Can You Reverse A Bitcoin Transaction? What You Need To Know

If you've sent some Bitcoin to the wrong address, you're out of luck — unless you can somehow find a way to track down the recipient and encourage them to return them. But let's face it: That's about as likely as a Martian landing on Earth, waving a wand and turning everyone stone. It will never happen. Probably. Possibly. Definitely.

That's right — you can't reverse a Bitcoin transaction. Once the funds have been transferred, they're gone for good. Nobody can step in to save it. Not even President Trump. This is because Bitcoin is completely decentralized (it's not regulated). So if you send money to the wrong address or fall for a convincing scam, you're out of pocket. 

This is why it's of paramount importance you check all transaction details are correct before you hit send — whether you're paying for a service or transferring funds to a friend, send the intended recipient a screenshot of the transaction with their Public Key in view for them to confirm that the details are in fact correct to avoid disaster.

Can You Chargeback A Bitcoin Transaction?

The same goes for chargebacks. You can't chargeback a Bitcoin transaction, so we would advise against using it to pay for goods and services online unless you're absolutely certain the contractor or retailer is reputable. If you have your heart set on using it though, you could always use an escrow service to add an extra layer of protection.