One of the most important feature of cryptocurrency is its being irreversible. One the coin is sent, the only way for it to be back to the sender is if the receiver will do the same thing in reverse. Now, in cases of hacks, scams and frauds, it means that you better forget what you already lost as there is no way for you to recover the lost coins.
In other words, once you click the send button there is no turning back. I know that a lot of us are actually considering this a major advantage of Bitcoin or any cryptocurrency for that matter because unlike PayPal there can be no refund requests to happen.
Therefore when you are a victim of a theft, expect no one to be able to help you in recovering the coins. As one author said it, the bitcoin genie cannot be put back into the blockchain bottle.
I am wondering, can we not devise an effective and special technology that can be utilize in case of hacks or frauds? Given the advances of cryptocurrency and the blockchain we are experiencing right now, is it even possible?
Basically the essence of blockchain will not be present if we will going to have a feature than might do the refund for a lost coin. It was called block, and it is fixed, once the transaction is completed, it's done. The only way I think that can lead us to the safe ground is our responsibility for each of our holdings and assets. Think before you click, is a line that we should always remember whenever we are sending or creating transactions of bitcoin and other cryptocurrency. Another way, is to secure our wallet since the best cure is prevention, we should prevent our selves to be vulnerable.