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davis196
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July 26, 2016, 05:58:03 AM |
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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...  |
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TGD
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July 26, 2016, 06:01:34 AM |
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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 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. |
Don't mind me | Just checking out here for Duelbits Promotion | Bitcoin 1M | Duelbits no 1 |
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pedrog
Legendary
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Activity: 2786
Merit: 1031
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July 26, 2016, 09:32:22 AM |
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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.
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MyBTT
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July 26, 2016, 09:50:37 AM |
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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?
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ranochigo
Legendary
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Activity: 2968
Merit: 4168
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July 26, 2016, 10:50:25 AM |
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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. It is possible to double spend a transaction but it is extremely hard unless you opt for ReplaceByFee in your transaction, which would require merchants to wait for one confirmation. 3 Confirmations usually take less than an hour and there is no point implementing it since merchants would require 3 confirmations before they send the goods. When you sign your transaction, the wallet would show the transaction information and you should verify it then. |
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Goms
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July 26, 2016, 10:58:38 AM |
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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.
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ChronoLite
Sr. Member
Offline
Activity: 840
Merit: 250
www.guestcrew.com
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July 26, 2016, 11:09:50 AM |
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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.
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severaldetails
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July 27, 2016, 08:57:13 AM |
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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.
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BTCLovingDude
Legendary
Offline
Activity: 1134
Merit: 1010
BTC to the moon is inevitable...
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July 27, 2016, 09:01:37 AM |
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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. It is possible to double spend a transaction but it is extremely hard unless you opt for ReplaceByFee in your transaction, which would require merchants to wait for one confirmation. 3 Confirmations usually take less than an hour and there is no point implementing it since merchants would require 3 confirmations before they send the goods. When you sign your transaction, the wallet would show the transaction information and you should verify it then. 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. |
--looking for signature--
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Jmild1
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July 27, 2016, 09:27:43 AM |
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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... I don't know if reversable transaction would be good in bitcoin, there are people that will see it as being unfair because others might use it as an advantage to cheat on others like in Paypal. |
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ranochigo
Legendary
Offline
Activity: 2968
Merit: 4168
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July 27, 2016, 09:36:51 AM |
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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. It is possible to double spend a transaction but it is extremely hard unless you opt for ReplaceByFee in your transaction, which would require merchants to wait for one confirmation. 3 Confirmations usually take less than an hour and there is no point implementing it since merchants would require 3 confirmations before they send the goods. When you sign your transaction, the wallet would show the transaction information and you should verify it then. 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 if the feature that is mentioned by Abiky is implemented, allowing for transactions to be reversed at <3 confirmations. 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. |
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20kevin20
Legendary
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Activity: 1134
Merit: 1597
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July 27, 2016, 09:40:37 AM |
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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..?
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jak3
Legendary
Offline
Activity: 1274
Merit: 1004
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July 27, 2016, 09:46:55 AM |
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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
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noictib
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July 27, 2016, 09:58:08 AM |
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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....
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drwtsn32
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July 27, 2016, 10:07:47 AM |
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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.
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Xester
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July 27, 2016, 10:11:23 AM |
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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 |
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BitHodler
Legendary
Offline
Activity: 1526
Merit: 1179
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July 27, 2016, 10:21:12 AM |
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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.
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BSV is not the real Bcash. Bcash is the real Bcash.
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SmartIphone
Legendary
Offline
Activity: 1204
Merit: 1000
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July 27, 2016, 08:38:39 PM |
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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). |
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PacePay
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July 27, 2016, 09:01:00 PM |
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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.
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Cybertron00
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July 27, 2016, 09:29:25 PM |
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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.
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