.

2. What to do in the beginning? Collect evidence

So, unfortunately, you have already realized that you gave your money to criminals, what should you do? To begin with, you need to collect as much evidence as possible:

  • screenshots of correspondence in Telegram or other messengers;
  • copies of e-mails;
  • white paper and road map of the project.

If you personally talked on the phone with the organizers of the ICO, then you need to contact the provider to give you a printout of your calls. If you have a personal contact in offline, you must specify the place, date and time of the meeting. If this happened in a public place, it is likely that the fraudster’s face has got into the surveillance cameras.

3. Who to sue?

The overwhelming number of ICO projects has a similar structure. Often, in order to start the production and sale of digital tokens, the organizers register a special issuing company. As a rule, they are created in the Seychelles or the Cayman Islands or in Estonia and Singapore. Unfortunately, finding out data about an issuing company is a rather difficult task. The only place where you can find out which legal body is in charge of this project is an agreement to sell tokens or Token Sale Agreement.

But, it is worth noting that a registered issuing company cannot conduct operational activities, and it is even more complicated to find any information about who conducts it than about an issuing company. Of course, you can try to look for tracks through the project team, but if the organizers of the ICO have created a scam from the very beginning, then they hardly indicated their real names there. Most likely, charges will have to be raised against the issuing company.

4. What do you need to know about the court?

The good news for victims of fraudulent ICO is that there are virtually no “loopholes” in the world where financial criminals can remain in the shadows. Banks from different countries of the world cooperate with each other and transmit information about the movement of money; therefore, to hide a large amount of stolen money every year becomes more difficult.

The bad news is that defrauded investors can demand financial compensation only through local courts of the countries in which the issuing company is registered. Litigation is not a cheap pleasure:

  • Estonia – 7-8 thousand euros;
  • The Cayman Islands – 30-50 thousand dollars;
  • Singapore – 80-130 thousand dollars.

These figures do not include government fees and other related costs. In order for “battle to worth the blood,” the amount of lost funds must significantly exceed the costs associated with the court. An alternative way to save money in this matter is to file a collective claim. For this it is necessary to collect in one place a certain number of the same deceived investors and to divide the costs equally.

5. Conclusion

There are a lot of scam projects on the ICO market, so it’s quite difficult for an investor who is starting not to get bogged down by criminals. But even if you have become a victim of swindlers, albeit low, but still there are the chances of getting your investments back. It is necessary to adjust to a lengthy lawsuit, which will also require financial injections from your side.

How to Spot a SCAM?

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Top Books About Blockchain and Cryptocurrency Which Are Worth Reading 2966

top crypto books

Cryptocurrency and blockchain became so popular that people started writing books about them, and if more than 1,000 books on this topic have already been written in the West, then in the CIS countries people came to this only in early 2017. Such literature makes it possible to more clearly understand all the nuances, positive and negative aspects of the blockchain technology. Below we compiled a selection of the best books about digital currency that will help you get all the knowledge you need about the crypto world.

1. “Bitcoin for Dummies” – Williams, 2017.

This book will tell you in detail about all the subtleties of working with digital currency, the authors touch absolutely all vital aspects of the blockchain. Having studied the stated information, you will get knowledge about the nature and formation of bitcoin. One of the main advantages is that it describes all the risks that keep up with the cryptocurrency. The author focuses attention on cyber security. Having studied the stated information, you will master the system of blockchain’s work, you will be able to protect yourself from cyber scammers and correctly implement the cryptocurrency at the exchange.

2. “Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money”- Nathaniel Popper, Williams, 2016.

Nathaniel Popper, together with Williams, wrote an amazing and most truthful story about the emergence and implementation of bitcoin in the general turnover, as well as those individuals in its history who hindered and helped it. The story goes on behalf of different people: Satoshi Nakamoto, the brothers Winklevoss, various millionaires and bankers. An important component of the book is the analysis of the reasons for which the blockchain entered the general circulation.

3. “Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World”- Don Tapscott, Alex Tapscott, 2017.

The book narrates about the cryptocurrency as a means of business breakthrough. It can be divided into two parts: in the first there is a story about the system of work of the blockchain, its strengths and weaknesses, and also there is an analysis of all those pressing financial problems that can be solved with the help of blockchain. In the second part there is interesting information that sheds light on the causes of the blockchain’s impact on the global and the involvement of more and more investments in digital currencies.

4. “Bitcoin – the people’s money” – Adam Tepper, 2016.

The author of the book is Adam Tepper, a general director of several companies, a successful programmer in the past. In his book he described the importance of bitcoin as a universal financial means. Bitcoin in this book is described as an object of universal attention, as the engine of the financial market. The book pays much attention to investments in crypto assets. The author claims that it is necessary now to invest in digital currencies, since in the near future their price will grow, and all thanks to their introduction into the overall turnover.

5. “Mastering Bitcoin” – Andreas Antonopoulos, 2017.

