|
Title: Will Bitcoin get the ability to implement reversible transactions? Post by: Abiky on July 22, 2016, 11:12:06 PM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds)
But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: unamis76 on July 22, 2016, 11:13:35 PM No. Irreversible transaction are here to prevent scams too. The consequences would be people would cease to use Bitcoin. If transactions were reversible, the currency couldn't even be called Bitcoin anymore.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: chrisLG on July 22, 2016, 11:13:41 PM No. That is going to be implemented on top of bitcoin.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: th3nolo on July 22, 2016, 11:18:50 PM reversible transactions can be used for scam I guess :'(, someone send you btc and then refund when you already give the goods.
thats why i think is very hard for reversible transactions. the real problem is about how to detect frauds however when you invest there is always a risk associated if you expect to make a profit. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Abiky on July 22, 2016, 11:20:45 PM reversible transactions can be used for scam I guess :'(, someone send you btc and then refund when you already give the goods. thats why i think is very hard for reversible transactions. the real problem is about how to detect frauds however when you invest there is always a risk associated if you expect to make a profit. Maybe that is why Bitcoin is very similar to cash (fiat), but still cash can be refunded (reversible) whereas Bitcoin not. Anyways, I think that it is not that important since there is always the ability to use escrow services before conducting a transaction. :) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Doubler Disburser 232515 on July 22, 2016, 11:32:32 PM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) That whole notion is riddled with paradoxes - The very fact that BitCoin doesn't have a mechanism to reverse a transaction is what prevents scamming, same with cash, the only way you can get my cash is to rob me - that's theft, not scamming. Telling PayPal or some other online vendor that your account was hacked into and could they please reverse that transaction? That's a scam (and is theft too). Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: th3nolo on July 22, 2016, 11:33:28 PM reversible transactions can be used for scam I guess :'(, someone send you btc and then refund when you already give the goods. thats why i think is very hard for reversible transactions. the real problem is about how to detect frauds however when you invest there is always a risk associated if you expect to make a profit. Maybe that is why Bitcoin is very similar to cash (fiat), but still cash can be refunded (reversible) whereas Bitcoin not. Anyways, I think that it is not that important since there is always the ability to use escrow services before conducting a transaction. :) accurate for electronic changes should always use escrow services and we avoid bad experiences. I made a deal long ago forum for a gift card without escrow service and does not know the panic I had though was not much money for me it was enough. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: 20kevin20 on July 22, 2016, 11:38:15 PM No, no, no..... Bad idea. Reversible transactions = scams everywhere. We are already fighting with the viruses and keyloggers and scams everywhere on the internet, adding reversible transactions to BTC means we'll be scammed everywhere we go. No!
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: CoinBreader on July 22, 2016, 11:51:20 PM and except from reversible fund that may scammers can use when you sell the goods,service etc.
take in mind what may happen with scripts that will reverse a transaction.. sounds more messy to my ears... Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Relnarien on July 23, 2016, 12:06:05 AM This is a very stupid question. Very stupid.
