Topic: How can we make bitcoin transaction refundable? (Read 612 times)

the only way is with an escrow system, because I've heard that system can return your money that you have sent, maybe you can use this system through services, because I think bitcoin hasn't added this system to the blockchain and might be afraid of using the escrow system .

That is one of the biggest setback of bitcoin, transactions are non refundable. Just like everyone said to make every transactions refundable a third party must be involved. Now is it worth it to sacrifice bitcoins main selling point which is being decentralized to fix this? I believe no. People will eventually leave and stop supporting bitcoin if that thing happens.

to have a chargebacks or refunds policy, you need to have third party involved
bitcoin is a pseudonymous peer to peer currency, it's a one to one transaction without identifiable user id
regular refund policy requires knowing a lot personal info about transaction and identified users involved
though another mechanism can be used to achieve similar effect... by using multisig address transaction and a trusted escrow as mediator

Luckily, your concern for such refund or chargeback is covered by the future direction that bitcoin will traverse to should the leading cryptocurrency hit it bigger and progress on, though not termed directly as a refund, yet, indicates payment guarantees.

Satoshi Nakamoto himself, back in 2010, indicates the variety of ways a transaction can be made where he cited Escrow transactions, bonded contracts, third-party arbitration & multiparty signature are among the possibilities.

Knowing that the non-refundable part of bitcoin's innate attribute will cause worry, part of bitcoin's design from the beginning was to incorporate safety measures of transactions. Thus, i do believe that your concern will be covered as the bitcoin technology develops over the years.

cancel the bitcoin transaction is impossible, this is not a warrant on the stock exchange. There is only one option, you can interrupt the transaction by setting higher parameters.

The problem with transactions and their cancellation cannot be solved. In Bitcoin, we do everything anonymously, so it is also impossible to return money to unknown people.

Once any bitcoin transaction is confirmed and marked sent, there is no possibility of reversing it. That is why you need to be careful before confirming any transaction.

I do not think,  there's a measure already in place to make refunds.
It is not even possible to do this because of the decentralized structure of bitcoin.

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Yeah and it's quite impossible already to request for a refund given bitcoin's nature so better to check and double check first all information before finalizing a transaction. It's pretty much done once it pushes through

Why do we need decentralized cryptocurrencies if they end up having the same disadvantages as our current system? And while there are certainly cases where people get scammed and it sucks not being able to get them their money back, I'd venture that most chargebacks done in the current system are not legit and make goods cost more in the end as chargebacks end up being passed on to the consumer

maybe you mean when you make a transaction failure and have issued the gas that you use to make the transaction, but there is no gas return like ETH or Riplle

In my opinion, this problem can certainly be solved, but this will lead to the fact that the crypto currency is subject to control from a third party. Return is nothing but the participation of the regulatory party. If you ask me-this function is not needed in General, and if you apply to stores, they can carry out a refund as a sending operation.

This is true, there is no way you can revert back the transaction that have been confirmed. That is cryptocurrency and blockchain.
so, this will not opening any room for errors or mistakes. You must not doing any mistake because it wont be able to reverse back.
I think this is not the lack of bitcoin or crypto, but this is the security of cryptocurrency.

With the wrong address format, the funds will not be "refunded" to you in any way since the "Send" button will not even function. Your bitcoins will not be moved as there were no transaction that has taken place in the first place.
The only "error" that you should be getting is none other than "Invalid address format." or "Insufficient funds." Both errors will not make you lose your bitcoins as the transaction will not come through. Once there's a valid address, sufficient amount of bitcoins to cover the transaction, then the bitcoin will be sent to the address. Sometimes it takes more time than the usual. There are traffics in bitcoin transaction as well but it's appearing a lot less than before even with small fees.
Obviously not when the transaction is done with physical money. In order for refund to take place in that, you have to convince the seller that you are reasonable to receive a refund. Otherwise, you can't just get refunded in buying things. On the other hand, in another part of the digital currency world, Paypal (the company), you can issue a dispute there. The thing with the dispute function is that it's abused by scammers and they have 180 days to dispute a transaction. A surefire way for them to get their money back is to claim that they got hacked and they didn't authorize the transaction.

I wonder what would be of bitcoin if we had that function. Would it be the same? I think the crypto world will be filled by scammers, just like the world of Paypal, and there will come a cryptocurrency that will overthrow bitcoin's from its throne simply because it has no dispute function. Dispute function is simply a flaw that people can easily abuse.

I don't think that's possible or should even be possible.
Bitcoin is what it's today all because of the services that it entails such as untraceable, unrefundable etc. I must tell you that if we want bitcoin to even be more than what it's today, it must remain anonymous. And Moreover sofar it's going through blockchain transaction then it has to remain unrefundable, my take.

That's why bitcoin called a currency that stand alone. If you want bitcoin stand alone no someone can interaction with your transaction, you must ready to take all risk. Yeah and we all know bitcoin is first digital currency.

i dont think that will happen because as we know that bitcoin transaction is not refundable and i think that it will very immposible to make this happen, because the system at the beginning is work like that.

There's no fiat currency that do transaction Refund when it comes to investment even when they are centralized, Bitcoin is a blockchain product and its decentralized, That's why there are lots of warning available before taken any decision be sure to read and understand to avoid regret or stories that touches

Why would be Bitcoin Transactions Re-Fundable???!!! do you get a refund when you invest or spend fiat?

I think that will be depend on the error, if it's error cause wrong bitcoin address,  it will be lost forever and if it error because wrong address format, transaction wouldn't be executed and the fund will be refund to the sender address.