Topic: A Bitcoin transaction is irreversible. - page 2. (Read 348 times)

The irreversible nature of bitcoin is one of the uniqueness of the currency. I have never had any network or transaction issues since I have been using bitcoin but my fiat account has given me countless transaction problems which have made me lose some money.
This feature could also be a weakness, especially when we are careless. When you mistakenly send funds to the wrong address it cannot also be reversed which could lead to loss of funds except you know the identity of the receiver. That's why we need to pay attention to the slightest details when processing bitcoin transactions.

You are fortunate @Dr.Bitcoin_Strange that the bank reversed the transactions and you were credited. Many people have lost their funds due to these transaction failures. In recent times we have seen long queues in banks due to faulty transactions that the account owners want to rectify.

Bitcoin transaction are irreversible while fiat can be reversed hanged or denied after transaction has been initiated, this is one of the best derivative that benefit us from using bitcoin over fiat because the transactions are secured and fast, cheap and reliable that it get to he required destination without any embargo as being experienced with fiat, there's no third party in bitcoin transaction since it involves a p2p network.

There are double-spend, reorganization risk and if you have trade deal with another trade partner, you must wait for bitcoin transaction to be confirmed, at least with one confirmation and safer three confirmations. Don't accept the deal if transaction has yet been confirmed by miners.

How many Bitcoin confirmations is enough?

Some months back, I created this thread "Has Bitcoin transaction double charged You?" because of the incident that took place then, but lately, I have encountered different banks transaction issues.

I was making payments to a client for my goods, but after sending him the money on the 8th of March, he complained not to have received the money the whole of that day, so I had to pay up again, hoping to go and complain in the bank for the one he is yet to receive, but luckily the next day, being the 9th of March, the first money I sent to him got reversed to my account around 5:00 pm, and I tried sending the money to my company account because it was from my personal account that I conducted the first transaction.
I sent the money to my company account on March 9th after it was reversed, but I did not again receive the money in my company account (at a different bank) until March 14 before it was also reversed to my account (the account I sent from). This may not be a general problem with banks in most countries of the world, but these flaw with bank is not encountered in Bitcoin transactions.

{To use this as an example,} Bitcoin transactions fixed such flaw in banks. A Bitcoin transaction is irreversible. When you send Bitcoin for payment to someone, it doesn't reverse; as long as there is enough fee to settle the transaction and confirmation is ongoing in the blockchain, the transaction cannot be reversed. At least Bitcoin transactions don't have these flaw that are demonstrated by the banks.

 Bank APP Receipt



Debit and Reversal (Rvsl) SMS Alart