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.
That article is actually incorrect. There's a reason why a lot of companies wait for at least 1 confirmation before sending you whatever you bought. I'm not going to go into detail about it just because not a lot of people know about it, so there's no reason to spread info about it. Bitcoin does have the ledger system that lists out all of the transactions, so there's technically a list of every transaction made. There's nothing stopping someone from finding a transaction based on a transaction ID. The only part that people have issues with is the fact that both parties are linked by an anonymous address.