Topic: How can we make bitcoin transaction refundable? - page 2. (Read 612 times)
Bitcoin transactions can be refundable but the transaction fees which are paid can't be refundable now the transactions which you have done to the seller that you can get refund by talking to the seller. But the transaction fees and the confirmation time taken cant be refunded.
Do I want to know more, in the transaction process if the error then the bitcoin is lost?
If transactions are reversible, the Bitcoin must operate in a centralized system, not decentralized one. I suppose this feature of Bitcoin is not its shortcomings but the feature that was intentionally created to protect users from getting scammed.
however, what is in bitcoin is complete. only need a few more innovations to be accepted into a large country. If that happens, the power of bitcoin is getting real!
bitcoin is an online digital currency as we all know and a p2p transaction which makes it difficult to refund. making refunds can only be possible in a centralised system of which bitcoin is a decentralised system. if there would be a refund then bitcoin would be a centralised system where transactions can be easily monitored which i do not think it would be possible if it would then there would be a general reform in the bitcoin system which would take a whole processs and that would some how cause a delay in the system. for transaction to be refundable, there should be a data base for every holder of bitcoin account with his or her details including nationality and every other vital information. getting a refund depends on the both parties involved in the transaction if there is any closeness between both parties then there could be as both are well known to each other based on mutual agreement and understanding but however, getting a refund in the bitcoin transaction would not be that easy nor possible.
Option, when the transaction will be returned, it is possible, but it is not clear what to pay for the miners, because someone must perform this work.
I do not really know for now because basing on observation if you will send bitcoin to a valid digital wallet address then it could not be undone and you could never get back your BTC. Aside from that if the coins being sent to a digital wallet which is not being found then it will not going send and it will be lost in the air. So doing btc transaction should be a habit of checking the wallet address before sending BTC or any other related crypto.
Bitcoin is a digital currency that is used for payment of bills and purchasing of goods as the case may be, therefore, bitcoin is an asset, which every transaction made most be started clear before proceeding transaction .
It’s true that Bitcoin users need refund feature but not Bitcoin should provide it, it’s the seller and customer’s matter, because if refund applied to Bitcoin it can create a security hole in Bitcoin and I think determining which transaction that have the right to get the refund requires human intervention because the refund requires verification from both parties, meanwhile Bitcoin runs on the community, not the institution.
I don’t think it’s necessary to be implemented on Bitcoin because there is an escrow service if you want to transact safely or you are doubting a seller who has no track record rather than create a problem for Bitcoin and I think the best verification process is done by humans even though humans often make mistakes.
Most likely because of the possibility of fraud. Many residents do not even know how to use cryptocurrency. And the economy of some countries does not allow you to enter even some kind of cryptocurrency.
They don't, all transactions are final. You could of course engage with the retailer to persuade them to send you a separate refund transaction, but that is entirely of their choosing, ie bitcoin itself has no refund, recall or voiding mechanisms. That being said there are mechanisms to require multiple signatories to a transaction, this amongst other things allows escrow services to function, providing that bridge for high value transactions with untrusted third parties.
No, once Bitcoin reaches 2-3 confirmations, this transaction can no way be reversed. It is settled. You can only get refunds if both parties agree and send a new transaction.
While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
let me straight up this point.Miners jobs arent recording transactions instead verifying it. It is the job of nodes to record transactions then pass it to the miners to verify it.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.
Sticking to Satoshi vision and Bitcoin whitepaper, chargeback, and a refund will only make BItcoin centralized which is, its the opposite of Satoshi vision. It is completely opposite if we talk about centralized crypto like Ripple. there are a few things about bitcoin you should know it, bitcoin payments are irreversible this mean transaction cannot be refunded, it can only be refunded by the person receiving the funds.
Wow, thanks for telling us. Nobody knew about that and this is not the reason why OP is asking whether reversible transactions can be added.
one of the shortcomings of bitcoin or it can be said of a bitcoin wallet about a transaction that is not refundable if we transact on an unknown person, except when the person who we can know the solution is sent back to our wallet.
It's not a shortcoming, it's a well thought option that makes it similar to transacting in cash. If you meet someone in the street and that person sells you something, you accept the terms, pay and walk away, you can't get the money back. It's a normal thing that puts both parties on the same level. If you used the item, broke it, and demanded a chargeback it wouldn't be fair towards the seller, would it?
there are a few things about bitcoin you should know it, bitcoin payments are irreversible this mean transaction cannot be refunded, it can only be refunded by the person receiving the funds.
its a big issue i have with bitcoin. no charge backs makes it easy for you to get scammed and the scammer gets away scott free.
one of the shortcomings of bitcoin or it can be said of a bitcoin wallet about a transaction that is not refundable if we transact on an unknown person, except when the person who we can know the solution is sent back to our wallet.
very difficult if the transaction using crypto can be refundable. the transaction involves the seller and the buyer, so as not to involve the other party for approval of the transaction. so very difficult to apply it.
Bitcoin transactions is and cannot be refundable,simply because is its nature,a decentralized transaction.. Except block chain is going centralized, of which one of the aims of bitcoins is disabled..
I am a pro person against bitcoin. and I've been doing a lot of bitcoin transactions, and never billing and fraud with bitcoins
When I was reading an article, I came across a disadvantage of bitcoin that stated that there "No Chargebacks or Refunds" in bitcoin transactions. What do you think can be the way forward in solving this problem? Many, regardless of whether you are pro-bitcoin or anti-bitcoin, your interest is in making sure that transactions where currency is involved have a Charge-back or Refund policy.
Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.
I am not an expert but it seems legit for me that we cannot have that option while we're having that decentralized system, because it needs that somebody will take upon themselves those responsibility to refund, and since nobody rules Bitcoin, who will pay? Below is what the article said on this point: "No Chargebacks or Refunds"
One of Bitcoin’s biggest drawbacks is a lack of standardized policy for chargebacks or refunds, as all credit card companies and traditional online payment processors have. Users affected by transaction fraud – for instance, they purchase goods that the seller never delivers – can’t request a refund through Bitcoin. In fact, Bitcoin’s decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, they’re not qualified to assess their legitimacy.
Some newer cryptocurrencies, such as Ripple, have rudimentary chargeback and refund functions, but this feature has yet to be built into Bitcoin.
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