Topic: Bitcoin is irreversible: strength and weakness - page 6. (Read 1039 times)
It should always be irreversible and by no means a done deal once the sent button is done. However one can still divert the said transaction if it isn't confirmed yet, so the mistake can somehow be corrected within a few minutes, so people should be keen on the details of their transactions. As for thefts and fraud, I can say that the irreversible nature of tx somewhat pushes people to better their security and the way they keep funds. It's a double-edged sword, but certainly a good thing since it urges people to take extra caution in handling their money in order to prevent hacks and thefts.
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?
I agree with you completely. It has to be irreversible!!! No one should have the power to get back blocks or anything!
I just did answer some other thread similar question;
I disagree with the idea of implementing this Rollback. Once completely against the feature of instability! There have been about 100 blocks since the hack problem. And it doesn't feel right to get all this transaction back. Moreover, those who have a lot of money in the crypto world. And no one knows they won't make it a habit.
Thousands of people were being victimized in the event of Mt.GOX, or before, and no one was interested in Rollback? But when it comes to CZ and its precious exchange, we talk about it. CZ says that they are trying to be the best in every speech, making breakthrough in every field. CZ should not forget that the first thing you need to do is to secure the Binance platform and the money there!
The most important thing we need to protect for Bitcoin is that we have to be decentralized. CZ, Ver or any person should not have this power.
Thousands of people were being victimized in the event of Mt.GOX, or before, and no one was interested in Rollback? But when it comes to CZ and its precious exchange, we talk about it. CZ says that they are trying to be the best in every speech, making breakthrough in every field. CZ should not forget that the first thing you need to do is to secure the Binance platform and the money there!
The most important thing we need to protect for Bitcoin is that we have to be decentralized. CZ, Ver or any person should not have this power.
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?
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