Bitcoin is irreversible: strength and weakness

[Sohyun Park]

I think irreversible property is required and if some address is proven as fraud then the address should be banned for withdrawal and the funds in the address can be given to the person how took the effort to report the fraud and prove it.

[minersday]

One of the most important feature of cryptocurrency is its being irreversible. One the coin is sent, the only way for it to be back to the sender is if the receiver will do the same thing in reverse. Now, in cases of hacks, scams and frauds, it means that you better forget what you already lost as there is no way for you to recover the lost coins.

This irreversible nature of cryptocurrency is one of the weakness of it that make people to find it difficult to adopt and use cryptocurrencies. In as much that this is weakness, it is also a strength because it makes users to be more careful whenever they are either sending or receiving funds. It also makes users keep their private keys safe from any third party since transactions made are not reversible, the third party can easily steal your funds once they get a hold of your private key....

[bigmick44]

As you said, the irreversibility of the transactions is both a strength and a weakness, but in my opinion it is mostly positive. The fact that there is no "undo" button means that one must execute a transaction with caution, and when we are talking about for example BTC transaction, they are usually large. The need to be careful is something that we are losing currently in the financial world with everything so easily reversed (mostly flat-currency-transactions). Of course, if there is a fraud this would mean lost money, but in most cases it is the users fault for not making their background research. Do you think otherwise?

[Ucy]

I guess you should buy more from people/websites you trust or use escrow when buying things from people you don't trust.. Both the former and the latter could be based on reputations from solid score system that can't be easily abused.

I think reversible transactions will eventually be possible but I prefer it is done on sidechain or seperate platforms. The main chain should remain irreversible

[STT]

Sounds a bit like sending an email but then you want to rescind that email.   Most of the time this isnt exactly possible however in some cases it can be possible.    I like the idea of delayed send, schduled send and also the case where you can remove it if unread on the other side but I think that requires a specialist setup.    The point being for BTC it would have to be by arrangement and agreement between both parties and possibly this would be part of escrow type movement of capital.  
   I can see no reason why it should not be possible for a kind of safeguard to be built into payment systems where refund is feasible to some extent, but this would have to be part of a regular payment system.   The advantages to allowing this possibility is to raise confidence and resolution in disputes should they occur.  Its not exactly a basic function of the Bitcoin blockchain itself but for consumer type operations I think it should be a thing at least some company or association is aiming to feature for consumers on their payment or shopping platform (that is using Bitcoin).

[Immakillya]

Irreversible transactions feature can be a helpful function also. Because reversible transactions can be used for scams or any fraudulent actions. For example, you bought items from online store which accepts Bitcoin or any crypto. The transaction is already paid and ready on the way for delivery but suddenly the customer  decided to reverse the transaction. That will cause trouble. There's a reason why irreversible transactions is being implemented. They will never implemet that for no reasons. So do transactions at your own discretion. You should be always aware of what you're doing. Check the address, the amount, the fee for transactions before sending the funds. That way you'll never be in trouble.

[BlackFor3st]

One of the most important feature of cryptocurrency is its being irreversible. One the coin is sent, the only way for it to be back to the sender is if the receiver will do the same thing in reverse. Now, in cases of hacks, scams and frauds, it means that you better forget what you already lost as there is no way for you to recover the lost coins.

In other words, once you click the send button there is no turning back. I know that a lot of us are actually considering this a major advantage of Bitcoin or any cryptocurrency for that matter because unlike PayPal there can be no refund requests to happen.

Therefore when you are a victim of a theft, expect no one to be able to help you in recovering the coins. As one author said it, the bitcoin genie cannot be put back into the blockchain bottle.

I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?

This is how unique bitcoin is and it didn't devise any special technology to counter any hacks or frauds so everyone has a freedom to do with their assets.

This is only one of disadvantages of bitcoin but because of it, we were given the freedom also to use our assets wisely and securely if possible but for the black hat hackers. This is their big opportunity to earn a good profit if they can steal without being notice by the authority.

But I love the current bitcoin right now,even if it has disadvantages like irreversible transaction but it has plenty of advantages also. 

[Naughty Princess]

As you said, the irreversibility of the transactions is both a strength and a weakness, but in my opinion it is mostly positive. The fact that there is no "undo" button means that one must execute a transaction with caution, and when we are talking about for example BTC transaction, they are usually large. The need to be careful is something that we are losing currently in the financial world with everything so easily reversed (mostly flat-currency-transactions). Of course, if there is a fraud this would mean lost money, but in most cases it is the users fault for not making their background research. Do you think otherwise?

That makes responsible in every transactions and making sure that it is correct before you click. Being irreversible can secure from any fraud and tripping of the accounts. Though being irreversible wont help when you need to cancel or wanting to change, which has risk to lost it.

[Upgate]

Bitcoin or cryptocurrency not being able to be reversed when sent has something to do with the decentralisation of cryptocurrency, once an action is taken its hard to recover, this is an advantage with disadvantage but if the sender can make sure they are about to do the correct transcation then the disadvantages are cut down

[Drai]

I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?

