Apr 15, · Case 2: Trying to send a Bitcoin to a wrong address We would like to establish a simple rule for your safety - Never type an “address” into any system! Always copy past the address while making a transaction. This said, let us now establish what happens if you type an invalid address . What happens if you send bitcoin to an old address I'm new to this Bitcoin thing but im using copay because it's easy enough for me. Anyway, I've been using the same public address for about 2 transactions and I sent myself about$7 worth of Bitcoin yesterday to the same public address . While Can you send Bitcoin to old receive address. Can you send Bitcoin to old receive address (often abbreviated BTC was the first example of what we call cryptocurrencies today, a growing asset class that shares some characteristics with traditional currencies except they square measure purely digital, and creation and ownership verification.
Send btc to old addressWhat If I Send Bitcoin to the Wrong Address?
We will take up each of the following cases individually. But first, let us understand how addresses work in a Blockchain and how likely it is for you to commit a mistake. To start with, it is important to understand that in a cryptocurrency like Bitcoin, you are the sole owner and controller of your currency. This means that there is no higher authority to appeal to if you make a mistake. This is nearly impossible as almost all wallet clients are implementing a checksum to validate a destination address.
If you put say a Litecoin address as the recipient of a Bitcoin transaction, nearly every wallet will say it is an invalid address. This is because each Blockchain has its own way of building an address. If the Blockchain recognizes the address as a valid one, then it is difficult to trace the money. Once the transaction is confirmed by the network, there is no stopping it.
However, if there are no confirmations, one could attempt to resend the transfer to a different address by using the child-pays-for-parent method. Always copy past the address while making a transaction. This said, let us now establish what happens if you type an invalid address into the system.
As already discussed Bitcoin addresses are defined by a bit checksum, which makes it almost impossible to type a valid address by mistake. The probability of doing so is about 1 in 4. What a relief! In actuality, a mistyped address will be caught by your own wallet or service way before people start taking a peek at the Blockchain.
Now, this is the most typical case. You may think that this transaction may fail if there is no wallet created for the address. This is not true - the transaction can go through as the Blockchain does not know which wallet addresses exist.
It only knows when valid addresses appear. What will happen to my bitcoins? Will they bounce around for a few days before coming back or will they just disappear into the ether? If the address is valid then the bitcoins will stay there until spent. If you don't have the private key for that address they are now unspendable. However, in general Bitcoin uses addresses in a different way to that which might be considered immediately obvious. An address is generally considered a single-use item and as such it is entirely possible that your wallet contains the private key for the address to which you sent these coins, as well as any other addresses which you might have created.
Take a look at your wallet to see if it is present. Sign up to join this community. The best answers are voted up and rise to the top.
Bitcoin sent to a defunct address - what happens to it? Ask Question. Asked 7 years, 8 months ago. Active 10 months ago. Viewed 9k times. So, it would appear that I have sent my bitcoin to a valid address that is now redundant. Peter Peter 21 1 1 silver badge 2 2 bronze badges. Contact the vendor, they most likely have the private key and should be able to recover the funds from the previous address.
Thank you Roy, I have contacted them with the details of the account where the money was sent but no reply so far. It is recommended that services which provide an e-Wallet account for customer funds will provide a new address for each payment. When this advice is followed, each time an address for "add funds" is shown it will be different. So usually, this means each account can have multiple bitcoin addresses for adding funds.
Active Oldest Votes. I definitely have the address to where I sent the bitcoin. I have checked out the tracking All the transaction details are in my wallet. What is the "private key"? I assumed it is a series of numbers, would they be the first block of numbers in the "Raw Transaction" field, or in some other place?
If and when I find the private key for the receiver's address, what do I do next? Bitcoin is a bit confusing in how it talks about keys and addresses. Public keys are translated in to addresses, which are the long strings you see starting with "1". Think of this as the equivalent of a postal box. Private keys are the actual keys to the postal box, and required to use the funds sent to the address. The private key will not be visible anywhere public but might be in your wallet.