The author of the book is Andreas Antonopoulos – the founder of bitcoin business in London and the director of several start-ups, a former software engineer. The book describes all the details of digital coins, predicts the development of cryptocurrencies, their introduction into the global financial market and regulation by different countries. The book is divided into 2 parts: the first is aimed at inexperienced people in the crypto world, the second – at investors and people who want to start their business using the cryptocurrency. It should be noted that this book is perfect for students of economic universities that study

digital currencies.

6. “Blockchain: Blueprint for a New Economy” – Melanie Swan, 2017.

The book tells about the nature of blockchain technology. The first part is devoted to beginners and will help them familiarize themselves with the principles of the registry, according to the author this is the main stage before studying bitcoin. The second part is devoted to the indivisibility of the blockchain and bitcoin. The author claims that today’s work of the blockchain will be transformed into something else in the future.

 

7. “The Internet of money” – Andreas Antonopoulos, 2018.

This book was written by Andreas Antonopoulos after the publication of her previous book “Mastering Bitcoin”. In general, these books are similar in content, but if in the first book the main question was “How?”, then in the second it is “Why?”. The process of the formation of the cryptocurrency as a financial engine and the potential for its development are described in detail. The main idea of the book: “The Internet is not a phone, bitcoin is not money.”

8. “The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order” – Paul Vigna, Michael Casey, Mann, Ivanov and Ferber, 2017.

The book is telling about the influence of news and imaginary panics on the course of digital currencies, about their influence upon international economic market. The book also contains research of the blockchain’s importance in modern realities: how it was created, its functions and what to do in order to join the new world of economy.

Conclusion

So, we’ve finished our list of top-10 literature about bitcoin. Having read at least a half of these books, you will come to know all the particulars of cryptocurrencies and blockchain technology. The information, stated in these books, is an invaluable source of knowledge for any beginner in the crypto world, however even an experienced user will find here something new and unusual.

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How to Conduct a Successful ICO 1759

successful ico

The world literally explodes from new and steep ideas. All thanks to the blockchain technology, which crypto projects are based on. Funds for such projects are attracted through ICO. Of course, the future of the project depends on the quality of the ICO.

What influences the success and what can guarantee the hard cap? Today we will analyze the most successful cases of ICO and advice of influential people of crypto sphere.

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

  1. What is ICO?
  2. How to increase the value of the token?
  3. What do you need to know about ICO?
  4. Features of ICO in contrast to crowdfunding
  5. Examples of successful ICOs
  6. Step-by-step instruction for creating ICO
  7. How much does an ICO cost?
  8. Tips for holding ICO from The Coin Shark
  9. Tips for conducting ICO from famous personalities
  10. Conclusion

1. What is ICO?

Initial Coin Offering, or, as everyone knows, ICO is a possibility in the field of cryptocurrency, which provides a great opportunity for start-ups to take a deep breath, at the expense of the initial offering of coins to investors. Within the framework of the ICO, funds are collected for developing and promoting the idea, as well as for increasing the brand awareness.

2. How to increase the value of the token?

The cost of the token directly depends on the idea of ​​the project. If it is of value to a person, can solve global problems or simplify lives, that is, it will be in demand, then the ICO project’s token will grow in price.

3. What do you need to know about ICO?

ICO is the best way to raise funds for blockchain projects. Only since the beginning of this year during the ICO about 2 billion dollars for 130 cryptocurrency projects was collected.

However, a piece of pie is interesting not only to people with good and honest intentions. ICO attracts scammers, speculators and hackers who use the fact that the law does not keep pace with the progress of technologies and cannot regulate it.

Some countries are already trying to regulate cryptocurrency and ICO at the law level. But, the attempts have not been crowned with success yet. Therefore, to this day the hands of crypto figures have been free.

4. Features of ICO in contrast to crowdfunding

ICO projects collect investments by selling tokens. Due to this, the investor automatically becomes a participant of the project. Investing in crowdfunding, a person makes a kind of regular purchase in the future time. That is, he pays for the purchase of goods or services in advance.

With the help of ICO, it is possible to attract financing to projects that are only at the stage of “packing” the idea, that is, at the initial stage. Crowdfunding, in turn, implies the acquisition of finished goods and services on special sites. That is, financing to zero product is impossible.

Most often, ICO and IPO are compared because of a similar process of attracting finance. As for crowdfunding, it is quite difficult to call it “a form of investment.” It is rather a kind of trading activity.

Financing by a crowdfunding method can be received by projects which already have a certain capital. Investments through the ICO tools can be collected even without the MVP of the product.

5. Examples of successful ICOs

The best example of a “successful ICO” is Ethereum. It is also the first ever project with cool ICO.

In 2018, the crypto industry was blown up by the news about the ICO of Telegram messenger, owned by Pavel Durov. During the ICO, more than 200 investors were attracted; they invested $1.7 billion. Before the launch of Telegram’s ICO, the absolute leader in terms of collected funds was EOS, which attracted $4 billion.

6. Step-by-step instruction for creating ICO

Step #1: Formation of the concept and announcement

If you have a real idea, then take the time to study its relevance in accordance with the realities of the current and future market conditions. The relevance of the project influences the success of the promotion and ICO. If it is unable to solve global and/or private tasks, then it will not be of interest to society.

