Topic: How can we make bitcoin transaction refundable? - page 5. (Read 612 times)
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.
Return incorrectly sent or bitcoins spent on payment for goods can not be and I believe that this is very good. Yes, purchases through the crypto currency in this case may have difficulties, but I think that this problem can be solved. For example, use insurance services that will be intermediaries between the seller and the buyer.
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.
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.
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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