What can be done to stop loss sending to wrong bitcoin address

[bitvestorhacked]

Never supported banks/Financial Institution although it's cut from an easy cloth then ruled by people known as the government, track and trace us like we are some courier shipment but then again the one perfect thing they have is the ability to see the other end via communication, able to retrieve wrong transfers or sent to wrong account which is something that does not happen often in the banking system.

There should be a way to actually create a stop send if the receiving  address does not exist or does  not actually belong to the intended recipient, bitcoin is built better and it's ability to prevent charge backs makes it even more perfect and we all own control to our address except for those that decides to give the power over to exchangers by storing their coins there.

A step should be taken to make it easy for bitcoin to become acceptable everywhere by everyone old and young, there should be a safeguard because right now those of us that use cryptos know to some extent how to walk around the system, what the wallet is, what a btc address is, private keys and public keys but there are millions out there that do not want to get involved for the fear that they will lose their money, their coins, either to scammers, hackers or clumsiness, we all heard the story of people losing their computer and bitcoin along with it, others forgetting their passwords, this makes bitcoin scary to lots of people and because of the news they never want to get involved.

We should be working a system that makes this easy for this new comers, with too many recent technology coming out the days and very much advanced from finger print phone system to free phone cloud system dedicated free to phone owners we should work out a way to safe guard bitcoin better than it is right now, a system in the cloud that calls back bitcoin from anywhere using more than a finger print, a system  that will be able to search and locate your bitcoin using certain protocol regardless if your phone is lost computer damaged, password forgotten without having the knowledge of private keys, public keys and many others, a way for a working mom  to see through and get her bitcoin back without needing tech support, this is not all.

Bitcoin sent to wrong address because of the copy and past malware can be avoided, maybe a system that checks two ways to see that the btc is being sent to the intended recipient and if the address happens not to be existing and yet the bitcoin manages to enter the network  instead of being lost forever or taking unspecified time to return back to the sender address  there should somehow be a way to have a force push back to the senders address maybe within 3 working days  at most, this will at least give people rest of mind when dealing with btc, sending to the wrong address right now means btc lost forever and this thought scares lots of people and this is one of the major reasons lot's of less computer skilled people tend to avoid bitcoin at all cost.

A 2 way check system can be this way,
I- Mr A about to send Bitcoin to Mr B using protocol safe
II- Mr B opens a allow protocol safe using either senders address or generates an option notifying incoming bitcoin to his wallet and amount
III- Mr A Sends bitcoin to Mr B
III- Mr A protocol checks to see if Mr B's protocol is expecting and if Yes, [Suspicious link removed]ives Mr B, if not bitcoin goes back to Mr A.

Lets say the copy and paste malware attacked and changed address while Mr A paste to the system then btc will be returned and no harm.

This goes the same to for sending to the wrong address, there can also be an option to notify the address owner that bitcoin was wrongly sent to you, reply or return at least we won't have to say maybe the owner of the wallet did not realize  someone sent his btc mistakenly.

This are just examples and there is much more, but my reason for getting this to our attention is because this is a real issue, if bitcoin is to be the currency our kids will use it too, our grand mothers will too, they will have to buy grocery with it someday, pay for taxi rides, buy houses and more, so it is time we start thinking on how to make it easy so even our young kids in High school and below will be able to buy lunch in school using bitcoin and not losing access to their bitcoin or losing the family entire savings because a hacker got access to the kids phone and wiped the whole family our of their precious money, that will be very bad publicity for the image of bitcoin.

Please share your thoughts, i have a'lot to say but i figured an easy read is better and we all get our head together to make this work, it will also be a multi million idea for someone who has the resources to do such a system,i for one don't have that kind of  resources to make this work but many users on this forum do have that kind of resources and i encourage that they think deeper more than i have to create something better than banks so that bitcoin will be accepted faster and everyone will feel safe around it.

[NeuroticFish]

A 2 way check system can be this way,
I- Mr A about to send Bitcoin to Mr B using protocol safe
II- Mr B opens a allow protocol safe using either senders address or generates an option notifying incoming bitcoin to his wallet and amount
III- Mr A Sends bitcoin to Mr B
III- Mr A protocol checks to see if Mr B's protocol is expecting and if Yes, [Suspicious link removed]ives Mr B, if not bitcoin goes back to Mr A.

Lets say the copy and paste malware attacked and changed address while Mr A paste to the system then btc will be returned and no harm.

