Irreversibility of crypto - A blessing or a curse

[BrolySSJ]

With there being irreversibility of crypto transactions, many actually consider this to be a very good thing, in the sense that they are able to transact and not have to worry that upon receiving the coins that the buyer will withdraw or take back their crypto. However, this irreversibility may also be a problem as well. Especially if you have to accidentally input the wrong address for a transaction, and this results in you losing excessive amounts of crypto in the first place. Do you guys think that crypto transactions should be reversible or are you happy with the current system?

I think that wallets should offer a claim button with a password, and if the funds is not claimed by the buyer then they are returned to the senders address. Thsi way if it is the wrong address is entered the funds will be returned to you after a period of not being claimed.

 

[Goodday]

Both the reversible and the irreversible actions have their own advantages and disadvantages. But me l still prefer the irreversible actions because it only had few disadvantages and that includes losing all your funds if you mistakenly send them to the wrong address. But this problem can easily be prevented by always making sure you are sending the coins to the correct address.

 

[BrolySSJ]

Both the reversible and the irreversible actions have their own advantages and disadvantages. But me l still prefer the irreversible actions because it only had few disadvantages and that includes losing all your funds if you mistakenly send them to the wrong address. But this problem can easily be prevented by always making sure you are sending the coins to the correct address.

Yes this is true. I think that the concern comes in when one looks at the length and complexity of a wallet address in any of the crypto coins. The only way that you can be assured of not making a mistake is through scanning a QR code, however manually entering the wallet does come with a lot of risks in its own right. But I understand where you are coming from. Perhaps there will be a wallet checking system integrated into wallets in the future to see if the address entered meets the character length of a wallet and if the wallet is active.

 

[GoldenLady]

It's way easier that the transaction is irreversible. With the nature of crypto and the anonymity it has, many people would have used it for scamming if not for this factor.

If you want to send crypto, use a toothpick to count each character of the address.

It helps me when recharging from my bank, (funny, but really helps). And thanks to copy and paste, it's easier.

 

[Goodday]

Yes this is true. I think that the concern comes in when one looks at the length and complexity of a wallet address in any of the crypto coins. The only way that you can be assured of not making a mistake is through scanning a QR code, however manually entering the wallet does come with a lot of risks in its own right. But I understand where you are coming from. Perhaps there will be a wallet checking system integrated into wallets in the future to see if the address entered meets the character length of a wallet and if the wallet is active.

If the address checking system is introduced, l think it will really help a lot in checking whether the address is correct or not. But currently, the QR code scanning is just the best because there are some malwares that can manuplate a copied address and change the address to different one.

 

[BrolySSJ]

If the address checking system is introduced, l think it will really help a lot in checking whether the address is correct or not. But currently, the QR code scanning is just the best because there are some malwares that can manuplate a copied address and change the address to different one.

I have read about these malware, and apparently this can even happen when scanning one of the QR codes as well, which is very worrying. Therefore even after scanning a QR code i think that it is necessary to do one final check on the address to make sure that there are no concerns when it comes to the address before making the transaction.

 

[Niftyyem]

I feel that if one takes the necessary precautions before and while carrying out transactions using Cryptocurrencies, then, the irreversibility should not be a problem. If you are sending out funds to genuine individuals and correct addresses, surely, your transaction will be successful and definitely there would be no need for reversal.

 

[maventiger]

The problems associated with irreversibility of coin sent to an address can be solved by double checking things like the receiving address and coin value. Human generally makes mistakes even in our local banks but not often. Hence, irreversibility of crypto coin isn't a curse.

 

[Josemendez]

To an extent , I have never seen any merit with the irreversibility of cryptocurrency transaction . Many people have lost their coins because of this feature ,and I believe it is something that needs to be deliberated on .

 

[Suba]

Every system has its advantages and disadvantages, also in crypto transaction systems, we must examine carefully, if necessary, do a test with a small amount of delivery. Wrong crypto addresses will certainly be lost. I read a lot of news on Twitter, Someone sent crypto assets Aave (LEND), 28,050.04 LEND or $ 1,134,905 worth and of course lost somewhere. As far as I know, some implementing a "Cancel or Send" delivery confirmation system for refunds after a transaction might change the blockchain system or have to be done manually, so I think it's better to use the current system.

