Messing up your Bitcoin transaction P2P #bitcoin #education #accident

What happens if you send the wrong amount of Bitcoin or send it to the wrong address?

The answer is straightforward but crucial – the Bitcoin is lost. This is because Bitcoin operates as a peer-to-peer currency, a fundamental aspect often overlooked in discussions.

Peer-to-peer money means there is no third party to mediate disputes or reverse transactions. Allowing changes to past transactions would necessitate a central authority capable of rewriting history, which contradicts Bitcoin’s core principle. Bitcoin’s blockchain embeds and locks each transaction in a block, creating a series of immutable 10-minute records that form the foundation of the network. This ensures the integrity and permanence of the transaction history, providing a bedrock upon which the future of Bitcoin is built.