Has Bitcoin transaction double charged you.

[hatshepsut93]

Bitcoin doesn't have double-charging, but any mistake in Bitcoin is nearly guaranteed to be final. Two biggest problems with using Bitcoin are hacks and accidnetal loss. Hacks happen with fiat too, but at least with fiat there's some chance to return your money, plus banks are trying to take precautions, like calling your number if someone tries to withdraw your money. But permanently losing access to account simply does not exist with fiat, you can just go to your bank with your id and have it restored, or even do it online. With Bitcoin if you lost your wallet file and backup, you won't see your coins ever again.

[CryptSafe]

I have never had such experience onchain neither have I had a Bitcoin failed or double charged transaction. Blockchain chain is quite different from the banking system whereby failed transactions or double charged transaction are recorded. I believe you were trying to make I payment via the bank and there was no likely a poor connection when it took place hence the double charged deduction was recorded. It happens so often on the Normal fiat transactions as such is a norm and not new in the system but nevertheless, blockchain is not so. Bitcoin is not so was a transaction is sent, I goes through there by creating transaction harsh onchain which serves as a ledger for such transaction and it is recorded for life. It contains the source, sender and receiver address and also note that once a transaction is sent via a private wallet, it goes through but sending from an exchange, it requires you to verify the wallet address and with your approval before it could be sent to the destination where you want it to go to. In the overall,  I have not Bitcoin double charged as I do not buy or pay through financial organization but rather exchanges where Iit could be very easier for me to transact without any form of  stress just like the financial institution.

[Dr.Bitcoin_Strange]

This is the most incomprehensible thing I've read here!

Apart from the Double-spending problem of Bitcoin which is not very much difficult because a transaction verification mechanism (Blockchain) has been developed to combat this problem.

From one article I read, I learnt that at the earliest times of Bitcoin, double spending was kind of possible, but a transaction verification mechanism was developed to stop the problem.

[o_e_l_e_o]

From one article I read, I learnt that at the earliest times of Bitcoin, double spending was kind of possible, but a transaction verification mechanism was developed to stop the problem.

You are confusing what you have read. With bitcoin, transactions have always been verified and shared between nodes. This process of transaction verification was present from the start; it was not developed or introduced later. Double spending was less difficult in the earlier days of bitcoin, but this was generally due to things like a less well connected network, increased latency, or the potential for an attacker to have a significant proportion of the hashrate and mine in secret. It was not due to there not being a process for verifying transactions which were broadcast.

but it can't happen in BTC, what can is double spend, also knows as race attacks

These terms are not synonymous. A race attack is a specific type of double spend, but there are others. See here for more info: https://en.bitcoin.it/wiki/Irreversible_Transactions

[Kakmakr]

I have had several bad experiences with Banks over the years.... from them breaking promises not to charge me fees, if I kept X amount of money in the account and still charging fees... even if I do that.... to having countless scenarios where the ATM's was out of order when I needed cash. 

Bitcoin and services linked to it can also have issues.... I recently bought something online.... and the confirmation of the transaction took too long.... so I paid to little.... then the service asked me to pay more... I did that and the price of BTC went down again.... and it asked me to do it again...... 

[serjent05]

As far as I know, there is no such thing as a Double charge in Bitcoin terminology or even in real Bitcoin transactions so we won't be reading or hearing any complaints about this double charge in the Bitcoin network. Instead, there is double spending which is pretty popular as one of the weaknesses of the Bitcoin network but can easily solve by waiting for two or three confirmations.

[Gayong88]

Blockchain is a distributed database of complete information about the Bitcoin network. After each transaction, this database is updated by miners and nodes, which form a block of transactions and add them to it. Information is stored in blocks, which are actually a block chain of transactions.

Some may argue that this is only a drawback if the merchant is not using some type of POS (point of sale) system. This can happen where there is a central server, either public or private, that manages all Bitcoin transactions.

This way, it will be able to determine that the transaction has been committed but there may even be a delay in finding the next block. Therefore, there will be no double spending and all blocks can be synced together.

Although this obviously renders this drawback useless as you can easily track how many coins were spent on items, buyers and transaction IDs. However, when it comes to small traders selling one-time items, they are forced to keep track of themselves and ensure that they only allow enough money in the account to cover what they are looking to sell over the course of the day or week.

[o_e_l_e_o]

Bitcoin and services linked to it can also have issues.... I recently bought something online.... and the confirmation of the transaction took too long.... so I paid to little.... then the service asked me to pay more... I did that and the price of BTC went down again.... and it asked me to do it again...... 

