Undo button for transactions

[yazher]

Very complicated.
Much easier solution would be to have some easy way to double check and confirm address of recipient before sending.
One way would also be to save this address in wallet addressbook before sending it.

I always do this thing whenever I'm about to send some BTC to another address. I think every BTC holders have developed this idea of double-checking before sending BTC. No need for the undo button, instead, we must not forget this very important step. If you ask me, I've been doing it for the last 5 years of my journey in the crypto industry, and never in my life I have sent BTC in the wrong address.

[pawanjain]

All-in-all, it seems like a massively over-engineered solution for the problem of not double checking the address you enter. Why would I go through all this effort when I could instead just spend 10 seconds to make sure the address is correct? Not to mention that your transaction is now entirely dependent on a third party.

Yes you are entirely correct. Even I was thinking of the same thing when I came to know of such a thing.
The first and foremost part is that it involves a third party vendor to initiate a transaction.
Why would we compromise our bitcoins with a third party just so that we don't have to double check the address we are sending our bitcoins to.

I think it's just lame and also it hinders the motive of bitcoin to be used as peer to peer payment method.
Any point where we have to use a third party destroys the motive of bitcoin.

[Krislaw]

I'll say it's a great solution for those who can't spend few seconds to confirm that the details of their transactions is correct instead of going through the stress of signing transaction here and there. I would say I see no decentralization from this method. Instead of that, why not use a centralized wallet that sends sends confirmation email with transaction details before broadcasting the TX. Much better that way. We don't need and undo button because this is not a bank.

[Shasha80]

I think the undo button is only for people who are too lazy to double check the address before sending coins. Because in my opinion
no one is lazy to do that which takes only a few seconds, which exists because of carelessness. So things like that will always be
pros and cons. But in my opinion the undo button feature is not needed, try more carefully before sending coins. If it reaches the
undo button realization by involving third parties for bitcoin transactions, there will definitely be a risk.

[Yamifoud]

Laziness or being confident that can't even spend at least 10 seconds to check if the destination address is correct. There is no need to have this undo button but only we need is to change the way we process the transaction. Spending for a few seconds is not the hardest thing to do it and that is certainly a thing to develop rather than having this undo button. If we are irresponsible enough into our money then have to expect the same scenario happens again. I'm not sure how many had experienced (sending to the wrong address) such thing but it seems impossible to have 10 out from 100 tx, maybe it just only 1tx.

[seoincorporation]

Nice Scrow service, they hold the sender coins and decide if let it go to the receiver or if chargeback the transaction...

Am i the only one who can predict a hell tone of scams done with this service. You could buy paypal money and chage back the bitcoin for easy double up.

[dunfida]

I think the undo button is only for people who are too lazy to double check the address before sending coins. Because in my opinion
no one is lazy to do that which takes only a few seconds, which exists because of carelessness. So things like that will always be
pros and cons. But in my opinion the undo button feature is not needed, try more carefully before sending coins. If it reaches the
undo button realization by involving third parties for bitcoin transactions, there will definitely be a risk.

It does have Pro's but this one wont really be that different on to those service that we have known like Paypal which do have chargebacks or some sort and mostly
this kind of feature is more having a Cons when it comes to making transactions.This is why lots of people do support crypto due to irreversible transaction once
you have sent it to other user and now some service do try out to have that undo button when it comes to tx? no it wont really be that appealing.

[Zemomtum]

Undo button for transactions. what if the sender made payment for a high fee and pick up by miner almost immediately or would there be e central control where the transaction will be help before processing? That will go against decentralization of course. The only best way in my own opinion is to establish a medium of check where the amount and address are confirmed second time before the processing actually takes place. Most wallets have this feature

[TravelMug]

Very complicated.
Much easier solution would be to have some easy way to double check and confirm address of recipient before sending.
One way would also be to save this address in wallet addressbook before sending it.

I always do this thing whenever I'm about to send some BTC to another address. I think every BTC holders have developed this idea of double-checking before sending BTC. No need for the undo button, instead, we must not forget this very important step. If you ask me, I've been doing it for the last 5 years of my journey in the crypto industry, and never in my life I have sent BTC in the wrong address.

Exactly, I think for more experience users, we have learn to double or triple check everything, like the sender/receiver address and then wallets have built in passwords before you can send your transactions. Love the idea, but I'm totally against it though, it will make bitcoin centralised to me.

Let's just educate ourselves first, and I think this is the best weapon to not commit this kind of mistakes.

[coinfinger]

Are you scared that it would be used for scamming people? Mate, no matter how you put it, there will always be people that are using it wrongly. It's just up to you, when you know how people are misusing it, then you have to be careful. Cryptocurrency doesn't have Central control and no unit to report to when you're having problems. Even now that there is no undo button for transactions, a lot of people are still being scammed because they sent their money to a scammer or they sent to a wrong address.

Though the one of sending to the wrong address is a dumb mistake, I have never made that kind of mistake, before I make transaction I request for the address I'm sending to and then I copy it and paste and when I'm about to enter my pin I check the address to be sure of it. I don't really understand why people are making such mistakes.

[Krislaw]

Even now that there is no undo button for transactions, a lot of people are still being scammed because they sent their money to a scammer or they sent to a wrong address.

