Ethereum: Unable to withdraw bitcoins from watch-only address [closed]

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Ethereum: Unable to Remove Bitcoins from Watch-Only Address

I’m new to bitcoin and my situation is this: I installed Bitcoin Classic wallet, then sent bitcoins to it from Coinbase before the entire blockchain was finished syncing. The transaction timed out and has now expired.

The Bitcoin Classic wallet that I had installed allows me to use a “watch-only” address, which is a type of Ethereum wallet used for receiving payments. However, after sending the bitcoins from Coinbase to my watch-only wallet, they have expired and are no longer usable. The issue lies in the fact that the transaction timed out before it could be mined.

What Causes a Transaction to Time Out?

When you send bitcoins through Bitcoin Classic or another Ethereum wallet, they are broadcast as part of a batch of transactions. If this batch is not mined within the specified time frame (usually 10-15 minutes for Bitcoin), the transaction will expire and the funds will be considered lost.

The Issue with Expired Transactions on Ethereum

The problem lies in the fact that Ethereum has implemented a new feature called “hard fork” which allows users to upgrade their wallets to use newer versions of the protocol. However, this upgrade also causes all existing transactions from the previous version to expire and be replaced by new ones.

Why Can’t I Remove Bitcoins from My Watch-Only Address?

The reason why you can’t remove bitcoins from your watch-only address is because Bitcoin Classic has not been updated to use the same blockchain as Ethereum. The old version of Bitcoin that was used in my case was still compatible with Bitcoin Classic, but it does not support the newer version of the protocol.

A Solution for Those Who Have Been Impacted

The good news is that you are not alone! Many users who have been affected by this issue have found a solution. One approach is to use an alternative wallet such as Electrum or MyEtherWallet which supports both Bitcoin and Ethereum protocols. However, be aware that using multiple wallets can increase the risk of losing funds.

Another option is to wait for the hard fork to complete, when the new protocol will allow users like myself to upgrade our wallets to support the new blockchain.

Conclusion

The inability to remove bitcoins from watch-only addresses due to expired transactions on Ethereum is a common issue faced by many users. While it may seem frustrating, there are solutions available that can help mitigate this problem. For those who have been impacted, upgrading their wallet to use the newer version of the protocol or waiting for the hard fork to complete could be viable options.

Note: The article is intended to provide information and guidance on a specific issue, but it should not be considered as investment advice. Always conduct thorough research and consult with experts before making any investment decisions.