Cryptocurrency

To undo a transaction Bitcoin with Kirobo

One of the most important features of the technology, Blockchain, has always been the irreversibility in the operations. When we perform a transaction using a criptomoneda, the same is recorded in the chain of blocks, and can not get rid in any way. Which ensures a high degree of security and transparency. However, now the startup, israeli, Kirobo, says that you can undo a transaction in the chain of Bitcoin.

Safety and liability in the Blockchain

For those who do life in the crypto world, the main advantage of the Blockchain on any other method for data storage, has always been safety. Therefore, unlike other digital systems that can be easily manipulated, the information contained in the chains of blocks may not be altered once fixed.

This provides greater security and transparency for all crypto users. Avoiding that the virtual currencies to be manipulated in any way by a third actor. Whether you want to undo transactions made on the Blockchain, redirecting funds, or erase the traces of their transactions with any criptomoneda.

Before Kirobo, to rollback a transaction Bitcoin was impossible. Source: Blockchain.com

However, this same transparency and security, they require a high level of responsibility on the part of the users. Because, if for any reason we send our money to a Bitcoin address wrong. There is no entity centralized that it can return our money. So, the same would be lost forever. Precisely the problem you pointed to Kirobo.

An issue that reaches alarming proportions, due to the difficulty of typing the addresses in the Blockchain of Bitcoin without errors. Therefore, the same are formed by complex combinations that protect your safety. Came to the point that, according to a recent survey, 55% of users of Bitcoin have experienced problems when copying an address. With up to 18% admitting to having lost money for this reason.

The solution of Kirobo to undo transactions of Bitcoin

However, this situation might change very soon thanks to the startup, based in Israel, Kirobo. Which says that you can achieve undo a transaction in Bitcoin, thanks to a system developed by the company, which includes an additional step in the sending and receiving of money.

So, in order to receive funds from a user to use the system Kirobo. You will need to enter a unique code sent by the company to the issuer of the Bitcoins, who will provide it to the receiver. Being able to cancel the operation at any time, until the receiver of the money enter the code of Kirobo.

The objective of this update on the workings of Bitcoin, is to provide an additional layer of security to the users. For the mistake by entering the address to which to send money, since it would not be a catastrophe that will cost them hundreds or even thousands of dollars. Therefore, you will always have at your disposal the possibility to undo the operation before the same becomes effective.

Kirobo has assured that he will not retain the personal data of those using your system. Taking care only to allow or not the operation is performed. Also, the use of the solution of the company will be free for a limited time. For later move to charge a certain amount of money in operations of more than 1,000 dollars.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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