Israeli Startup Invents Undo Feature for Bitcoin Transactions

Facebooktwitterredditpinterestlinkedinmailby feather

With Bitcoin casinos becoming increasingly popular, Bitcoin transactions have exploded recently. More and more people are realizing the potential of cryptocurrencies for online transactions and choosing Bitcoin and the bunch over playing (or shopping) with fiat money. There’s only one problem with it – you can send your cryptos to the wrong wallet and lose them forever.

Although rare, these kinds of situations have happened. Since Bitcoin is a decentralized currency that’s not fully regulated in most countries around the world, you can guess that getting your cryptos back is hard. Well, not anymore. An Israeli startup has found a new way of undoing Bitcoin transactions online. It’s as easy as hitting Ctrl+Z and will save you a lot of time and unnecessary stress.

Irreversible Crypto Transactions

Kirobo is a small Israeli blockchain startup supported by the Israel Innovation Authority. Audited by the Scorpiones Group, Kirobo wants to make Bitcoin (and crypto) transactions as easy as possible for everyone. It certainly has with its latest invention – undoing irreversible crypto transactions.

The next time you send your cryptos to the wrong wallet address, you can undo it with ease. Kirobo calls it the “Retrievable Transfer”, allowing the sender to cancel a transaction sent to the wrong address. It works like this: the company gives the sender and recipient a special code they both need to enter to complete the transaction. If sent to the wrong address, the sender can cancel it until the recipient enters the correct code.

For those of you wondering if this means that Kirobo has access to your funds, don’t worry – it doesn’t. Up until now, Bitcoin transactions were irreversible. As soon as one is confirmed on the blockchain, it is sent to the recipient’s address. There’s no way to get your Bitcoins back if you send them to the wrong wallet address.

This happens all the time. Bitcoin owners happen to send cryptos to the wrong address all the time, and some have been victims of phishing scams. Such situations are more common than you think, but thanks to Kirobo, they can now be a thing of the past.

Available on the Ledger Bitcoin Wallet

At the moment, the feature is available on the Ledger Bitcoin wallet only. Kirobo CEO Asaf Naim says that the invention adds finality to crypto transactions and a layer of logic into blockchains. It is supposed to protect crypto owners from human error and prevent phishing scams that can leave you without your hard-earned Bitcoins.

The coolest thing about the Retrievable Transfer is that it will be free of charge for transactions up to $1,000. Kirobo’s goal is to make Bitcoin and crypto transactions as easy and as safe as online banking. While it remains to be seen how successful it’ll be, knowing that you can get your Bitcoins back if you happen to send them to the wrong wallet offers reassurance.

It also makes crypto transactions way more secure than ever before, so we’re rooting for the Israeli startup.

 

Facebooktwitterlinkedinrssyoutubeby feather
July 1, 2020: • No Comments

Comments are closed.