Reversible transactions on blockchain.

[BrolySSJ]

If there is an improvement in the blockchain technology such that transactions can be reversed when there is need for it so that the lost of coins or wrong transactions can be minimized.

In your opinion like how confirmation should blockchain set for the transaction to be reversible and what are advantages and disadvantages?

I think that perhaps it will be a very good idea if a transaction can be stopped before it is actually confirmed. For example if the network is created in such a way that will allow people to steal change the transaction fee or cancel transaction as long it is has not been processed by the relevant cryptocurrency miners.

 

[Senator]

Blockchain or any cryptocurrency transaction will always remind you to confirm the address you're putting before sending because the transaction when sent will not be reversable. So always be sure before sending

 

[Yusuf]

This is really a good feature that needs to be added to the crypto currency exchange Business. So far a lot of people have lost some huge amount of money in the market just because the transaction is not reversible and they sometimes mistakingly send coin to a wrong wallet

 

[delnovem]

Once a bitcoin transaction is embedded into a long block it cannot be reversed. It was designed to behave as a cash transaction that is permanently secure in the block following the transaction. If the transaction has not yet been written o to the block then the bitcoin can be canceled.

 

[Dowenship]

Yeah, i think i red something like regaining your lost transaction but this can only occur in ethereum based network. I don't know if its related to block chain.

Honestly I wish to see that innovation but till now it has not been noticed so I'm very optimistic that very soon we might see something of this nature because the block chain network is expanding and developing on daily basis.

 

[Good-Person]

Transactions for now on block chain are completely irreversible. I lost some ethereum coins too mid last year and till date I haven't gotten the reversal. But this irreversible is one of the disadvantage of crytocurrency for now. If improvement will be made, then it will be nice thou.

I think if the coins are confirmed on the blockchain, then the transaction would be irreversible. I am not sure about this but if your transaction has not been confirmed, then is it really possible to reverse the transaction?

 

[Lens]

This Is the first time I hear this. I am aware that transaction done using cryptocurrency could not be reversed if it's mistakingly sent to a wrong address. If the information is true, then it's a laudable development and this will go along way to restoring confidence to cryptocurrency investors.

 

[Grandeur]

The way block chain was designed it was built in such a way that it would only process transactions run on crypto currency and is irreversible, I think it's better this way so that one can be careful before sending crypto.

 

[Setho]

Transfers on the cryptocurrency network are not reversible in any way. I have been hearing in the news that binance I'm working on a way that they can recover fuunds that were being sent to a different network.

 

[Alexandoy]

I am not well-versed with the blockchain technology but based on what I had been reading in forums the transactions that are recorded are permanent. There is no way to reverse a transaction. It is like a ledger that is automatic in saving the record of the transaction and cannot be edited nor erased.

 

[ahmedo24]

Yeah, i think i red something like regaining your lost transaction but this can only occur in ethereum based network. I don't know if its related to block chain.

That's great I haven't read anything about this of recent though I know there are so many development and improvement in the etherium blockchain so it is very possible and I'll try to read up.

 

[Chibson]

I am of the opinion that a lot of scammers when you use that advantage to scam a lot of people especially those that usually sells cryptocurrency.

 

[Justin]

Transactions with crypto currencies are non-reversible. Once you send funds to the network, your funds are gone, you cannot get back your funds. That's why you need to be careful.

 

[ahmedo24]

Transactions with crypto currencies are non-reversible. Once you send funds to the network, your funds are gone, you cannot get back your funds. That's why you need to be careful.

Offcourse most people are fully aware of this fact , it is the wish of many that if transactions can be reversed or cancel Even after one confirmation.

 

[mcjerry]

No, they are unable to cancel or reverse your transaction. Even many advanced cryptocurrency users can recall an incident when they failed to double-check their transaction details and they accidentally sent funds to the wrong recipient, or sent the wrong amount.

I have once read it somewhere that a transaction can be cancelled but when I wanted to try it, I did not have laptop to follow the steps. And there is another thing. If a transfer is delaying we can add more fee to fasten it

 

[Aaron625]

Before sending the coins , one should check thoroughly the coin receiver address. PayPal has got that feature where the transaction can be reversed but sometimes people take it as an advantage to cheat others. So crypto is good to go with irreversible transactions.

 

[Suba]

If there is an improvement in the blockchain technology such that transactions can be reversed when there is need for it so that the lost of coins or wrong transactions can be minimized.

In your opinion like how confirmation should blockchain set for the transaction to be reversible and what are advantages and disadvantages?

Incorrect transactions either address or amount cannot be changed on a public blockchain and are recorded by multiple computers, so to change the record must change the entire block as well as change the network consensus.

 

[ahmedo24]

Reversible transactions are still something we hope to see in the cryptocurrency market, recently ADA developer said it will launch an app to burn token likely sent to wrong address

 

[GIFTMICHAEL]

Up to now crypto coins isn't reversible and their is no time such kind of feature will be added to cryptocurrency cos it is meant to be irreversible.

 

[Elfinito]

Reversing a transaction on block chain would be a very long an difficult task as the system can operate more than 50 transaction in a second