Bitcoin backward reaction. | Bitcointalksearch.org

mk4

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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.

kentrolla

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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.

passwordnow

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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.

Warkop

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Quote from: Wesleyeric on November 13, 2020, 06:54:33 AM

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.

mk4

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Quote from: Chris Barth on November 14, 2020, 01:23:10 AM

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.

Chris Barth

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Quote from: mk4 on November 13, 2020, 11:47:47 PM

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

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Quote from: oktana on November 13, 2020, 04:37:16 PM

Quote from: mk4 on November 13, 2020, 06:59:49 AM

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)?

jademaxsuy

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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.

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Quote from: dothebeats on November 13, 2020, 06:07:07 PM

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.

Quote from: oktana on November 13, 2020, 04:37:16 PM

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.

NavI_027

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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

.

snarlpill

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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.

GeorgeJohn

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Quote from: Husires on November 13, 2020, 09:55:36 AM

You can use a third-party application that enables you to get central services such as freezing money, returning it, or even removing the balance from your account.
This is one of the advantages of bitcoin and it gives decentralization, and the problems of sending a wrong person can be solved by verifying the address several times, problems become in the event of fraud and others, and then a third person and a multi-address wallet can be used to return money if any problem occurs.

See i want to really know how this third party operates because I have been hearing about these but I don't really know how it will work via transactions, because the way I heard about third party transactions i think it will not speedup transactions processing and some transactions will fail on the process, so i want to really learn its operations in case if their is negative things that can occur or involve during it, I need to understand its protocols.

serjent05

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Quote from: oktana on November 13, 2020, 04:37:16 PM

Quote from: mk4 on November 13, 2020, 06:59:49 AM

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.

Well, I agree with mk4, irreversible transaction is one of the best features of BTC. But oftentimes the best feature serves also as its weak point. As this serves as best interest for merchants that accept BTC but might be devastating to buyers if the merchant decided to scam them. Though this problem maybe addressed through Multi-Sig.

hatshepsut93

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Quote from: Wesleyeric on November 13, 2020, 06:54:33 AM

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.

If this feature would happen to be implemented, more people would lose money to scammers than people have their lost coins returned. PayPal does have chargebacks, and it's a massive problem for merchants, because scammers abuse it. And Bitcoin's pseudonymous nature already attracts scammers, so with this feature we'd have even less adoption, because sellers will have another reason to refuse to accept it.

verita1

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So far what I have seen is the double check that most applications offer such as exchange platforms and some Bitcoin and crypto wallets.
I have worked with accounting and that job forces you to minimize errors. I think that bitcoin has taught us to be more careful every time we want to make a transaction.

mangsitin

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yes, we need that application if bitcoin is a legal transaction tool and is accepted by the world. now bitcoin transactions cannot be backward if:
1.If you get hacked and someone sends your coins out.

2. If you send BTC to the wrong bitcoin address.

3. If you accidentally release Bitcoin in buying and selling.

4. If you are cheated.

dothebeats

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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. Also, most bitcoin wallets would tell you if you entered an invalid bitcoin address nowadays, so it's only up to the user to do double checks on the address field to avoid loss of funds due to a simple mistake.

Heck, sometimes people even send the wrong people some funds due to carelessness and haste. It happens on both sides of the pond, and surprising mostly on the side of traditional payment methods as most of its features are dumbed-down to the core so that this mistake wouldn't even happen.

20kevin20

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Quote from: oktana on November 13, 2020, 04:37:16 PM

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.

It's actually quite hard to mistake a character and still insert a valid Bitcoin address. Most of the time, if you take one address and intentionally change a char attempting to send a tx, you'd get the "Invalid address" error. I don't think we can have reversibility without unintended consequences. How do you decide whether my tx should be accepted as a reversal and why would your choice be fair? In a decentralized system, mistakes are not forgotten.

Irreversibility is both one con and one pro of Bitcoin. But investing in BTC means you should already know the stuff you do is permanent - from the fingerprints you leave to the txs you create. It's all a historical record.

Rikafip

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Quote from: oktana on November 13, 2020, 04:37:16 PM

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.

Bitcoin is all about personal responsibility, "being your own bank" thing and people keep forgetting that. And that is also the reason why some people stay away from it as as they don't like that kind of responsibility, they prefer safety.

Regarding the making a mistake and sending to the wrong address, again you can't really blame anyone else, it is your own fault. Unlike with other means of payment where people can cancel the transaction and scam you. Personal responsibility, nothing more and nothing less. If you don't like it it, best is to use traditional payment systems.

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Quote from: mk4 on November 13, 2020, 06:59:49 AM

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.

Topic: Bitcoin backward reaction. (Read 289 times)