Why do you want to make Bitcoin transactions refundable? No monetary system or currency in the world offers refunds. The Dollar, Euro, Yen, Yuan, the list goes on...none of them offer refunds.
To do so you'd need to centralize the administration of transactions.
Additionally, how do you verify that a refund request isn't fraudulent?
You've got the following concerns to contend with:
It's companies and people that offer refunds, not currency, not monetary systems. If you want refundable bitcoin transactions then only transact with companies or people that are willing to refund your transaction.
To do so you'd need to centralize the administration of transactions.
Additionally, how do you verify that a refund request isn't fraudulent?
You've got the following concerns to contend with:
- Verifying that a refund request is legit (and not fraud)
- Suspend or hold the value of transactions for whatever grace period is allowed to honor refunds
- Figure out how to handle refunds requested of wallets that no longer have funds to recover it
It's companies and people that offer refunds, not currency, not monetary systems. If you want refundable bitcoin transactions then only transact with companies or people that are willing to refund your transaction.
What do you mean by no currency or monetary system in the world offers refunds? I thought when we wrongly purchase an item instead of the one we want, for example online shopping, you can request refund before the product is delivered or shipped so as to purchase the right product you wanted. It certainly happened to one of my friends and me where refunds were made. And in addition, I understand and partly agree to what you have said, but in the article a cryptocurrency company added the refund functions which are still developing.
