How can we make bitcoin transaction refundable?

[Nanashev]

Bitcoin transactions will never be reversible or refundable. Once your transaction is complete, you receive a notification and that is that. One will always be recieve the goods you bought from a company when money transaction is complete. If by one way or the other, you do not receive what you paid for, then you can trace whatever you bought with your transaction ID. Moreover, you should be aware of the authenticity of the company or shop you are dealing with in order to avoid being scammed.

[Mofazzal840]

 Actually I agree with you, when the bitcoin transaction, then there is no refund. This is a user mistake and this bitcoin technology, not the same as fiat or with other currency. Digital has a shape of transaction that is easier and safier the world. But it's a matter of sorrow that will be risky if our transaction is wrong.

[GG_Maker]

Why do you want to make Bitcoin transactions refundable? No monetary system or currency in the world offers refunds. The Dollar, Euro, Yen, Yuan, the list goes on...none of them offer refunds.

To do so you'd need to centralize the administration of transactions.

Additionally, how do you verify that a refund request isn't fraudulent?


You've got the following concerns to contend with:

• Verifying that a refund request is legit (and not fraud)
• Suspend or hold the value of transactions for whatever grace period is allowed to honor refunds
• Figure out how to handle refunds requested of wallets that no longer have funds to recover it

It's companies and people that offer refunds, not currency, not monetary systems. If you want refundable bitcoin transactions then only transact with companies or people that are willing to refund your transaction.

What do you mean by no currency or monetary system in the world offers refunds? I thought when we wrongly purchase an item instead of the one we want, for example online shopping, you can request refund before the product is delivered or shipped so as to purchase the right product you wanted. It certainly happened to one of my friends and me where refunds were made. And in addition, I understand and partly agree to what you have said, but in the article a cryptocurrency company added the refund functions which are still developing.

[Dudeperfect]

There is no way to revert the transaction after it is confirmed and I think that's how it should be in order to build transparency and trust on this technology. I don't see any need of having refund feature in cryptocurrencies. If someone is concerned about the security while doing any transaction then there are plenty of escrow services available to add the extra layer of security.

[honey7]

Thats a challenge when it comes to.bitcoin. Once done cannot be refunded as there is no controlling authority

[jessbaker27]

This would be good for those that got scammed, but this can also be used to scam as anybody can request even a fraudulent refund. There will always be people that will find ways to abuse something that can give them money. I think will not be a good idea.

[newinquiry]

Bitcoin transaction should be refundable if sended bitcoins on incorrect address or scam by someone. blockchain need to make a authority so they can trace our transactions is that good or not or sending bitcoin is legal transaction or not and ensure buyer and seller their bitcoin is safe. but now this is not possible if u are sending bitcoins than check twice bitcoin address and ensure that person is not a scammer.

[Akorharrison]

Why do you want to make Bitcoin transactions refundable? No monetary system or currency in the world offers refunds. The Dollar, Euro, Yen, Yuan, the list goes on...none of them offer refunds.

To do so you'd need to centralize the administration of transactions.

Additionally, how do you verify that a refund request isn't fraudulent?


You've got the following concerns to contend with:

• Verifying that a refund request is legit (and not fraud)
• Suspend or hold the value of transactions for whatever grace period is allowed to honor refunds
• Figure out how to handle refunds requested of wallets that no longer have funds to recover it

It's companies and people that offer refunds, not currency, not monetary systems. If you want refundable bitcoin transactions then only transact with companies or people that are willing to refund your transaction.

that is perfectly the truth because all the currency listed above has no refund so why should bitcoin has refund. now one thing there is that; this is blockchain everything is decentralized so to all the transactions has it's own records but it can't refund it mistaken send to the wrong address, during transaction make sure that the wallet you are using perfectly right and negotiate with the third party before doing transaction as well you have a middle man that will stand in respect of the transactions that you are doing, I think with it will be ok but talking of refunding is no possible.

[Caxton10]

When I was reading an article, I came across a disadvantage of bitcoin that stated that there "No Chargebacks or Refunds" in bitcoin transactions. What do you think can be the way forward in solving this problem? Many, regardless of whether you are pro-bitcoin or anti-bitcoin, your interest is in making sure that transactions where currency is involved have a Charge-back or Refund policy.

Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.

I have no idea there are some coins that have the refund feature. All along I thought all coins do not refund transaction. But until bitcoin build the refundable function to their services, we just have to keep doing what we do and that is double checking the addresses we make transactions to.

[buternasek]

before investing instead of you you have realized the risks of bitcoin investment?
then why would you want your money back? Get out of here.
my advice to you, learn before you make an investment.

