What is Bitcoin? Can my Bitcoin or any other cryptocurrency transaction be canceled or reversed?

1. What is Bitcoin?

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.

One of the most important elements of Bitcoin is the blockchain, which tracks who owns what, similar to how a bank tracks assets. What sets the Bitcoin blockchain apart from a bank's ledger is that it is distributed, meaning anyone can view it. Since Bitcoin is open, no company, country, or third party is in control of it, and anyone can participate.

Learn more about Bitcoin here: bitcoin.org/faq#what-is-bitcoin

2. Can my Bitcoin or any other cryptocurrency transaction be canceled or reversed?

No, we're unable to cancel or reverse your transaction.

Even many advanced cryptocurrency users can recall an incident when they failed to double-check their transaction details and they accidentally sent funds to the wrong recipient, or sent the wrong amount. As unfortunate as it is, cryptocurrency transactions on the Bitcoin, Ethereum, Bitcoin Cash, Dash, XRP, Litecoin, Monero, NEM, Zcash, Ethereum Classic and other networks are designed to be irreversible and we have no control over them.

Knowing this, it's extremely important to make sure your transaction details are correct before you click send.

We hope you find our service easy and convenient to use.
Best wishes,
​ALFAcashier team.

View all tutorials