Like most here, I gently smile when I read one of those many mainstream articles claiming "Bitcoin could take off, but they really need to implement reversible transactions". It's a feature, bitch, not a bug.
But I *am* aware that reversible transactions are not per se bad. In fact, in many cases you might want something like that. Enter Paypal.
I have no idea if they're smart and nimble enough to see this huge opportunity, but if I were them, I'd at least have a small internal team dedicated to the possibility of setting something up like this, exploring the legal framework necessary to pull it off, etc.
Great insight, thezerg!
The simple quick answer is if reversible transactions are desired, yes they are possible by layering another service on top of bitcoin. Bitcoin is a protocol and you can build anything on top of it.
For example paypal itself could offer a bitcoin service with reversible transactions. Here payments are given to paypal in a users account, and the bitcoins have to stay in the account for a certain period of time. During that time paypal could reverse the transaction since they still have the coins, and after the time period allow the receiver to withdraw to an external account. The service would cost x% of the transfer.
Now people/merchants can decide for themselves if they want to use the service or not. Merchants can say, you can pay me X BTC for direct payment or X+4% for through paypal service. Now people that trust each other don't have to pay the fee.
That's how a free market and individual choice works. That is what bitcoin is designed for.
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