Ninjastic
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Board Bitcoin Discussion
Re: Bitcoin is irreversible: strength and weakness
by
doomistake
on 06/10/2019, 14:36:34 UTC
Quote from: kayvie on October 06, 2019, 01:53:22 AM
Quote from: Lalafell on October 04, 2019, 11:05:44 PM
Quote from: CryptoBry on May 09, 2019, 08:39:37 AM


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?




Bitcoin does not have a central authority that control its activities and it is an advantage and disadvantage to a bitcoin users in case coins are being hacked from user's desktop or mobile wallet, only way to get them back is to find hacker and take that coins from him, but it is too impossible.There is one simple way to reduce huge hacks on centralized exchanges to a bare minimum and that is, the use of combination of phone number, email address, authentication app and other security features for alerts and verification when withdrawals are initiated. This should be an extra security measure and optional. 
Finding hackers is really impossible, they disappear together with your coins or funds from your wallet, it is impossible to locate where and how did they get your money. Irreversible is a disadvantage for using bitcoin but it is created to be like that. Being responsible and sensitive to the information of your wallet will prevent this things from happening, using strong passwords and using hardware wallet will also help.

It is a hopeless case scenario, even though you find the hacker (not in person), in this forum for example, you find who amongst us here hacked your accounts and stole your funds, but there is no guarantee that he will send it back to you, especially if it is a big catch, he will choose to be red tag than to send back to you the coins he stole. The other thing that I don't like cryptocurrency if you accidentally send you bitcoin into a Ethereum wallet and etc. and it is all gone.

But this teaches us to be responsible and don't make fast decisions.