Lose your password or make a mistake in the transaction and you lose it just the same as if you lost your wallet or mailed cash to the wrong address. Cryptocurrencies can be extremely unforgiving when it comes to making mistakes because many wallets are only locked with a password with no hope of getting back in if the password is lost.
Losing your keys or your store house getting hacked
Can someone retrieve such transaction back when you mistakenly send Money to wrong wallet?
It’s for security, simple as that. Suppose, you installed a new key lock to your house door to be safe. You choose such a locker that are extremely secure and unbreakable that if you lost the key you can’t enter the house unless break the whole house, you know it but installed it for high security. Same as crypto. It’s for ultra security. If you don’t like the security, regular monetary system suits you, but you choose crypto for that security. So you need to keep your keys safe as like as the door key.
You are right what if I mistakenly send money to wrong Wallet… such money can it be retrieve back If so how?
It is irreversible. It would be necessary to contact the receiving party and ask for their cooperation in returning the funds. If you do not know the owner of the address, there are no possible actions you can take to retrieve the funds.
You can cancel the transaction, if the transaction wasn’t confirmed. You should be immediate to check the transaction whether it’s confirmed or not. If the transaction wasn’t confirmed, then you can replace the transaction which will cancel the previous transaction. Every blockchain has that feature.
Ok thanks. Need tobbe extra careful before sending
Yes, off course. Being careful is always welcome.
Kinda boring but can someone retrieve it if it was send to wrong wallet
So true that’s the irony about crypto currency, and often times people fail to safe their private keys n seeds online which is wrong save offline.
that’s actually bad so if one lost his or her password it’s over?
That you got spammed, its still over.
I’m a victim.
Please keep your phrase else where not on your phone. But somewhere save.
I lost my phone and so I also lost my wallet.
I also got hacked through my pass phrase.
Don’t share your 12 phrase.
Stay safe people☑
Oh … hack???
How money you Lose?
How long does it take a transaction to be confirmed?
Does it have any dependence?
It’s not possible sir
Depends on how much fee you gave. If you gave regular fee (called safe fee), the transaction would occur in between 5-30 mins average. If you gave high average it would take less than a minute to be confirmed. If you gave less Average then it would take over 30 minutes (30mins to weeks or even months or sometimes ignored by the network if the fee was too low).
Would storing your password on a cloud be safe or nah?
It is possible depending on the wallet…