Bitcoin backward reaction.

[snarlpill]

If you want the option of reversing transactions then you better just stick with PayPal or any other of the dozens of Fiat currency payment services. I agree fully with the above posters that irreversible transactions are one of the best features of Bitcoin. Of course you have to be attentive and diligent when sending coins and copy/pasting or typing addresses out, knowing that our BTC transactions are permanent. To enable transactions to be reversed would seemingly require a central authority and the trusting of that authority. And decentralization is the way forward, not stricter controls and government oversight.

[NavI_027]

I'm already contented on how bitcoin works when it comes to that aspect. Don't get me wrong dude, I understand your point and your intentions are good but I still barely agree. I am having a feeling that the feature of being anonymous by bitcoin will be compromised if ever implemented.

Your wrong send, your loss. If you made a mistake then it's not our problem anymore (no offense meant). I guess the best thing you can do is to serve it as your lesson and make it sure it won't happen again next time .

[stompix]

Yeah, no. Bitcoin having this by design is possibly one of its best features as it teaches people to be extra attentive and careful on handling their expenses/finances plus saves a seller from chargebacks that happen so frequently for fiat payments, usually with PayPal being the most notorious of them all.

And also has the feature of screwing the buyer as it happens frequently everywhere including here with the wrong item or no item at all delivered. Sellers love the no chargeback features, buyers hate it, just think about it, if you would have to order something from a foreign country from a shop you've never used before, what are you going to use, bitcoin or your credit card?
Exactly the opposite would be true if you plan on shipping some expensive item to a stranger, you would love to know he can't take back his money no matter what happens to the package or if he changes his mind.

When it comes to commerce there are always two sides to the story.

Did you really say "best"? Have you ever made a ,mistake with someone's wallet address? Maybe when you mistake an 'i' for a '1'. In as much as the irreversible feature is good, it's bad in some cases.

Typing 1 instead of I would not create a valid address for sure.
A single mistype has a 1 in 4 billion chance of creating a valid address to which you would be able to send funds.

[jademaxsuy]

Yeah I believe it will.be good because it will only cater to wrong or mistake sending to be reverse. Yet, proving it is the most difficult part and that we cannot do it with bitcoi  due to anonymity. Sad, that bitcoin is irreversible but for me this is the best feature so far to avoid any abuses that will going to take place if everything will be reversible. Another thing is the use of third party service which beat the purpose of p2p. Having third party service is just like having a centralized system like in those banks services.

[mk4]

Having irreversible transactions is actually one of the best features of bitcoin. If you actually try selling stuff online, transactions being reversed through credit cards and services like PayPal are definitely one of the things you should watch out for. With Bitcoin though? No problem. This is why bitcoin is pretty much one of the mostly used payment methods in gaming black markets.

Did you really say "best"? Have you ever made a ,mistake with someone's wallet address? Maybe when you mistake an 'i' for a '1'. In as much as the irreversible feature is good, it's bad in some cases.

I obviously said "one of the best". There's a huge difference between the two.

And who the heck makes a mistake between 'i' and '1'? Do you type in the wallet address when making a transaction and not use the obviously more accurate and quicker copy-paste function(though of course, double check the addresses, because clipboard hijacks and all)?

[Chris Barth]

I obviously said "one of the best". There's a huge difference between the two.

And who the heck makes a mistake between 'i' and '1'? Do you type in the wallet address when making a transaction and not use the obviously more accurate and quicker copy-paste function(though of course, double check the addresses, because clipboard hijacks and all)?

Maybe the 'i' and '1' was a kinda dumb example. But how about a case where you make a lot of bitcoin transactions daily and you've copied many wallet addresses. And then you mistake the one you copied earlier for the one you just copied. Whether he's giving a good example or not, there's that situation where irreversible transaction becomes a disadvantage. Maybe you haven't experienced it yet.

[mk4]

Maybe the 'i' and '1' was a kinda dumb example. But how about a case where you make a lot of bitcoin transactions daily and you've copied many wallet addresses. And then you mistake the one you copied earlier for the one you just copied. Whether he's giving a good example or not, there's that situation where irreversible transaction becomes a disadvantage. Maybe you haven't experienced it yet.

Irreversible transactions aren't 100% an advantage anyway(just as with almost everything), my point is just that the advantages HEAVILY outweighs the disadvantages.

As for me haven't experienced it, yes, I haven't. Because I double-check recipient addresses every time because I highly value my money. And obviously everyone should do the same.

[Warkop]

The law of back reactions in bitcoin.If a bank transaction was sent to a wrong account, that transaction can easily be reversed by the help of a customer service. It will be a plus to blockchain if a mistake in transactions happens like sending coin to a wrong address and it can be reversed.It will be nice if that can happen, Some many people here have really lost some money because of some mistakes in address.



The flexibility of bitcoin needs a backward reaction, A transaction that can easily be reversed if any mistake comes up,Bitcoin is growing and moving so fast that about 70 percent of world will ready to have bitcoin as a coin in there wallet.

The Bitcoin system cannot be equated with a Bank, because if the Bitcoin system is equated with a Bank it will be very dangerous for scammers to use it, not only that this Bitcoin system teaches us to be vigilant and careful in transactions. But I also don't know what will happen in the future, will anyone make new innovations about what you expect in Bitcoin transactions, So let's wait what happens next.

[passwordnow]

It won't be decentralized anymore with that back reaction feature you're describing. It is the beauty of bitcoin that transactions are irreversible. It just makes us more responsible and a checker every time we are about to send btc to other addresses. That makes us active and creates a verifiable attitude because we validate first the address if it's correct or wrong. It isn't that hard to check addresses if they are wrong or correct, it's only a matter of seconds to a minute.

[kentrolla]

That's impossible do you think it will disappoint with such reactions? If this happens then people will lose faith in BTC and it will hamper its own reputation too and it may not be decentralized ever.

Many think we can take advantage of it then how about others who are investing in such big numbers? Correlations doesn't go so badly.

[mk4]

I really support if Bitcoin implements a blockchain system it has the ability to return the wrongly sent assets. this will provide a sense of security and comfort to every user and the government will soon support crypto.

It's sounds good and all until legitimate transactions(like when someone sent you a legitimate payment for a product/service) are being reversed. Not sure why people aren't realizing this.