When you send cryptocurrency, the transaction is broadcast to the blockchain network. Once confirmed, it becomes part of a permanent, unchangeable record. There is no central authority, no bank, no government, no company, that can undo it.
This is a fundamental feature of how blockchain technology works, and it applies to every cryptocurrency and every crypto platform, not just Coinme.
How is this different from a bank transfer?
With a bank, if you accidentally send money to the wrong account or fall victim to fraud, you can often call your bank to reverse the transaction, freeze the account, or initiate a chargeback.
With cryptocurrency, none of that is possible. The blockchain doesn't have a customer service department. Once a transaction is confirmed, it's final.
What does this mean for you?
Always double-check before sending. Before you confirm any send transaction in the Coinme app, verify three things:
The wallet address is correct. Even one wrong character will send your crypto to the wrong place, or to an address that doesn't exist, in which case the funds are lost permanently.
The network is correct. Sending crypto on the wrong network can result in permanent loss.
The amount is what you intend.
Be cautious with people you don't know. If someone asks you to send cryptocurrency to them, especially someone you've never met in person, be very careful. Crypto scams rely on the fact that transactions can't be reversed.
Coinme cannot reverse blockchain transactions. If you accidentally send crypto to the wrong address, Coinme cannot retrieve it. This isn't a policy choice. It's a technical limitation of blockchain technology.
What about purchases?
When you buy crypto through Coinme, at a Coinstar kiosk, retail location, or in the app, the situation is different. If there's a problem with your purchase (for example, you paid but didn't receive crypto), Coinme can investigate and issue a reimbursement if warranted.
The irreversibility described in this article applies specifically to on-chain transactions, meaning crypto you send from your wallet to an external address.