Step #2: Team and registration of the project

On average, from 20 to 30 people participated in the creation of successful IСOs. The organization of ICO should be carried out by a team of programmers, marketers, copywriters, PR specialists, designers, analysts and other narrowly specialized experts. The main thing is that they should be extremely competent in carrying out ICO.

After the formation of staff, it is necessary to register the company. This will increase investors’ confidence. After all, today we already know of a lot of cases when investors were deceived, and their funds filled the pockets of scammers. By registering a company and working out a mechanism for protecting investment capital, the level of trust automatically increases.

Step #3: Development of Whitepaper

In order for the financiers to have full access to the project, White Paper is used. This marketing beast is a powerful tool that is able to convert just an interested reader into an interested project participant or investor. The main thing is to properly submit information and explain everything in the simplest language.

Step #4: Creation and launching of the site

The site is designed to perform informative, advertising and selling functions. For ICO, one-page sites (landings) are created. Platforms conducting ICO should concern about the content, including the inclusion of White Paper in pdf format. In addition to the site, the effectiveness will be added by email.

Step #5: Advertising and promotion in social networks

The more noise is around the project, the more interested people will be attracted to it. The best place for hype is in social networks – Facebook, Reddit, Medium and other platforms. Also, do not forget about using all possible traffic channels. PR-campaign will help to form a wide and full-fledged audience.

Step #6: Bounty campaign

Help is not superfluous. Crypto volunteers (bountists) can be attracted to the project. True, they do not work for free, but for project tokens, which the company pays for simple tasks: reposting in social networks, writing reviews, reports, translating articles into other languages ​​and for others.

Step #7: Tokens’ emission

Today it is not beneficial to create tokens on your own. To do this, it is best to use such platforms as Ethereum, Waves, NEM, NXT/Ardor, Counterparty and BitShares. Investors trust the tokens created on Ethereum most of all, because the platform is the only one that has its own function of smart contracts.

Step #8: Sale of Tokens (ICO)

It is very important that investments begin to “swim” in the project on the first few hours of the ICO. This is more than realistic, provided that the preparatory steps listed above have been properly implemented.

7. How much does ICO cost?

It is quite difficult to predict the exact cost of ICO by the end of 2018. Experts attribute this to increased competition. They also state that prices will continue to grow. Now the cost of holding fluctuates between $100k and $500k.

The cost of ICO includes the development of an MVP product (if it is provided for in the project’s idea), White Paper, team building, PR coverage, and more. At the same time, everything depends on the complexity of the implementation.

8. Tips for holding ICO from The Coin Shark

Tip #1: Speak the language of the target audience

The project should be described in a simple and understandable language. The level of how much the reader will learn the information and his desire to join the development of the project depends on the level of readability of White Paper, articles, posts in social networks. Nobody wants to invest in something they do not understand

Tip #2: Answer the key questions

By means of ICO funds are attracted only by the projects based on blockchain technology. It is necessary to substantiate in detail the need for blockchain in the project. Also, open up what problems it is called upon to solve and its value.

Tip #3: Analytical reasons

Investors invest only in projects with good prospects. Therefore, include the analytics of the market and the segment to which the project belongs in White paper.

Tip #4: The value of the token

Describe the role of tokens within the project and the benefits that its holders will have. It is also important to justify on the basis of value, how quickly and how much the token is able to grow in price.

Tip #5: Attract professional marketing to ICO

First of all, you should not try to do the preparation and launch of ICO yourself. Yes, after watching videos on Youtube, everything seems very clear. But it’s not like that. After all, in an hour-long video, no one will talk about the pitfalls and how to remove them so as not to go to the bottom. In connection with this, The Coin Shark recommends entrusting the organization, conduct and maintenance of the ICO to a marketing agency that specializes in blockchain projects.

9. Tips for conducting ICO from famous personalities

Tip #1: “ICO is crowdfunding” – just agree

Experts recommend treating ICO as crowdfunding. To do this, meet the primary needs of investors and future users. Act as if financing is attracted in the traditional way. Such a move is credible.

Tip #2: Strong team

If the team has public figures, opinion leaders, advisors who have participated in well-known and successful ICOs – it’s worth telling about this.

Tip #3: Have patience

As practice shows, conducting of ICO often departs from the initial strategic plan. And this is normal! Do not immediately perceive barriers as a failure. Be patient and accept this as a chance to exceed your ultimate expectations.

Tip #4: Lead a transparent game

ICO investors have long pricked up their ears and at the slightest hint of a scam are winding rods. Transparency from the organizers of ICO and the creators of the project is important for them. For example, the address of charging tokens is published only by honest projects.

Tip #5: Platform for ICO

To receive funds during the ICO, you need a personal website for the project. But, this does not mean that it should be used only in such a way. On the platform, you should place the basic information about the project, White Paper, Road Map, the size of soft and hard cap, as well as display the amount of funds raised.

10. Conclusion

ICO in 2018 is of great importance for the digital currency. Because it opens wide horizons for start-ups and investors, especially beginners. Even if the project has nothing but an idea, it still has a chance to collect the necessary amount of funds for scaling and full implementation.

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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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