Feature Or Flaw?| Can You Reverse Your Bitcoin?| Possible Ways

Bitcoin is trending cryptocurrency of the world and now about 5% American holding bitcoin 32 million wallets have been created by the end of 2018. More than 7.1 million active people are holding in their wallets. Coinbase has more than 13 million registered users.

With the passage of time, a lot of new people are jumping into the Bitcoin field. So there is a need the new people should be guided properly so that they can safely use and enjoy Bitcoin. In this way, we can save new users from scammer and hackers. If you are new in bitcoin and crypto field then I would like to say to you "Most Welcome" and wish you success in this innovative field.

So if you are new then stay with me because today I am going to share a basic question about Bitcoin and then I will tell you a possible solution for this.

Question

Can Bitcoin Transaction Be Reversed?

The very short answer to this question is " No". You can't reverse bitcoin transactions which you have sent other users. Your receiver can re-fund your bitcoin if is honest

However, there are some ways to back your transection that I describe in this post. There is only Little possibility and some safety guide that will discuss in the post.

Feature Or Flaw?

Whether it is a feature of bitcoin or flaw of bitcoin it purely depends upon your mindset and your views. Many merchants consider is a feature as they eliminate third party risk. On the other side of the picture, some people, most important, WikiLeaks considers its flaws.

What is your opinion tell me in the comment section?

Reasons:

The reason for this is the 'Design of Bitcoin' which doesn't allow the reverse of transaction.

Possible Ways To Get Back Or Your Transactions Or To Keep Them Safe

These are some possible ways to get back I or your transactions or to safe them that will share with you here. But these all are surely difficult ways to get back your coin.

Double_Spend From Same Set Of UXTOs

This is one of the most difficult ways to get back your transaction in your other wallet that you own. To 'Reverse' the transaction is to immediately and you have to spend double from the same set of UXTOs to different addresses that you own and control. They have to be very quick and in fact, you have to do this in a few seconds after making a transaction and pray that double reaches enough node and win. But if your transaction is already confirmed in the long block then there is no way.

Reversecoin

It is a new type of cryptocurrency that offers users to reverse their transactions in their wallets. If a hacker gets your coin then you can cancel the transaction and can get back your coin in another wallet address. Reversecoin does it in a decentralized manner without a third party. For reversing transactions, the only requirement is that Reversecoin is not subjected to a 51% attack. For more info please visit the website and check how it works.

Bitcoin Escrow

The third way to keep your bitcoin transactions safe is bitcoin escrow that you can use during online shopping. So what is Bitcoin Escrow?. According to Quora answer "A bitcoin escrow is a trusted third-party service that keeps the money safe until it is safely given over to the buyer from the seller. Bitcoin escrow provides a guarantee that your payment is safe and usually needed when making payments, transferring bitcoin, or buying things online"

Fraudulent transactions can also be settled through legal means (that might be more difficult, though).

For Instance ( How Bitcoin Escrow Work?)

If you buy a product on the internet using an escrow service first you have to send your bitcoin to the escrow service and the seller will know about your payment to escrow and when you receive your product then you can confirm ☑️ and escrow will receive money to seller or business. If the product is faulty or you don't receive it then you can cancel ❌ your payment on escrow.

Your Task

You can search for Bitcoin Escrow on Google, you will find a couple of solutions (I'm not posting them here because I can't recommend any; maybe "What are reliable Bitcoin Escrow services?" would be a good question ;-) ). And take it as your research task for today.

What you think 'not reversing of bitcoin transactions' is a feature of Bitcoin or flaw?.