I may have missed something however, it's not clear how this could help.
Clearly Mr B will not spend time checking if money is about to come and allow it, it would be a huge overload for shops, for example.
So an automation will have to be done in a way or another. And this makes all that workflow useless.

But, for the sake of discussion, let's say the automation is not done.
What stops the sender be careless twice when sending out the money?

[pooya87]

most of the ways that users could send to a wrong address involve having a malware on their computer, in which case these users are also susceptible to a lot of different attacks and can lose their money in much easier ways than simply sending to a wrong unintended address. your solution is also not going to solve anything, the same malware can intercept the communication between A and B and change the address to its own.

other ways that involve user typing in a wrong address are already protected by the checksum that each address has in place which means they won't be able to pay to a wrong address because of typos.

[davis196]

What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.

[piebeyb]

This are just examples and there is much more, but my reason for getting this to our attention is because this is a real issue, if bitcoin is to be the currency our kids will use it too, our grand mothers will too, they will have to buy grocery with it someday, pay for taxi rides, buy houses and more, so it is time we start thinking on how to make it easy so even our young kids in High school and below will be able to buy lunch in school using bitcoin and not losing access to their bitcoin or losing the family entire savings because a hacker got access to the kids phone and wiped the whole family our of their precious money, that will be very bad publicity for the image of bitcoin.

if a hacker hacks a cell phone from a child it is the same as we hold cash, it is more dangerous when cash because in many cases they rob by killing to eliminate traces, while online theft for example hackers can actually be avoided by teaching many things how to protect their money is really good so it's not easy to be accessed by hackers, but it's a bit hard if bitcoin is used as a payment tool in the future, still not sure because many countries and governments are still against it, so just wait for their country to go bankrupt or crisis severe

[bitvestorhacked]

A 2 way check system can be this way,
I- Mr A about to send Bitcoin to Mr B using protocol safe
II- Mr B opens a allow protocol safe using either senders address or generates an option notifying incoming bitcoin to his wallet and amount
III- Mr A Sends bitcoin to Mr B
III- Mr A protocol checks to see if Mr B's protocol is expecting and if Yes, [Suspicious link removed]ives Mr B, if not bitcoin goes back to Mr A.

Lets say the copy and paste malware attacked and changed address while Mr A paste to the system then btc will be returned and no harm.

I may have missed something however, it's not clear how this could help.
Clearly Mr B will not spend time checking if money is about to come and allow it, it would be a huge overload for shops, for example.
So an automation will have to be done in a way or another. And this makes all that workflow useless.

But, for the sake of discussion, let's say the automation is not done.
What stops the sender be careless twice when sending out the money?

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts  and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

[bitvestorhacked]

most of the ways that users could send to a wrong address involve having a malware on their computer, in which case these users are also susceptible to a lot of different attacks and can lose their money in much easier ways than simply sending to a wrong unintended address. your solution is also not going to solve anything, the same malware can intercept the communication between A and B and change the address to its own.

other ways that involve user typing in a wrong address are already protected by the checksum that each address has in place which means they won't be able to pay to a wrong address because of typos.

Good point with checksum this works well and it is a very powerful step to show that much more can be done.
There are many different ways for attack but we can also reduce this many different ways too.
Malware will intercept unless someone or a middle man has physical access to the senders phone or computer and in this case no one is to blame.

[bitvestorhacked]

What's that suspicious link that was removed from your post,OP
Are you trying to promote something?
The problem with sending btc to wrong addresses will continue forever,but there's a solution.
It's called "double checking the address before sending any BTC".
It's genius,isn't it.

This is a reply when you see today for bitcoin, when you look at the bigger picture we look to be better than the present banks while being our own bank, not double checking a long address, a bank account is 10 digit long where i am and i know most other places too, 10 digits is so easy to double check, we are looking to accommodate everyone and not specific people, btc is no longer a dream, it has crossed that dream line and becoming a very very realistic reality

"Yaya, an IBAN is way long too" but then again BIC required, much protocols and bank controlled.

[NeuroticFish]

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts  and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

[yazher]

There was a virus from the copy/paste method and it's called Clipboard Hacking Technique, once you copied a BTC address it pasted a different BTC address. I think this is one of the reasons why many people sent their BTC to the wrong address. the most important thing to prevent this problem is to double-check the BTC address where you about to send the BTC. This is where most people failed because some of them are lazy even to check if its the right one or not. therefore when we are introducing Bitcoin to some new people, we need to add this thing to the rule of BTC. like rule no.2 double-check the BTC address where you about to send your BTC to.

