Will Bitcoin get the ability to implement reversible transactions?

[Abiky]

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? 

[unamis76]

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.

[chrisLG]

No. That is going to be implemented on top of bitcoin.

[th3nolo]

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.

[Abiky]

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. 

[Doubler Disburser 232515]

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).

[th3nolo]

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.

[20kevin20]

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!

[CoinBreader]

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...

[Relnarien]

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....

[densuj]

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.

[jhenfelipe]

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.

[Herbert2020]

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.

[ObscureBean]

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.

[Abiky]

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. 

[Karpeles]

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

[Abiky]

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. 

[Shiroslullaby]

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?

[gilangIDR]

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.

[hase0278]

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.