Should blockchain makes transactions reversible?

[ahmedo24]

No doubt people loose coins through sending to wrong addresses because they don't verify the address first and the transactions can retrack. Do you think blockchain technology should improve and get transactions reversible when necessary?

 

[C.Grigg]

When you say reversible, how so? In what way would you want it to be reversible? Whom would be in control of that; since the currency is decentralized.

 

[ahmedo24]

When you say reversible, how so? In what way would you want it to be reversible? Whom would be in control of that; since the currency is decentralized.

For instance if you initiate a bitcoin transaction and discovered the wrong amount was sent , if it could be possible that you cancel of reverse it even after 1 confirmation as the sender.

 

[C.Grigg]

For instance if you initiate a bitcoin transaction and discovered the wrong amount was sent , if it could be possible that you cancel of reverse it even after 1 confirmation as the sender.

Allowing the sender to cancel the transaction could open up a whole new issue of scamming people with cryptocurrency. Not sure how I feel about that.

 

[ahmedo24]

Allowing the sender to cancel the transaction could open up a whole new issue of scamming people with cryptocurrency. Not sure how I feel about that.

I also thought about that but most times if escrows are involved it will be save. I am also thinking of the positive angle , for instance you want to send me $30 but mistakenly initiate $300 you should be able to reverse and resend.

 

[Nomad]

While I like dispute feature (payment reverse) on paypal, I don't think blockchain should also opt for this feature even though a lot of websites are using crypto payment tom receive payment just because the transaction cannot be reversed.

 

[Sincerem]

When you say reversible, how so? In what way would you want it to be reversible? Whom would be in control of that; since the currency is decentralized.

That's why Cryptocurrency is irreversible. Unless it is reiterated to become centralized like the banking institutions, before it can reverse the lost funds. We should be careful when dealing on Cryptocurrency, to avoid this kind of mistakes.

 

[Nomad]

Transaction Reversible is available only on a few payment processor like Visa, mastercard or paypal. If you are using payment gateway (apart from paypal), your transaction cannot be reversed. .

 

[Sincerem]

Making Cryptocurrency reversible makes it change from decentralized to centralized. And that's not the reason why it is created.

 

[Aaron625]

No , blockchain should stick with irreversible transactions in my opinion Paypal already have that feature. One should be very careful before sending out crypto to another address.

 

[Chibson]

That will not be possible because a lot of people will use that avenue to scam a lot of people. Imagine you buying cryptocurrency and after everything it will get reversed without your knowledge.

 

[eLdavis]

I don't think it's possible, if a crypto is sent to the wrong address, then the receiver would have to be the one who returns it back, not Blockchain, that's if the receiver can even locate the sender.

 

[Jsoliu004]

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[Hena101]

I don't think making transactions reversible will make any sense at all because this is not what it was created for in the first place.

 

[Jsoliu004]

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[Nurudeen]

This is very important because a lot of people have lost huge amount of money transffering crypto currency to a wrong address while the receiver claim the coin. This is one of the major reason why government are against crypto currency exchange Business because it's not regulated

 

[jeff87]

No doubt people loose coins through sending to wrong addresses because they don't verify the address first and the transactions can retrack. Do you think blockchain technology should improve and get transactions reversible when necessary?

I think Blockchain technology is irreversible. I have once transacted with a wrong address and until today I have not recovered my money. It's better really to research first before doing anything. I thought that what I tried was okay, yet it was already too late in order to recover a wrong deposit. You really have to be very wise and careful.

 

[Setho]

I do not think it will make any sense if they make the transactions to be reversible. What I don't deem as fair is that you can't recover your funds if you send to the wallet of a different coin.

 

[gammarays]

The idea of blockchain is to make the process automatic and without human interference. You can only cancel a transaction immediately you send it in some wallets, aside that,it's impossible.

 

[Tolumi]

No doubt people loose coins through sending to wrong addresses because they don't verify the address first and the transactions can retrack. Do you think blockchain technology should improve and get transactions reversible when necessary?

I would definitely advise against this as this will give rise to a whole range of issues and problems like fraud, chargeback, and the rest. Also, note that the Irreversibility of transactions is one of the core agendas of crypto. The ability to avoid chargebacks, double spend and fraud is the main aim of creating crypto in the first place.