That's not a problem with bitcoin, but a problem with the service you are using not understanding how bitcoin works. I bet if the price went up in the meantime they wouldn't have refunded you the difference.

After each transaction, this database is updated by miners and nodes, which form a block of transactions and add them to it.

That's not really accurate. Nodes keep an updated mempool of unconfirmed transactions, which is indeed updated after every transaction they receive. Miners create a candidate block from this mempool, but only once a block is mined is the blockchain itself updated.

[Leviathan.007]

That's very strange for me to see this happen in bitcoin for you because during all these years when I sued bitcoin for many payments I never had this problem at all, instead, this happened to me once when I was using FIAT and the credit card for buying something online and it was because of the payment gate technical issue, so regarding your case, I can say this properly happened to you because of some technical issue with a third party payment gate which cannot be an issue directly from bitcoin.

[nurilham]

      ...

        I went to the bank and filed a complaint. I was told to wait 48 hours and the money would be reversed. I waited, and the money was reversed in 28 hours, less than the proposed hour. I have carried out lots of Bitcoin transactions but have not been double charged like my experience with the bank.
...

I had quite similar experiences with you. Using my DC to pay in a supermarket, at that time, the transaction failed, and then, they tried again using the DC to pay. And it's successful.
After several hours at home, I received a notification spending a similar amount out of my account. I came again to the supermarket and they told me to contact the bank because they didn't have the money after checking. How could?
Then, with some requirements, I needed to wait around 24 hours and I received again the money.

Another experience is that when I withdrew money at the ATM, the transaction was successful, but the money did not come out until the transaction was declared complete, I did not get the money from the ATM. I happened to make a cash withdrawal at a minimarket and it was caught on CCTV, then I was advised by the minimarket keeper to report it to the bank. And finally, I reported to the bank. I was able to get my money back, but after 3 days later. Even though at that time I really needed the money, how troublesome and annoyed if there was a problem like this but we couldn't get a solution quickly, moreover, we also wasted time taking care of it, and the mechanism for taking care of the bank was also quite troublesome.

[kro55]

Another experience is that when I withdrew money at the ATM, the transaction was successful, but the money did not come out until the transaction was declared complete, I did not get the money from the ATM. I happened to make a cash withdrawal at a minimarket and it was caught on CCTV, then I was advised by the minimarket keeper to report it to the bank. And finally, I reported to the bank. I was able to get my money back, but after 3 days later. Even though at that time I really needed the money, how troublesome and annoyed if there was a problem like this but we couldn't get a solution quickly, moreover, we also wasted time taking care of it, and the mechanism for taking care of the bank was also quite troublesome.

This also happened to me 5 days ago, I have withdrawn money at an ATM but for some reason they deducted money from my card but the money did not come out. I was quite panicking as it was my first time having this problem, then I contacted the bank to get it resolved. The annoying thing here is that I have to go directly to the bank to solve it in 2 days and I really need the money, today is 5 days and they promise the money will return to my account within 1 week. Banking is a centralized system so I believe this is not the only mistake they make, which is quite annoying if we have urgent work but everything is still solved. Of course, these problems do not happen with bitcoin but once we use bitcoin we need to be very careful because even a small mistake we will not be able to undo our money.

[Dr.Bitcoin_Strange]

You are confusing what you have read. With bitcoin, transactions have always been verified and shared between nodes. This process of transaction verification was present from the start; it was not developed or introduced later. Double spending was less difficult in the earlier days of bitcoin, but this was generally due to things like a less well connected network, increased latency, or the potential for an attacker to have a significant proportion of the hashrate and mine in secret. It was not due to there not being a process for verifying transactions which were broadcast.
These terms are not synonymous. A race attack is a specific type of double spend, but there are others. See here for more info: https://en.bitcoin.it/wiki/Irreversible_Transactions

Thank you, sir, for this information. I guess I didn't understand the article so well.

~snip~

In order to use Bitcoin, you must understand it well. Like O_e_l_e_o said, the problem is with the service you're using. If you are buying something online from a platform that accepts Bitcoin as a means of payment, they also know that volatility is one characteristic of Bitcoin, so they are not meant to ask you to pay extra due to service delay after paying them the agreed amount for goods.

That's very strange for me to see this happen in bitcoin for you,

so regarding your case, I can say this properly happened to you because of some technical issue with a third party payment gate which cannot be an issue directly from bitcoin.

