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

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Ethereum: Unable to remove Bitcoin from read-only address

I am new to Bitcoin and my situation is as follows: I installed the Bitcoin Classic wallet and then sent Bitcoin from Coinbase before the entire blockchain had finished syncing. The transaction timed out and is now expired.

The Bitcoin Classic wallet I had installed allows me to use a “read-only” address, which is a type of Ethereum wallet used to receive payments. However, after sending the Bitcoin from Coinbase to my watch-only wallet, they expired and are no longer usable. The problem is that the transaction expired before it could be mined.

What causes a transaction to expire?

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

The Problem with Expired Transactions on Ethereum

The problem is that Ethereum has implemented a new feature called a hard fork that allows users to upgrade their wallets to use newer versions of the protocol. However, this update causes all existing transactions from the previous version to expire and be replaced with new ones.

Why can’t I remove Bitcoin from my Watch-Only address?

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

A Solution for Those Who Have Been Affected

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 like Electrum or MyEtherWallet that supports both Bitcoin and Ethereum protocols. However, please note that using multiple wallets may increase your risk of losing funds.

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

Conclusion

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

Note: This article is intended to provide information and advice on a specific topic, but should not be considered investment advice. Always do thorough research and consult experts before making an investment decision.