Post
Topic
Board Bitcoin Discussion
Re: Will blockchain survive the crackdown on mixers and anonymization?
by
legiteum
on 09/05/2024, 21:22:42 UTC

I beg to disagree that Bitcoin works the same as Paypal transaction. Once confirmed on the network Bitcoin transaction is irreversible, for Bitcoin transaction to be reversed, it needs to be double spend before the network confirms it.  So it does not work like the Paypal way of reversing transactions.  I wonder why you think that Bitcoin and PayPal can be reverse in the same way.


Because you can't reverse a PayPal transaction, either. The transaction is always there in their database no matter what. From anybody using either means of transacting, the usage is exactly the same. You can get into which database is "safer" but you'd get into a very long conversation about information security, and you'd need to know a lot about you PayPal manages its infrastructure.

My company's transactions are written to distributed WORM drives that cannot be erased, so every transaction stays around forever. I don't know if PayPal does, but it might be similar.


Quote
But there are people who are able to transfer funds on a small scale, and it is not only specialized for a large-scale transfer else if it is then there will be a very high lower amount limit for Bitcoin transactions and we can even transfer as small as 1 satoshi, can't we?

You can, in the same way you can take an airline flight from JFK to LGA (10.4 miles), but... why would you? That would obviously be a massive waste of resources and you can get there a lot easier in other ways. In the case of Bitcoin, transactions can cost up to 30 US dollars, so unless you are moving at least hundreds of dollars around, the transfer cost as a percentage will be prohibitively expensive.