Bitcoin payments are reversible

Bitcoin payments are reversible

Bitcoin payments are reversible

A Bitcoin transaction can be reversed, it can only be refunded by the person receiving the funds or a charge back specialist . This means you should take care to do business with people and organisations you know and trust, or who have an established reputation. For their part, businesses need to keep track of the payment requests they are displaying to their customers. Bitcoin can detect typos and usually won’t let you send money to an invalid address by mistake, but it’s best to have controls in place for additional safety and redundancy. Additional services might exist in the future to provide more choice and protection for both businesses and consumers.

Bitcoin is not anonymous

Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy. Read more about protecting your privacy.

ConfirmationsLightweight walletsBitcoin Core
0Only safe if you trust the person paying you
1Somewhat reliableMostly reliable
3Mostly reliableHighly reliable
6Minimum recommendation for high-value bitcoin transfers
30Recommendation during emergencies to allow human intervention

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