You can read more info about the copy/paste malware here: https://bitcointalk.org/index.php?topic=5207436.0

[samcrypto]

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

[bitmover]

What is suggesting makes absolutely no sense.

No one should have to give any authorization to receive money, only to send. This is how it always worked out in Fiat currency as well

If the user is careless and sends money to any address without verifying, it is solely his fault and he loses the money . There is nothing no one can do.

What you are suggesting, authorization to receive money, causes so many problems that it is not worth mentioning.
How would donations work? There would be so much more congestion cause there will be those transactions going back and forth...

Bad idea.

[BrewMaster]

i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

[Sanugarid]

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

[Zackgeno96]

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

Shorter bitcoin address would mean all the bitcoin addresses will be taken up by the users quickly. As many of us own more than one bitcoin address so it will also cause problem for the users. I suggest no protocol changes should be made withing bitcoin. As sending bitcoin to a wrong address is something just because of a user's fault, so the user should double check the transaction before sending it and also what I do is double check the starting and ending of the address as it ensures that I am sending to the correct address and till now I haven't sent my bitcoins to a wrong address.

[CarnagexD]

I always check the address before sending my bitcoin and it was like checking the whole day before sending it especially if its a big amount of bitcoin.

My suggestion is that, don't make any bitcoin transactions if you're drunk, not in the mood or feeling sleepy because you might skip checking it and you might put a wrong address. Also ask the receiver if the address is correct, any mistake can lead to a big cost of losing your money.

Using shorter addresses are much effective in sending and obtaining money from the wallet. It is very important because it helps you to prevent losses and be comfortable with your accounts. Easy to remember wallet address is more noticeable and very quite safe.

Always double check first the wallet address that you're going to send to.

Shorter bitcoin address would mean all the bitcoin addresses will be taken up by the users quickly. As many of us own more than one bitcoin address so it will also cause problem for the users. I suggest no protocol changes should be made withing bitcoin. As sending bitcoin to a wrong address is something just because of a user's fault, so the user should double check the transaction before sending it and also what I do is double check the starting and ending of the address as it ensures that I am sending to the correct address and till now I haven't sent my bitcoins to a wrong address.

I came across to a project that tries to resolve the problem of sending funds. If I am not mistaken it is called digital names ( some sort of that) they aim to change the alphanumeric addresses to a new and customize addresses. But I think that project didn't get enough ( I don't know, since I have'nt heard of them ) I guess the purpose seems to be clear but it is complicated. I once wrongfully sent my funds to the wrong address, honestly it is embarassing at first but that's the time I learned my lesson to double check, best if triple check the information especially the address of the recipient.

[bitvestorhacked]

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts  and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

Yes i thought of this, fees might make it less and other factors too, that is why i said that a protocol with the senders address, the senders address might just be what the receivers protocol  is looking for to accept payment, something like senders address white-listed to receive payment and senders has the protocol to see if the receivers wallet  is waiting for payment from his/her address. This is not messy it is just for those that want the easy way, pros still use the the same way but with this way those shifting from banks will find an easy adjustments.

[bitvestorhacked]

i think what you are describing is a lot like what BIP70 is proposing.
it is some sort of encryption communication between the server (receiver of the payment) and the customer (sender) to get the address required for the payment. it solves the middle man attack problem (MITM) since it is using SSL encryption and the websites certificate and eliminates the need for copy pasting addresses so the clipboard hijackers may not work there.

Is there a post for this you can refer me to, this sounds great, i will need to read more.

[Astvile]

The problem is many people don't seem to double-check the address they typed before even confirming the transaction. Yes, I get it that there is some malware that automatically pastes something in the address but that can easily be avoided simply by double-checking.

[bitvestorhacked]

Mr B do not need to sit all day to check if it arrives to allow it, he just has to open the protocol that there is bitcoin expected, the btc can be sent 20 days later but as long as the protocol has been set by Mr B when ever this amount is coming in from Mr A it automatically accepts  and comes through, let's say like a monthly salary that goes through money to your bank account and this will not be for shops, shops do have a way to scan for payments via phone which is very safe to do, this works mostly for direct payment to a bitcoin address.

The amount does not always match the "expectation". Just imagine that somebody wants to pay some extra, just imagine that somebody does 2 partial payments, what if it's a donation address? What will Mr B do then?

This part i clarified too, the protocol must not be based on the amount, sender and receivers address can be the protocol, senders enables protocol based on the address and receiver does the same, so as long as this protocol is used to send between both of them bitcoins will arrive ok, else bitcoin will be returned to the sender.