February 10, 2020

What if Bitcoin was sent to the wrong address?

Probably the easiest way to answer this question is something like this:

“The first rule of the trading club is never making a mistake with the wallet address!”

Simply put, if you make a mistake with the wallet address, you will irretrievably lose your funds, this is how it works and nothing else.

Then what happens to BTC when I send it to the wrong address?

Purely technically, we could suggest several options, for example:

  • Your funds may end up in someone else’s wallet if someone already has the wrong address
  • Sent Bitcoins will get stuck somewhere on the Blockchain network without ever going to the specified address
  • They may just disappear, how it works with black holes

Fun is fun, but we propose to consider this issue from a technical point of view.

So, you still made a mistake and sent Bitcoins to the wrong address. First and foremost, you should understood that if you indicated the wrong address in the transaction form and it does not exist, you can breathe out quietly because nothing will happen. Your funds simply will not be debited from the account, since the transaction security check initiates a refund, and you will receive your BTC back.

The exact opposite situation arises if you make a mistake when entering the address, and your funds go this way to an existing wallet. It is worth recognizing that this is the worst turn of events for you because in this case, you will not be able to return your Bitcoins.

We’re should clarifying that if the transaction was between you, and for example the wallet of your friend or local merchant, you can still try to contact him and discuss how you will correct this situation. But if the funds went to completely unknown address, our condolences, say goodbye to them and release them.
The only working advice is to never try to manually enter the address for the transfer of funds, otherwise, you risk very much and unjustifiably. If you have the opportunity to use Ctrl + C Ctrl + V, then  just do that. Then, you slightly protect yourself from at least the human factor when entering data.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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