 

[Sincerem]

That feature you just mentioned have an advantage and disadvantage. The advantages are more preferred, because it keeps Cryptocurrency decentralized. Makes third parties not to have a hand in your transaction, or authorise the withdrawal in the blockchair network. It's worrying especially when you misquoted your address to the wrong one. This kind of issue should be tackled. At least putting a timeframe before confirming withdrawals. So people can cancel request when they find errors in their transaction.

 

[ahmedo24]

The irreversibility is of more advantage than the reversibility because of the delay in transactions of bitcoin if it is allowed to be reversed people can try very funny things to scam people but if you are very careful you won't make mistake of sending to wrong addresses. Most wallets now rejects wrong or invalid address immediately.

 

[mahdi304]

Yes this is true. I think that the concern comes in when one looks at the length and complexity of a wallet address in any of the crypto coins. The only way that you can be assured of not making a mistake is through scanning a QR code, however manually entering the wallet does come with a lot of risks in its own right. But I understand where you are coming from. Perhaps there will be a wallet checking system integrated into wallets in the future to see if the address entered meets the character length of a wallet and if the wallet is active.

I think something like a contacts list for crypto addresses to save addresses you frequently send cryptos with their names would be more helpful. I think I've seen a wallet do this already not sure, though btw pretty sure wallets already check the character length and whether the address is for the right crypto wallet or not.

 

[Bilal0087]

With there being irreversibility of crypto transactions, many actually consider this to be a very good thing, in the sense that they are able to transact and not have to worry that upon receiving the coins that the buyer will withdraw or take back their crypto. However, this irreversibility may also be a problem as well. Especially if you have to accidentally input the wrong address for a transaction, and this results in you losing excessive amounts of crypto in the first place. Do you guys think that crypto transactions should be reversible or are you happy with the current system?

I think that wallets should offer a claim button with a password, and if the funds is not claimed by the buyer then they are returned to the senders address. Thsi way if it is the wrong address is entered the funds will be returned to you after a period of not being claimed.

It has proved a curse for me , because last night I try to transfer my Bitcoin cash from my brother mobile to my mobile unfortunately I put wrong address and then I lost all my money, there was no option to bring it back.

 

[BrolySSJ]

I think something like a contacts list for crypto addresses to save addresses you frequently send cryptos with their names would be more helpful. I think I've seen a wallet do this already not sure, though btw pretty sure wallets already check the character length and whether the address is for the right crypto wallet or not.

This is a very interesting and good idea. A contact list for crypto addresses in definitely needed. This way you don't have to manually input the code or scan the QR continuously and can send the funds directly to that account. There are similar features on all banking apps to save your recurring payments and so forth. Hopefully wallets start to adopt this idea in the future.

 

[mahdi304]

This is a very interesting and good idea. A contact list for crypto addresses in definitely needed. This way you don't have to manually input the code or scan the QR continuously and can send the funds directly to that account. There are similar features on all banking apps to save your recurring payments and so forth. Hopefully wallets start to adopt this idea in the future.

It looks like Klever wallet has an address book in its settings where you can add an address and their name, but I'm not gonna switch wallets. This might be helpful to you if you actually want a wallet with this feature though it's a relatively trusted app.

 

[ahmedo24]

Even luno wallet give the opportunity to save address like contact list , I save some of the address I had generated already and i used them to withdraw funds when they are needed , it is Very safe, other wallets can add that to their

 

[Goodday]

It has proved a curse for me , because last night I try to transfer my Bitcoin cash from my brother mobile to my mobile unfortunately I put wrong address and then I lost all my money, there was no option to bring it back.

Such of these misfortune always happen and this seems to be the greatest disadvantage involved in the irreversibility of cryptocurrencies transactions. We just need to always check the address very well before sending the altcoins.