We all know one of the main principles of the cryptocurrency blockchain – transactions cannot be cancelled and once the funds are sent, there is no way to return them. Some people consider this as a major fault of cryptocurrencies in general and the reason why cryptocurrencies like bitcoin, should be never used as means of payment.
But is it really so? The answer is, both “yes” and “no”. Let’s use bitcoin as an example. There are actually some possibilities to make the bitcoin transaction cancelled. However, these methods are quite risky.
In a centralized payments system, rules and regulations are established, as well as some verification procedures that should be followed before the transaction is cancelled. As bitcoin network is not governed by anyone, cancelling the transaction is a tough task to do. Don’t expect us to point to the “cancel” button.
Let’s go for some theory. As bitcoin network is protected from...
Read more:
https://coinatory.com/2018/10/13/cheating-at-bitcoin-cancelling-transactions/
