Bitcoin is irreversible: strength and weakness

[Memminger]

Bank payments are reversible, but not always - banks are unlikely to bother reverting small amounts, and they can't return money if they were physically withdrawn. This is why most online marketplaces come with customer protection mechanisms by acting as escrow. And Bitcoin-based platforms have this too - I've personally used a bitcoin freelancing site that holds funds until the work is delivered and solves issues if any arise. Even decentralized platforms like Bisq have similar mechanisms. So, fraud protection with Bitcoin isn't too different from fiat.

Yep. Even though in Bitcoin they are eliminating the presence of banks in order for us to have financial freedom over our funds or assets if that’s what you categorized Bitcoin as, I still use third party to be middleman like escrow since its hard to trust a stranger who might no deliver the service(s) or product(s) that he/she promised which is very rampant in internet since we can’t physically see or interact with them.

Now, hacking and robbery are different things, but again, we can apply trusted third parties here to increase security. Some people will argue that they defeat the purpose of Bitcoin, but since those things are completely opt-in, it's within the rights of users to do with their coins as they please, including using custodial services.

I think that the desired security that we can get with our cryptocurrencies is attainable by purchasing a cold wallet like Trezor hence we don’t necessarily need those third party services. As long as you made the necessary precautions of not leaving any traces of your keys online nor in any devices.

[coinfinger]

You are right, for all the advantages of decentralization, the lack of the possibility of a refund deters many people from using cryptocurrencies. I think that those developers who will create a blockchain with the possibility of revoking a transaction will achieve the success of their project. But, I believe that with the full decentralization of the project, a refund is impossible. This function is possible if the coin will at least have a Central authority responding to requests for a refund.

I understand that no one is above mistake, but in a decentralized system, any of its user must really be extremely careful, especially in the aspect of sending coins to other people, we have to verify the coin before we send the money to the person and also we have to make use of most of the copy link that is always available when copying addresses, and secondly too, the sender must try everything possible to be sure too that the address being sent is the right one.

The only way I think anyone has the right of sending an amount to a wrong account is when hackers have hacked the person’s account and it think this is where a reversed amount would have been very useful before the money gets confirmed, but now that the option is not available, there is nothing we can do, we just have to learn to deal with it.

[joinfree]

I remember when i once sent $150 worth of Bitcoin to a wrong address. How i wish  there could have been a button either cancel the transaction or even call it back lol. That's a set back of bitcoin for sure which we cannot do much about it unless we work with alternatives. That's why some sites allow you to save addresses so that anytime you are sending funds to yourself..you might already saved a genuine address other than having to generate a new one all together. This prevents issues of wrong transactions.

Regarding the situation with hacking, there is not much you can do but to protect yourself from them. Save your keys on an offline computer or better still get yourself a hardware wallet and that will be all.