One of the primary selling points of Bitcoin is that transactions are irreversible. That is one of Bitcoin's core principles. Removing its irreversibility would be changing its nature, essentially killing it. Bitcoin without irreversibility is not Bitcoin. Making transactions reversible would be akin to making candy poisonous. "Hey, what would happen if all candies became poisonous?" Stupid, STUPID question. I can imagine an online service building a platform on top of Bitcoin which allows reversible transactions by locking withdrawals for a certain period of time, but Bitcoin itself would remain irreversible throughout that whole process. Stupid question. One from a Senior member account too.... Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: densuj on July 23, 2016, 12:10:02 AM I think bitcoin never get ability to implement reversible transactions, because it is some beneficial of bitcoin than another payment gateway is like paypal. If it get ability to implement reversible transactions bitcoin will be leaved by users because there are not new technology and innovation in bitcoin.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: jhenfelipe on July 23, 2016, 12:16:09 AM It's one of the features of bitcoin so it might not happen. I know there is always a possibility, but it's not close as that to be implemented. But if it does (even I think it won't), Bitcoin won't be unique anymore and will be just the same as the others, like PayPal. The risk of receiving funds (especially for businesses) will be higher, imo. That feature of bitcoin is okay, because you yourself can choose whom you can do business with, of course, choose the people and organizations you really know and trust. Or to be safer, I agree on using escrow when doing transactions to prevent scams.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Herbert2020 on July 23, 2016, 05:16:36 AM bitcoin is code so it may be possible to implement anything you want and create a system with reversible possibility. but it will never happen, at least it will never happen in bitcoin because one of the best features in bitcoin that makes it stand out and be better than fiat is this irreversible feature. and there is no reason for changing that.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ObscureBean on July 23, 2016, 05:40:20 AM I doubt they will ever implement reversible transactions but if Bitcoin goes mainstream, companies will need to be able to refund customers in case of disputes. It's not going to be implemented at code level, instead processors like BitPay will probably have to update their services to enable refunds.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Abiky on July 24, 2016, 12:49:17 AM This is a very stupid question. Very stupid. One of the primary selling points of Bitcoin is that transactions are irreversible. That is one of Bitcoin's core principles. Removing its irreversibility would be changing its nature, essentially killing it. Bitcoin without irreversibility is not Bitcoin. Making transactions reversible would be akin to making candy poisonous. "Hey, what would happen if all candies became poisonous?" Stupid, STUPID question. I can imagine an online service building a platform on top of Bitcoin which allows reversible transactions by locking withdrawals for a certain period of time, but Bitcoin itself would remain irreversible throughout that whole process. Stupid question. One from a Senior member account too.... Well, my rank/position does not mean that I'm very knowledgeable about Bitcoin at all. In fact, it is a learning process in which you make research, ask questions in order to grow your knowledge in an specific topic. Besides, I was only asking hypothetically as what will probably happen if Bitcoin would be this way. But other than that, I get the point. Thanks for your reply. ;) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Karpeles on July 24, 2016, 01:08:08 AM No way, it is against the Bitcoin concept. There is no way to make reversible transactions without a central authority. You may develop some service that uses blockchain and is centralized, but there are already options for it without the blockchain.
If you want reverse transactions better use paypal Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Abiky on July 24, 2016, 01:14:08 AM No way, it is against the Bitcoin concept. There is no way to make reversible transactions without a central authority. You may develop some service that uses blockchain and is centralized, but there are already options for it without the blockchain. If you want reverse transactions better use paypal You bet mate. Maybe this could be a reality if there was sort of like an artificial intelligence operating from within the blockchain (kind of like a smarter smart contract) that would analyse transactions and give the ability or option to reverse the transaction. But again, it is only speculation and it may never happen. Just my thoughts. ;D Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Shiroslullaby on July 24, 2016, 01:16:00 AM Its an interesting idea, but you would need a way for both the sender and the receiver to agree to reverse the transaction.
As it is now, you can just send the coins back in a new transaction, so the only difference is the fees you would lose? What would be the reason to reverse the transaction as opposed to sending the coins again? Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: gilangIDR on July 24, 2016, 01:21:30 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) I believe bitcoin can do. now shipping in the bitcoin system is very transparent. the speed of transactions so fast. make deliveries wherever you are. it is the most important point. we are just waiting for government policies that would legalize bitcoin. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: hase0278 on July 24, 2016, 01:25:28 AM I think bitcoin can get the ability to implement reversible transactions but I suggest it must be done with conditions. Well the one condition that they should consider before reversing transactions is that it must be unconfirmed and let the user check the btc address they have sent btc for 10 mins to check if they send the btc to the correct address and that's it.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: iv4n on July 24, 2016, 01:32:23 AM I hope bitcoin will never have reversible transactions, people who make mistake ( and with btc address is very hard to make mistake ) need to pay for mistakes. Also I don't wish to see coins in my wallet and in next second to see empty wallet cause someone did it!!! What that means, I sell something and other guy report it and make reversible transaction and I stay without coins?
