Can a bitcoin transaction be reversed?

Moderator: kyletorpey

Can a bitcoin transaction be reversed?

by chetan » Thu Apr 17, 2014 1:42 pm

If I sent bitcoins to someone, but then want to cancel this transaction after it was already made (like a chargeback on a credit card), is this possible with Bitcoin?
 
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Re: Can a bitcoin transaction be reversed?

by kyletorpey » Thu May 22, 2014 3:49 am

One of the main features of Bitcoin is that transactions cannot be reversed. This is a positive for merchants because they know that they definitely have the funds after a customer makes a purchase. With credit cards, a customer can sometimes reverse a payment up to two months after it took place. Some people think this is a problem for consumers, but escrow platforms can still be built on top of Bitcoin for those who wish to use it. The best way to think about why there are no chargebacks in Bitcoin is to think about how there are no chargebacks with physical cash. Bitcoins are basically cash for the Internet. Once they are sent, there is no third party who can reverse the payment for you.
 
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