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Should blockchain makes transactions reversible?

  • Thread starter Thread starter ahmedo24
  • Start date Start date
Personally I don't think that is actually wise for them to make transaction reversible because a lot of people will begin to use it for criminal purposes.
 
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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If the wrong address sent cannot be reversed then what happened to the amount of crypto coin that was sent to that wrong address? I think I had read a post that when a whale would burn crypto coin all he would do is to send it to a wrong address and the crypto coin value would vanish.
 
Just like a lot of people like using banking transaction will go to their bank and reverse the payment that is sent to someone claiming that is a mistake, the same thing will begin to happen in cryptocurrency if they enable the reverse transaction feature.
 
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...
Actually its not that they like the way people lost money when transacting into wrong address but the way this address are being build involving nodes and poles makes it difficult for them to recover lost coins.
 
It's very important to include this feature in all blockchain crypto currency exchange Business just like how banks does their transaction. No human is perfect and I believe anybody can make mistake at any time
 
Yusuf said:
It's very important to include this feature in all blockchain crypto currency exchange Business just like how banks does their transaction. No human is perfect and I believe anybody can make mistake at any time
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Seriously, the harm such features would cause for cryptocurrency transactions is definitely going be bigger than the good it's going to bring to the fold of cryptocurrency.
 
If only the transaction has fail.. block chain should also monitor every transaction and they should also speed up transaction
 
I recently did see a post from Binance on Twitter that they can assist you to get funds that you sent to a wrong network example when you send from Ethereum to bsc.
 
I had an experience whle i was doing my first transaction and ent in a wrong address for my payment in to my wallet,and that was how the money got lost,i tried all i could,but they told me it cannot be reverse,because it is decentralised.
 
Even though a lot of people lose a huge amount because of this but still i think it is not to reverse transactions because the system is not designed that way.
 
If blockchain transaction becomes reversible , it will increase the rate of scam in the cryptocurrency world many people will want to reverse the payment for good that they have received
 
If any sender want to make transactions of crypto, he or she should be extra careful as there's no reverse in the blockchain. Besides, this is even dangerous. Fraudsters may take advantage of this
 
The blockchain technology should integrate the reversal features. Blockchain is a wonderful technology employed to make transaction decentralized, it makes the cryptocurrency trade eliminate the third party. If the reversal feature is embedded in the blockchain. It will be laudable.
 
I think this is a feature that need to be introduced by blockchain as a matter of urgency. A lot of people have sent cryptocurrency to wrong addresses without how of getting them back.
 
I don't think blockchain should make transactions reversible. Crypto transactions are anonymous, and if the anonymous transactions can be reversed, there will be a lot of scamming.
 
The blockchain system is an upgrade of the banking system but has many better features but they both process irreversible transaction except another technology is built I don't think transactions can be reversed.
 
The only thing that's still bothering the crypto users is the fact that mistakes are irreversible. While other may see this as a negative way of liking at crypto, I like it because it ensures carefulness.
 
Each time I send some coins to my Wallet, I usually check the letters and the numbers of the address one by one. I make sure I don't make mistakes. I'm always scared though.
 
If you are expecting blockchain transaction to be reversible, it means you know nothing about blockchain and digital transaction. Once you send something on the internet, they cannot be claimed back.
 
I think that will be a nice idea is the add such but I also think it will risk the changes of been scammed, someone many send you money your your cryptocurrency wallet and then reverse it back later. I think it will increase cryptocurrency scamming. It's better the way it is
 
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