This is here with a reason, and I wouldn't like something like this to be implemented into bitcoin network. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Edwardard on July 24, 2016, 02:51:43 AM the thing which makes bitcoin out of the crowd is its non reversible payment nature. if bitcoin is made reversible then it will be just like others like paypal and all those companies. if you are afraid of getting scammed in the future because of btc's non reversible nature then i suggest you to use paypal as a transaction method. there are too many options to go for. and every currency has its own pros. so i dont think that your thoughts should be implemented. just my 2 cents!. :D
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ranochigo on July 24, 2016, 04:15:38 AM Definitely not. Bitcoin is not designed to be reversible and it should never be. Since Bitcoin is designed to be trustless, there is no way for them to decide which transactions to reverse and if confirmed transaction can be reversed easily, there is no reason to be using Bitcoin. For most cases, using 2-of-3 multisig is good enough; one for the buyer, one for the seller and one for the middleman. Funds can be released after the transaction is successful.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: TheGodFather on July 24, 2016, 04:26:07 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) There is no way to add the reversible transactions. Because that's why they want to use Bitcoin because of the reversible transaction. For example, they want the payment first before the item. Then if they see the transaction is now processing, then they will have to send the item then. It's more faster than sending cash exclusively. And bitcoin is also light and easy to use. There is no problem on transaction except accidental or wrong sending of bitcoin. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: pooya87 on July 24, 2016, 04:32:34 AM this is the introduction part of the satoshi bitcoin paper explaining the problems of reversible transactions in the non-reversible services other than bitcoin.it may help you understand why reversible transactions will not be implemented in bitcoin.
Quote Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: sandaq on July 24, 2016, 04:35:36 AM How would you implement this? There's simply no way!
In cc or paypal you turn to the cc company or paypal support and ask them for reversal, who wouls you turn to with bitcoins? would reversal be issued by the seller him self? or course not. It's just not possible to implement. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: target on July 24, 2016, 04:43:35 AM Well I think bitcoin can get the ability to implement reversible transactions but I suggest it must be done with conditions. Well the one condition that they should consider before reversing transactions is that it must be unconfirmed and let the user check the btc address they have sent btc for 10 mins to check if they send the btc to the correct address and that's it. There will be more scams in the future if this will be implemented actually. We're now used to see that if the transaction is being sent and that it will be confirmed later even with the minimum fee. If a sender part can cancel just become its going to be confirmed, there would be hours to wait before the recipient will respond to process after the confirmation. And we don't like this. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Harsh32 on July 24, 2016, 04:55:36 AM The best feature of bitcoin is its like cash.Ones given it can't be taken back. if transactions were reversible nobody will use it as there will be no guarantee that people will not take back their transactions.
example : if A sends 1 btc to B for an iPhone and after getting the iPhone reverses his transaction B will be in loss . Therefore I don't think bitcoin transactions will ever become reversible. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: rphk on July 24, 2016, 05:11:04 AM it is good there is no reversible transaction because of it prevents scam etc . and it is an secured feature of the bitcoin.but only thing is we need to almost take care that during transaction sent bitcoin to the proper bitcoin address.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: severaldetails on July 24, 2016, 01:49:28 PM I can see no reason why reversible transactions should happen.
