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Can I cancel a transaction in the process?

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Quick Answer

Unfortunately, there is no "undo" button when sending bitcoin or any other cryptocurrency. Cryptocurrency transactions are irreversible, and SpectroCoin has no control over them. Before confirming your order, be sure to double-check the recipient and transaction details.

Why can't you cancel bitcoin transaction?

Bitcoin is a public, peer-to-peer version of an electronic cash system that runs without the backing of any government. A blockchain ledger was developed to succeed without a third party and verify or manage transactions. This means cryptocurrencies are not physical objects or files but entries in the blockchain.

By looking on the blockchain, you can find where your bitcoin or other altcoins went; however, bitcoin addresses don't have IDs or other associations with your name, passport or governmental records. Transactions are managed solely between the sender and the recipient, so if you do not know the identity of who controls the address you sent your assets to, there is no way to contact the recipient and ask them to send your assets back. You have better chances to get your bitcoins back if you have purchased something from a merchant, as it is more likely that you can contact the recipient to request a refund.

In addition to the irreversibility of bitcoin transactions, we designed the SpectroCoin blockchain wallet to give you complete control over your assets, so that's another reason why we are unable to interfere with your transactions.

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