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Should blockchain makes transactions reversible?

  • Thread starter Thread starter ahmedo24
  • Start date Start date
I believe one of the reasons government in some countries are cracking down on crypto currency is because of issues like this.
 
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.
 
Blockchain should not make transactions reversible this is because if they do so, a lot will go wrong. People will begin to get scammed and lives ruined
 
Nomad said:
The payment processors that reverse transaction do it manually, for example, of you have to reverse paypal transaction, you will have to file a dispute on your transaction and if paypal finds it legible, it will refund.
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Well in that case it would be much better to resolve it that way ,provided the transaction history can be sorted out,i am saying this because i have lost some cryptocurency myself when i started trading.
 
I don't subscribe to this. It will cause a lot of chaos in the Crypto world. It will also discourage upcoming traders.
 
Nah I don't they should, and I honestly don't think they can, because one of the main reasons for decentralisation is to create anonymity, that means they would get thousands of complaint everyday and it would be difficult to keep up
 
Just like bank transactions, blockchain cannot reverse transactions that are user encrypted to a user what I feel should be done is show the receivers name, that should help
 
ahmedo24 said:
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?
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Millions of people have looses thousand of bitcoin due to the error innthe transaction process which makes it impossible for them to retrieve back their crypto currency after sending it ot the wrong address, so i believe its good block chain allow reverse transaction.
 
I feel ability to reverse payment should no be made in crypto or cancelling a transaction,I feel with time as human we will adapt totally to the system but if it is made reversible their will be alot of scammers
 
I believe that there was a very good reason why the cryptocurrency transaction we are made to be irreversible from the onset which is why it cannot be changed because there are so many security risks to it if it's made reversible.
 
I know no one is above mistake but personally I will say that this makes fraudulent very difficult in the aspect crypto currency,and it makes us very careful when making correction
 
The reason why they shouldn't do so is that it would give hackers the opportunity to hack the network since things could get reversed ,I think it's better in the normal way
 
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.
 
I am sure that developers would be having a really hard time developing this feature because anyone could send coins and then reverse the coins. Blockchain does not have any sort of escrow system and they cannot get into disputes just like PayPal does.
 
I'll not suggest that blockchain transactions should be made reversible - a whole lot of fraudulent activities would grow and it'll be susceptible to possible hacks.
 
Thank you very much for this post. I will be very glad to see this improvement if it will truly be actualize. Many people have engaged in many transaction which resulted in permanent loss of their coin.
 
ahmedo24 said:
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?
Click to expand...
I think that it would be a very good way in order to try and increase the confidence that people have in these coins because there is always the risk of being scammed or getting the wrng address.
 
ahmedo24 said:
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?
Click to expand...
This should be enabled to solve issues, but then, it defeats the purpose of decentralization. It means there has to be a body that validates, confirms and then reverses such transactions.
 
The complete aim of decentralization can't be achieved in the cryptocurrency ecosystem because the level of cyber crime has gone beyond control of the government so the best is to manover somethings.
 
That's one of the shortcomings of the blockchain technology..Any transactions done on it cannot be reversed. It's very important to always double check any transactions on the blockchain.
 
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