I want to ask you a question.. if an effective means or special technology was deviced to ensure that hacked accounts would be reversed, who would have the power to reverse the funds? A particular set of people or or every single person can have the power to reverse funds? If it's left in the hands of one person, then anybody would start reversing the funds of anybody they don't like, or even sell their coins to people and reverse it back when they have been paid, when it's left in the hands of a few people, it would be a centralised feature in a perfectly decentralised blockchain infrastructure and would put too much power in the hands of a few people.

[clickerz]

I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?

I want to ask you a question.. if an effective means or special technology was deviced to ensure that hacked accounts would be reversed, who would have the power to reverse the funds? A particular set of people or or every single person can have the power to reverse funds? If it's left in the hands of one person, then anybody would start reversing the funds of anybody they don't like, or even sell their coins to people and reverse it back when they have been paid, when it's left in the hands of a few people, it would be a centralised feature in a perfectly decentralised blockchain infrastructure and would put too much power in the hands of a few people.

Bitcoin transaction is irreversible and that is its advantage. @Drai you made a point there and its up to users to check before they send a transaction.

@CryptoBry even if its possible to reverse a bitcoin transaction still its not a favorable one.It will just make the system inefficient and slow. In cases of hacks and fraud,at present no solution yet and you have to fork the whole system i order to recover which is a big hassle.

[7788bitcoin]

I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?

If the technology is helping in reversing the transaction then there will be a major security flaw in the network itself as anyone could manipulate with the coins in your wallet and if there is an uncertainty in that regard the trust that is built by the network will end and we do not need and the developers will not come up with something that will destroy the base of the entire network which is trust without a centralized trust. 

[EdvinZ]

You are right, for all the advantages of decentralization, the lack of the possibility of a refund deters many people from using cryptocurrencies. I think that those developers who will create a blockchain with the possibility of revoking a transaction will achieve the success of their project. But, I believe that with the full decentralization of the project, a refund is impossible. This function is possible if the coin will at least have a Central authority responding to requests for a refund.

[Shasha80]

Problems regarding the nature of bitcoin which irreversible when sending coins to wallet or exchanges addresses. It is always interesting
to discuss. Because turned into pros and cons in cryptocurrency community. Some agree because it is part of decentralization or do not
agree because that is become a bitcoin weakness that needs to be fixed. But in my opinion just let bitcoin be like that let it be interesting
characteristics of bitcoin. Even if you want to find a solution it will not be able to because bitcoin cannot be controlled. Therefore always be
careful when sending coins and always check again before sending coins. So there are no mistakes sending.Indeed initially we became more
troublesome, but if we are used to it will make us more disciplined.

[Palider]

I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?

This is a problem with Bitcoin because its transaction is irreversible and we can no longer recover our bitcoins stolen by hackers. And so far this problem has not been solved and it may not be solved as bitcoin is not controlled by anyone. So if it is possible that bitcoin creator Satoshi Nakamoto is still alive it can be paid attention and solved.

[StayFly]

This topic has been discussed so many times.
Irreversible transactions are a huge advantage ,if you compare crypto to the paypal scam.In PayPal,you have to rely on the mercy of their dispute resolution process and the mercy of your customers.
Bank transactions are supposed to be reversible,but that doesn't stop all the credit card thefts.
The only way to protect ourselves against hacks/scams is to keep our passwords safe.

This guys says it all. Bitcoin transactions are supposed to be irreversible and secure since PayPal transactions are reversible. The bitcoin transactions don't have to be reversible to avoid getting hidden charge backs from the companies we buy services from. For someone like me, I always feel safe and happy when someone buys my product with bitcoin because there would be not disputes. I hate when someone buys something from me, instead of contacting me then they go ahead to create dispute on PayPal, that really annoying - scammers do that.

[Reosta_]

There is always a good and bad side of a technology. Of course, in a situation like being hacked you won't be able to turn it back. But I think the irreversibility feature of Bitcoin transactions is very good and useful.

[opkm1980]

I share your opinion on the fact that irreversible transactions are an advantage and also a disadvantage, I believe that greater control is possible, such as with centralized Exchanges and KYC, but privacy is lost and there are also restrictions, which perhaps can be done is to validate sites and accounts that give greater confidence, but there is no certainty that the other actor will act with transparency.

The best advice is to be quite careful before making a purchase decision or sending cryptocurrencies to a person or company.

[Viscore]

There is always a good and bad side of a technology. Of course, in a situation like being hacked you won't be able to turn it back. But I think the irreversibility feature of Bitcoin transactions is very good and useful.

The irreversibility of bitcoin will always be here until it exists. And because of that, we should be more cautious in doing our transactions rightly. We are all responsible for our own coins as well as with their safety and security. If our transactions will be hacked, then it won't be recover anymore so we should be more responsible for that so that hacking won't happen.

[hatshepsut93]

Bank payments are reversible, but not always - banks are unlikely to bother reverting small amounts, and they can't return money if they were physically withdrawn. This is why most online marketplaces come with customer protection mechanisms by acting as escrow. And Bitcoin-based platforms have this too - I've personally used a bitcoin freelancing site that holds funds until the work is delivered and solves issues if any arise. Even decentralized platforms like Bisq have similar mechanisms. So, fraud protection with Bitcoin isn't too different from fiat.

Now, hacking and robbery are different things, but again, we can apply trusted third parties here to increase security. Some people will argue that they defeat the purpose of Bitcoin, but since those things are completely opt-in, it's within the rights of users to do with their coins as they please, including using custodial services.