[_bitcoin_papa_]

It seems to me that this is not a drawback of bitcoin and any other crypto currency, but on the contrary is an advantage. People will finally begin to pay more attention to their money and money transfers.

[iamike]

Many people lose their bitcoin to other people through wrong transactions. People after receiving the bitcoin do not send it back to the owner thereby causing the sender to lose it. It’s important to understand how Coinbase handles digital currency transactions to ensure any refunds reach the sender’s account. Coinbase does not support digital currency being returned directly to an address it was sent “from” (in the digital currency world, we call these input addresses).
When a Coinbase user sends digital currency from their wallet, the address it comes "from" is one of Coinbase's many hot wallet addresses. Any coins sent back to that address would be sent to Coinbase, not your own wallet.

[[ProTrader]]

When I was reading an article, I came across a disadvantage of bitcoin that stated that there "No Chargebacks or Refunds" in bitcoin transactions. What do you think can be the way forward in solving this problem? Many, regardless of whether you are pro-bitcoin or anti-bitcoin, your interest is in making sure that transactions where currency is involved have a Charge-back or Refund policy.

Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.

There is no way that you can refund your Bitcoin if you already sent it unless it ia a personal transaction or business transaction that is known by you and they offer a refund policy on their transaction.

[taeewo]

There is no way a transaction already sent will be refundable in this Crypto currency sphere, this can only be done with the agreement of the recipient deciding to return.

[GG_Maker]

When I was reading an article, I came across a disadvantage of bitcoin that stated that there "No Chargebacks or Refunds" in bitcoin transactions. What do you think can be the way forward in solving this problem? Many, regardless of whether you are pro-bitcoin or anti-bitcoin, your interest is in making sure that transactions where currency is involved have a Charge-back or Refund policy.

Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.

You mentioned Ripple. Have you ever used Ripple.  If you ever lose your backup wallet you will lose all your Ripple. Refund will only work if you have the backup file but once you you lost it is as frustrating as other cryptocurrencies. If you want refund use escrow services or better yet a smart contract. You are always looking for chargebacks and refunds even though the fiat system fails as well when it comes to this issue.

No I have never used it, but Ripple was mentioned in the article. But thanks for recommending Escrow.

[GG_Maker]

Many people lose their bitcoin to other people through wrong transactions. People after receiving the bitcoin do not send it back to the owner thereby causing the sender to lose it. It’s important to understand how Coinbase handles digital currency transactions to ensure any refunds reach the sender’s account. Coinbase does not support digital currency being returned directly to an address it was sent “from” (in the digital currency world, we call these input addresses).
When a Coinbase user sends digital currency from their wallet, the address it comes "from" is one of Coinbase's many hot wallet addresses. Any coins sent back to that address would be sent to Coinbase, not your own wallet.

Thank you, very insightful.

[3acaga]

I believe that if bitcoin does not have a way to return the transaction, it is the opposite of bitcoin.
There are a lot of projects in the block system that are connected to databases, and the biggest plus is not the ability to change the data.

[RyhaniFoyej]

Bitcoin is a currency system that is online based. Which is transmitted through the p2p system and it cannot refundable once it transmitted. For this reason many times many people mistakenly send to other people, which they can not bring back.
It should be refundable because when people mistakenly send their money to another then they can bring back their money. Also it should not be refundable otherwise people can be dishonest like after sending someone, they will take it again.

[Soots]

When I was reading an article, I came across a disadvantage of bitcoin that stated that there "No Chargebacks or Refunds" in bitcoin transactions. What do you think can be the way forward in solving this problem? Many, regardless of whether you are pro-bitcoin or anti-bitcoin, your interest is in making sure that transactions where currency is involved have a Charge-back or Refund policy.

Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.

There is no way that you can refund your Bitcoin if you already sent it unless it ia a personal transaction or business transaction that is known by you and they offer a refund policy on their transaction.

Indeed, this can be a serious matter when we have sent bitcoin transaction successfully; nothing will be refundable specially when its a close deal. Maybe there's a scenario it will be refunded if we know personally the person whose the recipient of the bitcoin you sent for. Because you're being transparent in both parties, but with an anonymous deal just expect no honesty for that. The refunds can be done by personal intentions, and not with reverse transactions.

[dgreat]

  it depends on the type and nature of the transaction. if there is a mutual agreement and evidence of  business transaction as per both parties agreement
and goods delivery then we know that both reached an agreement there is nothing to argue over of refunding. but when it comes to issue of fraud, scam, internet theft such as hackers hacking into account to clear account, how can that be traced to the perpetrators via the transfer, i think there should be a way out, only then bitcoin can be refundable