If so, everybody could use paypal or just his bank account instead. That would be the end of the bitcoin, and nobody relatet to this project could ever want that to happen. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: romero121 on July 24, 2016, 02:13:12 PM No need for the reversible option because there occurs transaction time delay as well increased transaction fee. But important factor is that implementation of reversible option will help getting more adoption.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Wendigo on July 24, 2016, 02:18:01 PM I think making Bitcoin have reversible transactions will result in an influx of even more scammers than there are now because there will be absolutely no sellers protection and it will turn out into a scammers heaven like the PayPal system. At least right now everyone with a head on their shoulders won't get scammed so easily and I do admit that there is no way of getting your money back as it is now but allowing for reversible transactions will make things even worse in my opinion.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: SmartIphone on July 24, 2016, 02:31:33 PM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) It is not needed to implement a reversible way for bitcoin transactions. Even now if the seller is not smart he can be scammed if the buyer sends the bitcoins but the seller send the product before 1 confirmation. This can happen if the fees are very low or zero and the transaction never gets confirmed and the money are sent back to the buyer. Another way can be if the buyer makes a double spend etc. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Abiky on July 24, 2016, 08:03:37 PM Well I think bitcoin can get the ability to implement reversible transactions but I suggest it must be done with conditions. Well the one condition that they should consider before reversing transactions is that it must be unconfirmed and let the user check the btc address they have sent btc for 10 mins to check if they send the btc to the correct address and that's it. Actually, I was thinking about this too. It could probably be implemented while the transaction is unconfirmed to give the user the option to choose whenever to cancel it or not. But it must be done before it gets 3 confirmations, or you'll lose the chance of doing it. Still, this would be unnecessary since Bitcoin is doing fine with irreversible transactions. Changing this might affect Bitcoin. Just my opinion. :) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Hazir on July 24, 2016, 08:17:09 PM No. Irreversible transaction are here to prevent scams too. The consequences would be people would cease to use Bitcoin. If transactions were reversible, the currency couldn't even be called Bitcoin anymore. Well, this issue is not that simply and one sided as you might think. Some developers think that government intervention in the bitcoin is simply inevitable at this point.The only reason why authorities are not doing anything drastic moves for now is that bitcoin is now relatively small market. Some authorities think that bitcoin simply must change to bring it in line with other payment systems just to be able to exist as mainstream payment method. It is hard to say how, but I assume something like adding identity information to bitcoin transactions or making it possible to blacklist funds might be our reality in the future. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Cuidler on July 24, 2016, 08:33:39 PM Maybe it could be a option to make the transaction reversible for x confirmations if sender chooses, but Im not sure how powerfull the Bitcoin scripting language is. But the question is whether there is even demand for reversible transactions. I mean no rational merchant deliver you non-reversible service/product as long as your transaction can be reversed. So it could be used only for reversible service/products anyway so there is no easy way to scam the merchant.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Abiky on July 26, 2016, 01:42:14 AM Maybe it could be a option to make the transaction reversible for x confirmations if sender chooses, but Im not sure how powerfull the Bitcoin scripting language is...... Exactly. I was thinking more about this and thought that Ethereum would be very appropriate for this (if it was ever implemented) with the use of a smart contract. The smart contract would then analyse the transaction and will determine to give the user an option to reverse if the same is still unconfirmed. But still, I like the way how Bitcoin is and I think that this change would affect it more than what it could do to improve it. Just my opinion. ::) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: franky1 on July 26, 2016, 02:04:44 AM bitcoins irreversibility makes bitcoin as a currency perfect.
