Can I cancel a transaction in the process?
When sending bitcoin or any other cryptocurrency, a small mistake can happen, causing you to want to cancel your bitcoin transaction. Unfortunately, there is no “undo” button: cryptocurrency transactions on the Bitcoin and Ethereum networks are designed to be irreversible and SpectroCoin has no control over them. Knowing this, before your order is processed, make sure to double-check the recipient and transaction details, as you will not be able to cancel bitcoin transaction after.
Why can't you cancel bitcoin transaction?
Bitcoin was introduced as a public, fully peer-to-peer version of an electronic cash system that was created to run without the backing of any government. For this reason, in order to succeed without a third party and verify or manage transactions, the concept of a blockchain ledger was developed. Cryptocurrencies are not physical objects or files, but entries in the blockchain, which helps to verify and track not only financial transactions but virtually everything of value.
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 last name, passport or governmental records. The blockchain database records are truly public and easily verifiable. However, as the transaction is managed solely between the sender and the recipient, 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 back your assets. 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, the SpectroCoin blockchain wallet is designed to give you full control of your assets, and that's another reason why we are unable to interfere or cancel bitcoin transaction.
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