Cryptocurrency Q&A
Can blockchain transactions be reversed?
Can blockchain transactions be reversed?
SoulWhisper
Sat Oct 12 2024
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7 answers
1999
I'm wondering if blockchain transactions, which are often described as irreversible, can actually be reversed or undone in certain circumstances. Is there a way to reverse a blockchain transaction?
7 answers
Martino
Mon Oct 14 2024
This immutability applies to all parties involved in the transaction, including the sender and receiver. Neither can alter or reverse the transaction once it has been written to the blockchain.
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HallyuHero
Mon Oct 14 2024
Furthermore, any platforms or services that facilitate or manage cryptocurrency transactions, such as Exodus or other custodial and self-custodial wallets, also cannot cancel or reverse these transactions.
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Isabella
Mon Oct 14 2024
The reason for this immutability lies in the way blockchains work. Each block in the chain contains a record of transactions that have taken place within a specific time frame.
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SamuraiCourageous
Mon Oct 14 2024
The immutability of blockchain transactions is a fundamental principle that ensures security and trust in the decentralized network. Once a transaction has been recorded and confirmed on the blockchain, it becomes a permanent part of the digital ledger.
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CryptoMystic
Mon Oct 14 2024
Once a block is added to the chain, it becomes part of a continually growing list of blocks, each containing its own unique hash and linking to the previous block. This creates a tamper-proof, chronological record of all transactions.
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