human issues such as scamming should be solved by humans, not code. in short u cant code solutions to stupid, people will still get scammed even if payments were reversible. so the solution is not about reversibility, but about sorting out the human factor. EG escrows (automated services, middlemen or even multisig) EG knowing your trader (dont throw funds at a stranger you know zero about, if you wouldnt hand $100 to someone u never met in the real world dont do it with bitcoin) dont ruin the thing that makes bitcoin perfect purely for the 1% of scammers. especially when scammers would find a way around every coded attempt to remove scamming risk. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: bamboylee on July 26, 2016, 03:01:03 AM I cannot understand why you want it to be reversible. If you want your transactions to be reversible then just use Paypal or other payment methods that offers reversible transactions. Bitcoin is good as is. It is in your responsibility to protect your bitcoin and make sure that before you make transactions, everything is good.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: PhilPrime on July 26, 2016, 03:05:13 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) i think if this happened. it will be worse. because the possibility to scam attempt will be increased especially in trading. this is the feature of paypal that makes them down. for example. if i buy goods on a random member here. at first we success our transaction but in the other day. he refund the btc that i gave to him. i think this feature for bitcoin will not fit and not work properly. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: davis196 on July 26, 2016, 05:58:03 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Unfortunately this is the future.With all those consumer rights legislation rules,every customer has the right to get a refund,etc....All the sellers that use bitcoin as a payment method should implement a refund option,in order to look legit and get more customers. But irreversible transactions are a bitcoin advantage... :( Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: TGD on July 26, 2016, 06:01:34 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) That not good idea for me if the bitcoin transaction can reversable it will get more scammer to come in bitcoin many got fooled of it. That's why I can't trust PayPal transaction and using bitcoin it's much safe to trade to other people if your careful.But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: pedrog on July 26, 2016, 09:32:22 AM Bitcoin as gone away from its initial vision I guess everything is possible now, soft forking everything they want and you don't even have to upgrade in order to get that feature implemented.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: MyBTT on July 26, 2016, 09:50:37 AM You want reversible transactions? Use PayPal. You want to get scammed? Do the same. Reversible transactions (Especially with something like bitcoin) will encourage chargebacks. The only reason that you would want to charge back normally would be that if you accidentally sent wrongly, or you get scammed(This is extremely hard to do if your victim is half-sane). Would you rather get chargeback scammed every day, or get scammed/send an incorrect transaction once a year?
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ranochigo on July 26, 2016, 10:50:25 AM Well I think bitcoin can get the ability to implement reversible transactions but I suggest it must be done with conditions. Well the one condition that they should consider before reversing transactions is that it must be unconfirmed and let the user check the btc address they have sent btc for 10 mins to check if they send the btc to the correct address and that's it. Actually, I was thinking about this too. It could probably be implemented while the transaction is unconfirmed to give the user the option to choose whenever to cancel it or not. But it must be done before it gets 3 confirmations, or you'll lose the chance of doing it. Still, this would be unnecessary since Bitcoin is doing fine with irreversible transactions. Changing this might affect Bitcoin. Just my opinion. :) Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Goms on July 26, 2016, 10:58:38 AM Nope, transactions can't be reversed and it is a good thing. You will be careful who you send money to and of course no one can scam you once you've been paid.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ChronoLite on July 26, 2016, 11:09:50 AM No , and never be implemented soon.
Because that's the good point of bitcoin , because irreversible transactions. If on the future , they add that future , they will ruined the "rules and good point" of bitcoin. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: severaldetails on July 27, 2016, 08:57:13 AM Implementing reversable transactions, would this mean that there had to be a hard fork?
If so, and if I look at the situatuion that is going on with ether at the moment, that would be one reason more never to implement such a thing. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: BTCLovingDude on July 27, 2016, 09:01:37 AM Well I think bitcoin can get the ability to implement reversible transactions but I suggest it must be done with conditions. Well the one condition that they should consider before reversing transactions is that it must be unconfirmed and let the user check the btc address they have sent btc for 10 mins to check if they send the btc to the correct address and that's it. Actually, I was thinking about this too. It could probably be implemented while the transaction is unconfirmed to give the user the option to choose whenever to cancel it or not. But it must be done before it gets 3 confirmations, or you'll lose the chance of doing it. Still, this would be unnecessary since Bitcoin is doing fine with irreversible transactions. Changing this might affect Bitcoin. Just my opinion. :) correct me if i am wrong but 1 confirmation is more than enough to make sure there is no double spend especially for small transactions like in a coffee shop. because after your tx is included in a block (1 confirmation) in order to double spend it you have to have a lot of hash power to make that block orphan. