Is it possible to cancel the Bitcoin Transaction?

It is obvious while pursuing some digital activities, chances of error are and sometimes this sort of discrepancy becomes the reason for huge financial loss. The same thing happens in the transaction process of cryptocurrency from one source to another wallet. These financial losses occurred due to human error during the exchange or transfer of cryptocurrencies. An Israeli-based blockchain startup declared in the previous week that they were in progress with creating the technology which allows canceling the transactions which were executed by mistake or showed some wrong impacts. You can go for crypto trading and investment by logging into Bit IQ.

Retrievable Transfer of cryptocurrencies

This kind of transfer saves users from sending their crypto to the wrong address either by mistake or due to some kind of negative activity. It is a policy of the company. However, we believe that the additional technological gaps are here to close the gap and eliminate the weak areas that still prevent an abundance of adoption.

How to execute its service work?

However, initiatives were taken to make blockchains as simple and safest as online banking claims to resolve the irreversible trading difficulties. The protection layers of the company are present to work as another party for verification on Bitcoin and Ethereum networks. As per the policy of the company, the new form of protection is permitted to dissuade the failures induced by human errors as well as by the purposeful transitions made by third-party assailants. However, the reports revealed that the new technology was provided by both sender and receiver with the matching code and unique identity as the users must receive the crypto funds to their account. It is clarified that the sender can receive the crypto funds in case the receiver is not able to submit the accurate code which was sent to him by any electronic media such as phone, text messages, or any other item after the sender’s funds that were subtracted from their balance and seemed to be available on the blockchain networks as well. As per the statement of the company:

Executing timings between sender and receiver

Till the time, the right code is provided, it is the responsibility of the sender as well as the receiver to cancel or retrieve the transaction amount. It is because the transaction does not hold the private key of the user and they do not have access to any of their passwords. Although the cryptocurrency-related platforms were audited through the cyber specialist firms Scorpiones group and are funded by the Israel Innovation Authority.

Scope of human errors

Human errors most commonly occurred during sending or receiving the cryptocurrencies and as the extensive prevalence of crypto wallet addresses containing a long string of digits and signs which directly means that it needed checking details many times during the transaction process of the cryptocurrencies among sender and receivers.  It also indicates the signal in case the transaction is running on its right path or there is any kind of discrepancies happening in between the process. However, due to decentralization of cryptocurrency, does not permit the cryptocurrencies to allow for regaining or revoking transactions once they have been accomplished. It means that in case the funds are delivered to the wrong address, the only way to regain them is possible by reaching the receiver and relying on his goodwill to repay the assets.

Conclusion

Although these kinds of mistakes that happened during crypto transactions are stressful, however, the crypto industry is already keen to adopt innovative solutions which enable usernames to replace full-length cryptocurrency addresses and to further simplify the process of sending and receiving the crypto from one end to another end. However, the whole cancellation of the transactions as once occurred is difficult to execute because it contains the fear of losing the currency and can become a reason for significant loss. But still if once the bitcoin cancellation of the transaction process has been executed successfully it would be more beneficial in the case of big transactions as were processed during business periods of big companies and organizations. Moreover, it will also help the crypto industry avoid any financial loss which impacts the cryptocurrency market significantly.