A merchant could offer their own local bitcoin processor to connect a client to, if the transaction is innaccurate, they could "undo" it and simply not transmit the transaction to the Bitcoin Network. If a service like BitUndo can get enough miners supporting it, it could have a chance probably not a large one, but some chance of undoing transactions if you submit your undo request within minutes of the original transaction.
This works because if they are able to successfully mine the next block, they can choose to exclude the original transaction and include their refund transaction instead. Sign up to join this community. The best answers are voted up and rise to the top. What happens if I mistype the address when making a payment? Ask Question. Asked 9 years, 5 months ago. Active 2 years ago. Viewed 29k times. Improve this question. Add a comment. Active Oldest Votes. Improve this answer. A note for anyone passing by : nowadays the usual address format bech32 is even more resistant to typo.
So, is it correct to think that if you accidentally issued an invalid recipient, shouldn't it be possible to doublespend it back to yourself and get that verified quicker, since it will be rejected by most miners? Or is it actually impossible to send to an invalid address I thought that was what people did to write messages to the blockchain?
Murch, It is impossible to send to an invalid address. No compliant client will even create the transactions. No compliant node will relay the transaction and no compliant miner would include it in a block. If a miner did the block would be seen as invalid by all other nodes.
When people want to send coins to an address where the key is unknown they make a valid address by computing the proper checksum for the "fake" address they want to send the coins to. Chris Moore What if I was connected to the network, but quickly ie. Is there a chance the new transaction will get mined in preference to the old one? ChrisMoore: What nanotube said, and of course, if this was possible, it would also be extremely easy to double-spend.
ChrisMoore - as I understand it, miners are encouraged to give priority to first transactions, but this is not mandate by the protocol. If the transaction fee of the 'replacement' transaction was high enough, some miners might be tempted to ignore the first transaction and go for the higher reward I guess. Either way, it's best for recipients of Bitcoin payments to wait for a confirmation if the payment's amount is significant. Show 1 more comments. Joshua Kolden Joshua Kolden 3, 21 21 silver badges 25 25 bronze badges.
Maxwell G. Maxwell 6, 2 2 gold badges 12 12 silver badges 43 43 bronze badges. Jeremy Jeremy 1. Bitcoin is what it is for a reason, don't support services like this. The fact that they advertise some random gambling site right in the first bit of text is a huge red flag too.
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But security can be a concern: bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in People can send bitcoins to each other using mobile apps or their computers. This is how bitcoins are created. Currently, a winner is rewarded with The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.
Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Wallet in cloud: Servers have been hacked. Wallet on computer: You can accidentally delete them. Viruses could destroy them. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed — only their wallet IDs.
No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency. While Bitcoin is widely seen as a pioneer in the world of cryptocurrencies, analysts adopt many approaches for evaluating tokens other than BTC.
The first Bitcoin alternative on our list, Ethereum , is a decentralized software platform that enables Smart Contracts and Decentralized Applications DApps to be built and run without any downtime, fraud, control, or interference from a third party.
The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can have free access to, regardless of nationality, ethnicity, or faith. This aspect makes the implications for those in some countries more compelling, as those without state infrastructure and state identifications can get access to bank accounts, loans, insurance, or a variety of other financial products.
The applications on Ethereum are run on its platform-specific cryptographic token, ether. Ether is like a vehicle for moving around on the Ethereum platform and is sought by mostly developers looking to develop and run applications inside Ethereum, or now, by investors looking to make purchases of other digital currencies using ether. Ether, launched in , is currently the second-largest digital currency by market cap after Bitcoin, although it lags behind the dominant cryptocurrency by a significant margin.
In , Ethereum launched a pre-sale for ether which received an overwhelming response; this helped to usher in the age of the initial coin offering ICO. In Ethereum plans to change its consensus algorithm from proof-of-work to proof-of-stake. This move will allow Ethereum's network to run itself with far less energy as well as improved transaction speed. This process helps to secure the network and process the transactions that occur.
Those who do this are rewarded ether similar to an interest account. Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses "scrypt" as a proof of work, which can be decoded with the help of CPUs of consumer-grade. Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation time.
Other than developers, there are a growing number of merchants who accept Litecoin. The project was co-founded by Charles Hoskinson, one of the five initial founding members of Ethereum. After having some disagreements with the direction Ethereum was taking, he left and later helped to create Cardano.
The team behind Cardano created its blockchain through extensive experimentation and peer-reviewed research. The researchers behind the project have written over 90 papers on blockchain technology across a range of topics. This research is the backbone of Cardano.
Due to this rigorous process, Cardano seems to stand out among its proof-of-stake peers as well as other large cryptocurrencies. That said, Cardano is still in its early stages. While it has beaten Ethereum to the proof-of-stake consensus model it still has a long way to go in terms of decentralized financial applications.
Cardano aims to be the financial operating system of the world by establishing decentralized financial products similarly to Ethereum as well as providing solutions for chain interoperability, voter fraud, and legal contract tracing, among other things. Polkadot is a unique proof-of-stake cryptocurrency that is aimed at delivering interoperability between other blockchains.
Its protocol is designed to connect permissioned and permissionless blockchains as well as oracles to allow systems to work together under one roof. With Ethereum, developers can create new blockchains but they need to create their own security measures which can leave new and smaller projects open to attack, as the larger a blockchain the more security it has.
This concept in Polkadot is known as shared security. Polkadot was created by Gavin Wood, another member of the core founders of the Ethereum project who had differing opinions on the project's future. Bitcoin Cash BCH holds an important place in the history of altcoins because it is one of the earliest and most successful hard forks of the original Bitcoin. In the cryptocurrency world, a fork takes place as the result of debates and arguments between developers and miners.
Due to the decentralized nature of digital currencies, wholesale changes to the code underlying the token or coin at hand must be made due to general consensus; the mechanism for this process varies according to the particular cryptocurrency. BCH began its life in August of as a result of one of these splits. The debate that led to the creation of BCH had to do with the issue of scalability; the Bitcoin network has a limit on the size of blocks: one megabyte MB.
BCH increases the block size from one MB to eight MB, with the idea being that larger blocks can hold more transactions within them, and therefore the transaction speed would be increased. It also makes other changes, including the removal of the Segregated Witness protocol which impacts block space.
Stellar is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for the purpose of large transactions. Huge transactions between banks and investment firms that typically would take several days, a number of intermediaries, and cost a good deal of money, can now be done nearly instantaneously with no intermediaries and cost little to nothing for those making the transaction. While Stellar has positioned itself as an enterprise blockchain for institutional transactions, it is still an open blockchain that can be used by anyone.
The system allows for cross-border transactions between any currencies. The network requires users to hold Lumens to be able to transact on the network. He eventually left his role with Ripple and went on to co-found the Stellar Development Foundation. Chainlink is a decentralized oracle network that bridges the gap between smart contracts, like the ones on Ethereum, and data outside of it. Blockchains themselves do not have the ability to connect to outside applications in a trusted manner.
One of the many use cases that are explained would be to monitor water supplies for pollution or illegal syphoning going on in certain cities. Sensors could be set up to monitor corporate consumption, water tables, and the levels of local bodies of water. A Chainlink oracle could track this data and feed it directly into a smart contract.
The smart contract could be set up to execute fines, release flood warnings to cities, or invoice companies using too much of a city's water with the incoming data from the oracle. Chainlink was developed by Sergey Nazarov along with Steve Ellis. Binance Coin is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange.
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