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Jmild1 on July 27, 2016, 09:27:43 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Unfortunately this is the future.With all those consumer rights legislation rules,every customer has the right to get a refund,etc....All the sellers that use bitcoin as a payment method should implement a refund option,in order to look legit and get more customers. But irreversible transactions are a bitcoin advantage... :( Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ranochigo on July 27, 2016, 09:36:51 AM Well I think bitcoin can get the ability to implement reversible transactions but I suggest it must be done with conditions. Well the one condition that they should consider before reversing transactions is that it must be unconfirmed and let the user check the btc address they have sent btc for 10 mins to check if they send the btc to the correct address and that's it. Actually, I was thinking about this too. It could probably be implemented while the transaction is unconfirmed to give the user the option to choose whenever to cancel it or not. But it must be done before it gets 3 confirmations, or you'll lose the chance of doing it. Still, this would be unnecessary since Bitcoin is doing fine with irreversible transactions. Changing this might affect Bitcoin. Just my opinion. :) correct me if i am wrong but 1 confirmation is more than enough to make sure there is no double spend especially for small transactions like in a coffee shop. because after your tx is included in a block (1 confirmation) in order to double spend it you have to have a lot of hash power to make that block orphan. Yes. That is under conditions where the network does not fork and the merchant and the user is on the different chain. It is very possible for one block to get orphaned unintentionally hence merchants requires more confirmations for bigger transactions. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: 20kevin20 on July 27, 2016, 09:40:37 AM No, and if it does, it might mean the end of Bitcoin as we know it. Just imagine how many scams would then see in the Bitcoin community - as if we haven't seen enough already. Reversible transactions = a BIG step back for Bitcoin. And why would you use it, after all..?
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: jak3 on July 27, 2016, 09:46:55 AM hell no. if bitcoin gets the reversible transaction abitily they if will sure be a harmfull stuff. because the network is simi-anonymous so if we get bitcoin then users can take their coins back resulting in scam even in big scales then now. like paypal
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: noictib on July 27, 2016, 09:58:08 AM I think it is not possible Because If Bitcoin Transactions are Reversable then Many Scammers Scam people Getting back their Coins After Their trade Complete. If it occurs then Bitcoin will be Disappear Because no one Use Bitcoins if transactions are Reversable....
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: drwtsn32 on July 27, 2016, 10:07:47 AM I don't know but one thing's for sure.
If that happens, I'm going to quit. For me, bitcoin right now is perfect the way it is. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Xester on July 27, 2016, 10:11:23 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Bitcoin reversibility is a thing that we must avoid. It could end bitcoin as an exchange or as a virtual currency. Also it cannot make scams gone but intensify it instead. Imagine a scammer purchased an item and as proof he will send you a screenshot of his payment. Then of course you will send him your items.when he received it he will reverse the transactions and his payment is back to him leaving you scammed. Thus if there are reversibility I'm bitcoin transactions there will be chaos Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: BitHodler on July 27, 2016, 10:21:12 AM Hell no! If people are able to reverse transactions with Bitcoin as well, then a very important aspect of Bitcoin that a lot people love will go to waste.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: SmartIphone on July 27, 2016, 08:38:39 PM Hell no! If people are able to reverse transactions with Bitcoin as well, then a very important aspect of Bitcoin that a lot people love will go to waste. If people start trying to reverse transaction then there should be a support from bitcoin core team or any additional support team which should handle all these transaction that has been reported, like on paypal. This made bitcoin unique and I think bitcoin became popular because of this(one of the reason). Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: PacePay on July 27, 2016, 09:01:00 PM But I think before it they should have to implement a higher security system and have to remove the anonymity system, as if they implement the reversible system then a lot of people will try to scam the system, by scam reversions.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Cybertron00 on July 27, 2016, 09:29:25 PM Well bitcoin can get the ability to implement reversible actions in the future maybe with some restrictions of course. The first thing is that it can be cancelled if it is still unconfirmed. And the second thing before it can be cancelled is that the both sides agree if the transaction is confirmed for scam to not occur.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: rizzlarolla on July 27, 2016, 10:24:27 PM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Don't be such a dickhead. Bitcoin is irreversible transactions. That is the one of several reason's why it is valuable. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: potatopower on July 27, 2016, 10:35:57 PM i dont think so, if this happened a lot of people would turn their backs on bitcoin
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: wintermeasures on July 28, 2016, 01:37:19 AM No bro Reversable Transaction Idea is Not A Good Idea.
