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Ordinals Trader Recovers Bitcoin After Fat-Fingered NFT Purchase

On March 1st, a cryptocurrency enthusiast took to social media to share a captivating story. They recounted their inadvertent acquisition of a non-fungible token (NFT) at a staggering 1,000% markup from its original listing price.

Identified by the username PrincePablos, the trader mistakenly purchased a Bitcoin Ordinals NFT for 0.21 BTC, equivalent to approximately $12,877, when it was listed at 0.021 BTC, around $1,287, all due to a simple fat finger error.

An Expensive Error Worth Over $10K

Despite feeling embarrassed, PrincePablos bravely shared the story in hopes of preventing others from making similar errors. He emphasized the importance of double-checking digital asset transactions before confirming them.

Fortunately, a user named Dan Anderson, posting on X, commented on the post. Anderson claimed to be the original seller of the NFT and pledged to reimburse the buyer’s funds.

Anderson explained that he had proposed repurchasing the NFT from the buyer to reverse the financial transaction and restore the trader’s funds. The buyer accepted the offer, and the 0.21 BTC was promptly returned to PrincePablos.

This transaction took place on the NFT marketplace Magic Eden, a platform designed for creators to sell their collectibles.

Bitcoin Ordinals stand out as a distinctive form of non-fungible tokens (NFTs), drawing attention for their innovative approach. These NFTs are etched onto satoshis, the smallest units of Bitcoin, imbuing them with uniqueness and value as crypto art pieces.

Each Bitcoin Ordinal symbolizes a specific number, often aligning with its sequence in the Bitcoin blockchain. For example, the inaugural block in the Bitcoin blockchain, known as the Genesis Block, holds profound historical significance.

An NFT engraved on the satoshi from this block would be particularly coveted due to its connection with the inception of the entire Bitcoin ecosystem.

These NFTs serve as a means to commemorate and honor Bitcoin’s evolution from its inception to its current standing as a prominent cryptocurrency.

Given their rarity and distinctiveness, Bitcoin Ordinals have garnered significant interest among NFT traders.

When Fat-Finger Transactions Take an Unlucky Turn

While PrincePablos was fortunate to have their funds returned, not all individuals have been as lucky. In a similar mishap last year, an OpenSea collector mistakenly bid 100 ETH on an NFT that was supposed to have a negligible cost.

Observers on Twitter and Reddit speculated that the investor likely intended to bid $100 but accidentally sent 100 ETH instead.

The NFT in question belonged to an OpenSea collection commemorating the launch of its Pro marketplace. Although the outcome of the transaction wasn’t disclosed, the trader’s prospects of recovering their ETH appeared bleak.

More recently, an Australian man disappeared after allegedly pocketing approximately half a million dollars. The funds originated from Rhino Trading Pty Ltd, a cryptocurrency trading platform, which inadvertently added an extra zero to the amount transferred to his account.

In another incident, a Melbourne couple found themselves in court in October 2023 facing theft charges. They had unknowingly received $10.5 million Australian dollars (equivalent to USD $6.7 million) from Crypto.com in 2021 and spent the money before the error was detected.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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