I mean not to sound rude, but I suggest you go over my thread again. I did not say I have had issues of double-spending with Bitcoin, but rather I said I have a double-charged issue with my bank. I was just using Bitcoin as an example of true decentralization where there is no case of double-charging like banks.

~snip~

That's exactly what I am saying. Bank transactions have some flaws that Bitcoin transactions supersede.

[Agbe]

The bad experience getting from Bank is worrisome. There are different kinds of dramas play by people on the banking Hall by customers these days because of over charging of customers' saves. There are some days my banks charge me twice a day without doing any transactions. And if I did transaction, they charged me $0.001 per transaction. So to keep or save money in the bank is not encouraging again.

Recently, Central Bank of Nigeria redesign her Currency and they ask everyone to return the old note but according bro CBN, #169. 8 trillions are still waiting to be deposited and the deadline is January 30th. But the people decided to hold them and planning to deposit it on the "the day".

[alexandr1115]

And why should the commission be charged twice?? If we take into account the huge fees for bitcoin transactions, we can say that the commission is charged twice as much as necessary! A joke of course! But the transaction fee on the blockchain network is very expensive, and it is not particularly profitable to transfer in bitcoins at all! And therefore, in this context, we can say that the commissions are charged as twice as much! a considerable commission is one of the main problems of bitcoin - without any humor!!

[o_e_l_e_o]

If we take into account the huge fees for bitcoin transactions

What huge fee? The mempool is empty. You can make a transaction with a fee of 1 sat/vbyte, which works out around 4-5 cents for your average transaction.

But the transaction fee on the blockchain network is very expensive, and it is not particularly profitable to transfer in bitcoins at all!

It sounds to me like you are talking about the fee a centralized exchange or other centralized platform is charging you to process a withdrawal. Note that such a fee has absolutely no relation to the actual bitcoin network fee, and 99% of any such fee is going straight in to the pocket of the exchange in question.

If you hold your bitcoin in your own wallet (and choose a half decent wallet which allows you to customize the fee), then transactions are very cheap.

[RockBell]

I hate the bank for their actions and the issue of double charging. Recently, I had to go to the bank just to upgrade my account and had to stand in line for several hours before I was attended to. That is why I love bitcoin; there are no bank upgrades, no double charging, and unnecessary bank charges; bitcoin is just a digital currency. However, some people are still afraid of investing and selling off their assets due to the market. Am always angered when I experience a botched transaction and am debited.

[Dr.Bitcoin_Strange]

The bad experience getting from Bank is worrisome. There are different kinds of dramas play by people on the banking Hall by customers these days because of over charging of customers' saves. There are some days my banks charge me twice a day without doing any transactions. And if I did transaction, they charged me $0.001 per transaction. So to keep or save money in the bank is not encouraging again.

Recently, Central Bank of Nigeria redesign her Currency and they ask everyone to return the old note but according bro CBN, #169. 8 trillions are still waiting to be deposited and the deadline is January 30th. But the people decided to hold them and planning to deposit it on the "the day".

@Agbe, If you are still looking at this thread, I read in a news article here that the Senate has urged the Central Bank of Nigeria (CBN) to extend the deadline for the return of the old currency from January 31, 2023, to June 30, 2023. I don't know how authentic the news is, but I believe it's good news for Nigeria's citizens.

Talking about bank alarming issues, I just wonder why someone (like myself) will open a personal savings account but the bank automatically charges me for a debit card against my will in just a few days of opening the account.

 

And why should the commission be charged twice?? If we take into account the huge fees for bitcoin transactions, we can say that the commission is charged twice as much as necessary! A joke of course! But the transaction fee on the blockchain network is very expensive, and it is not particularly profitable to transfer in bitcoins at all! And therefore, in this context, we can say that the commissions are charged as twice as much! a considerable commission is one of the main problems of bitcoin - without any humor!!

Etherium was the only crypto that had a crazy transaction fee, but that has been fixed after migration to POS. Similarly, some CEX have a high transaction fee when withdrawing bitcoin, but in such a case, Bitcoin Blockchain is not to be blamed because the CEX are responsible for the charge they add to their service. Wallet-to-wallet Bitcoin transactions is very low. talking about twice the change of banks, you will be charged for withdrawal, charge for SMS alert, charge for monthly or weekly statement of account, charge for account maintenance, etc. Bitcoin charges you only when you carry out your transaction.