Sending to wrong address doesn't means you got scammed, it's stupidity. That's why it's better to request for both qr code and wallet address of sender when sending a transaction. All you need is two devices, a PC and a mobile phone that you're going to send the coin from.

[tomhutchinson]

Anyone can recover lost coins by creating Hardfork, but will the entire network be forced to follow, no.
You can take back all your currencies or even create a new transaction with thousands of currencies.
The value of these currencies will be zero because no one will want them.
If this happens to Bitcoin, its value will be zero.

[hulla]

This type of invention is expected when cryptocurrency is getting bigger, i read the article and it stated the platform in already available on ledger wallet.
Is this project centralized or we just misunderstand them because they claimed not to hold user private keys?

Even now that there is no undo button for transactions, a lot of people are still being scammed because they sent their money to a scammer or they sent to a wrong address.

Sending to wrong address doesn't means you got scammed, it's stupidity.

Not in a situation of someone whose computer was attacked by copy clipboard hijack.

That's why it's better to request for both qr code and wallet address of sender when sending a transaction. All you need is two devices, a PC and a mobile phone that you're going to send the coin from.

Thats still a better option but most of us dont usually request for the qr code.

Anyone can recover lost coins by creating Hardfork, but will the entire network be forced to follow, no.
You can take back all your currencies or even create a new transaction with thousands of currencies.
The value of these currencies will be zero because no one will want them.
If this happens to Bitcoin, its value will be zero.

I don't understand what you're to say here but the hard fork has nothing to do with recovering of lost coins and aside from the platform discuss on this thread the other option to recover lost coins is through double spending when the transaction is yet to be confirmed.

[finaleshot2016]

Most of the online wallet nowadays requires a confirmation before proceeding on the transaction. Not only in the bitcoin wallet but some local wallets have also a confirmation feature to avoid mistake transactions. Undo feature might be helpful but it'll lessen the discipline of checking the correct information on every transactions.

Even now that there is no undo button for transactions, a lot of people are still being scammed because they sent their money to a scammer or they sent to a wrong address.

Sending to wrong address doesn't means you got scammed, it's stupidity. That's why it's better to request for both qr code and wallet address of sender when sending a transaction. All you need is two devices, a PC and a mobile phone that you're going to send the coin from.

That's why we shouldn't rush things and do the transactions carefully to avoid problems. There are many of scammers in the digital world, always hesitate to transact with someone we doesn't know personally.

[Etsu]

Amazing innovation by the way , lets see if it works ..

Truly quite a nice innovation toward ending human error in making irreversible bitcoin transactions but i think most errors do stems out as a result of people being too lazy to cross check transactions before broadcasting it on tge network. I read about how it works but damn, it's quite a process as you have to make a transafer to some some sort of wallet called safe address prior to sending it to desired recipient with a preset password that which you'll give tge recipient to enable them claim the asset

[Twinkledoe]

Amazing innovation by the way , lets see if it works ..

Truly quite a nice innovation toward ending human error in making irreversible bitcoin transactions but i think most errors do stems out as a result of people being too lazy to cross check transactions before broadcasting it on tge network. I read about how it works but damn, it's quite a process as you have to make a transafer to some some sort of wallet called safe address prior to sending it to desired recipient with a preset password that which you'll give tge recipient to enable them claim the asset

Would it promote potential scammers? This is great for those honest mistakes incurred by users but I hope scammers will not use this for their illegal activities. As a crypto user, just make sure that your transaction is safe and secure. Don't trust people that you just met over the internet.

[Negotiation]

We need to monitor the sites carefully before transacting You are right to say that it is not right to believe the people you see on the internet they are more scammers so OPs are most effective in maintaining their security for transactions. OPs are able to give us the right advice A lot of the time scam sites come out through this.

[gamer4156]

All I know is that it requires confirmation when transacting from a good wallet. In this case a code goes to your phone number or a link goes to your email for the successful completion of your transaction. You should make sure that everything is OK before confirming it. Then there will be no chance of being wrong.

[dothebeats]

Meh, why not just implement a system wherein the wallet prompts the user to reenter a password and displaying the information on a dialogue box before broadcasting the transaction? Oh, I get it, it's already implemented, therefore this feature isn't really a necessity at all.

I don't get why people using bitcoin need to have this feature. One, knowing that users are using bitcoin makes me think that they at least know that they should be careful when it comes to sending tx as there isn't a chargeback/undo feature in this and; two, given that moat addresses are strings of characters that aren't easily identifiable, users inspect the addresses first.

It's a good effort to tackle the problem of forgetfulness for some people though I don't think that it really is that important IMO.

[Twentyonepaylots]

Undo button for transactions. what if the sender made payment for a high fee and pick up by miner almost immediately or would there be e central control where the transaction will be help before processing? That will go against decentralization of course.

Worried about the miner to confirm that transaction too, I'm not fully aware of this undo button maybe there is a function where the undo button is only available for a short time, I don't want to think the obvious way of putting an undo button it is really useless and hassle at the same it. What we need is a sense of self-security, the essence of double checking everything upon sending any funds to others.

The only best way in my own opinion is to establish a medium of check where the amount and address are confirmed second time before the processing actually takes place. Most wallets have this feature

Or just a visible clipboard software? I haven't see any one using or recommending this, or maybe this isn't existing yet? it would be a lot of save effort.