Hi all,
I was expecting a transfer of $1000 in btc.. I saw incoming of $1000 in my wallet, then i also saw $100 incoming from the same sender.
20mins later the $1000 vanished and i had only $100 left.. Can someone confirm what exactly happened? Im confused. I thought once a transfer is sent and you see it on incoming it cant be changed or modified?
You are partially correct. Once a transaction is made on the bitcoin blockchain it can be replaced with another transaction which uses the same input and a higher transaction fee.
The previous transaction should not have received any confirmation on the blockchain for it to be replaced. Once 1-2 confirmations are happened then it becomes near to impossible to replace that transaction.
This is why it is recommended to have at least 2 confirmations for the transaction to consider it done.