if Bitcoins Transaction are Reversable Then Scammers Scam people After their Deal Finishes and Then Bitcoin will never used By Anyone and them this Digital Currency will Disappear.. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Wind_FURY on July 28, 2016, 01:51:00 AM Whether reversible transactions is good or bad is arguable. But the main thing to point out here is the public feels safe and secure if they have the ability to reverse their actions just in case they made a mistake. They are willing to for trust to be handled by a centralized entity just to have that feature. We as humans are used to being "baby sitted" and that is what makes us sheep with our overlords "watching" over us to keep us "safe" from harm.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: madwica on July 28, 2016, 02:21:42 AM Whether reversible transactions is good or bad is arguable. But the main thing to point out here is the public feels safe and secure if they have the ability to reverse their actions just in case they made a mistake. They are willing to for trust to be handled by a centralized entity just to have that feature. We as humans are used to being "baby sitted" and that is what makes us sheep with our overlords "watching" over us to keep us "safe" from harm. That is really good if they implement reversible of transaction or during the confirmation we can cancel our transaction. They need to work it out all bitcoin wallet can utilized that i think soon they will continuous upgrading their system for the users like us.Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ~Bitcoin~ on July 28, 2016, 03:39:14 AM Bitcoin don't need this ability however bitcoin address + identification like the owner username etc could be solution to overcome confusion in bitcoin address. As well as there are some third party service which provide sending bitcoin to email and mobile so no need to get confused on long bitcoin addresses.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Kevin77 on July 28, 2016, 06:48:47 AM As of now, (and it has always been) Bitcoin transactions are irreversible meaning that there is no way to get them back (in case of a scam) unless the recipient decides to send those coins back to its original owner. (sort of like refunds) But, I was thinking of the possibility that Bitcoin may get reversible transactions in the future, in order to prevent scams, fraud, etc. Do you think that such thing will ever exist or what would be the consequences? :) Don't be such a dickhead. Bitcoin is irreversible transactions. That is the one of several reason's why it is valuable. And op's argument about 'in case of scams' can be avoided if they escrow the funds to a trusted one. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: BitHodler on July 28, 2016, 08:09:22 AM Hell no! If people are able to reverse transactions with Bitcoin as well, then a very important aspect of Bitcoin that a lot people love will go to waste. If people start trying to reverse transaction then there should be a support from bitcoin core team or any additional support team which should handle all these transaction that has been reported, like on paypal. This made bitcoin unique and I think bitcoin became popular because of this(one of the reason). Other than that, I have full confidence that this will never be implemented by the core developers as they know it's not a smart thing to do. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Denker on July 28, 2016, 09:06:50 AM No.Not in the core protocol.Bitcoin is digital cash and not a form of paypal or credit card.
However I could imagine services offering something like that on top of Bitcoin in the future. Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: Raimonn on July 28, 2016, 09:19:03 AM The big problem with an implement of reversible transactions is who will decide witch transactions could be reversed? I don't think that bitcoin will implement this. I would not trust bitcoin if the other user could cancel the transaction.
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: ionomy on July 28, 2016, 09:33:32 AM Can you imagine if this was implemented, not that it ever will be and someone found a 'reverse transaction' flaw...
Title: Re: Will Bitcoin get the ability to implement reversible transactions? Post by: trickshot22 on July 28, 2016, 09:55:33 AM Can you imagine if this was implemented, not that it ever will be and someone found a 'reverse transaction' flaw... i think that would be really bad, bitcoin is the currency that can boast irreversible transactions and the change would simply destroy it in my opinion |