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?
I want to ask you a question.. if an effective means or special technology was deviced to ensure that hacked accounts would be reversed, who would have the power to reverse the funds? A particular set of people or or every single person can have the power to reverse funds? If it's left in the hands of one person, then anybody would start reversing the funds of anybody they don't like, or even sell their coins to people and reverse it back when they have been paid, when it's left in the hands of a few people, it would be a centralised feature in a perfectly decentralised blockchain infrastructure and would put too much power in the hands of a few people.
Bitcoin transaction is irreversible and that is its advantage. @Drai you made a point there and its up to users to check before they send a transaction.
@CryptoBry even if its possible to reverse a bitcoin transaction still its not a favorable one.It will just make the system inefficient and slow. In cases of hacks and fraud,at present no solution yet and you have to fork the whole system i order to recover which is a big hassle.