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 Bitcoins 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 cant request a refund through Bitcoin. In fact, Bitcoins decentralized structure makes it impossible for any single party to arbitrate disputes between users. While miners take responsibility for recording transactions, theyre 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.
You mentioned Ripple. Have you ever used Ripple. If you ever lose your backup wallet you will lose all your Ripple. Refund will only work if you have the backup file but once you you lost it is as frustrating as other cryptocurrencies. If you want refund use escrow services or better yet a smart contract. You are always looking for chargebacks and refunds even though the fiat system fails as well when it comes to this issue.