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Reversible transactions on blockchain.

  • Thread starter Thread starter ahmedo24
  • Start date Start date
The inability to reverse wrong transactions is one of the limitations of blockchain but I hope in the nearest future, this development could be maximized so it could save people a fortune.
 
One of the biggest disadvantages of blockchain is that transactions cannot be reversed. Perhaps developers are already working on this problem.
 
The advantage is that it will reduce the amount of lost funds due to incorrect transactional details ,while the disadvantage is that hacker could easily see it as an easy tool to hack the network
 
It is rather unfortunate that crypto transactions cannot be cancelled or reversed after being carried out. But to me, it would have made a lot of sense if transactions can be reversed since we are humans and bound to make mistakes. But in another way, I think it helps us learn to be extremely careful when carrying on transactions in the crypto platform.
 
I think they're doing just fine with the way things are. Trust me, any altering of this process would see a lot of fraudulent activities begin to occur, a lot of hacks and the aim would be defeated.
 
A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation.
 
No, we're 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
 
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