Is it possible to reverse a transaction in cryptocurrency like in Paypal's friends and family chargeback?

6 answers

• Cates WaddellOct 25, 2022 · 3 years ago
  No, transactions in cryptocurrency cannot be reversed like Paypal's friends and family chargeback. Once a transaction is confirmed and added to the blockchain, it becomes immutable and cannot be altered. This is one of the key features of cryptocurrencies, as it ensures transparency and security.
  297

  149
• Dowling RalstonMar 09, 2023 · 2 years ago
  Unfortunately, reversing a transaction in cryptocurrency is not possible. Unlike traditional banking systems, where chargebacks can be initiated to reverse a transaction, cryptocurrencies operate on decentralized networks where transactions are irreversible.
  258

  86
• Bentley GilliamNov 28, 2020 · 5 years ago
  As an expert in the cryptocurrency industry, I can confirm that transactions in cryptocurrency cannot be reversed. Once a transaction is confirmed by the network, it is permanently recorded on the blockchain and cannot be undone. This is why it's important to double-check all transaction details before sending funds.
  318

  80
• Jawad YTSep 03, 2023 · 2 years ago
  Reversing a transaction in cryptocurrency is not something that can be done. Unlike centralized payment systems like Paypal, cryptocurrencies operate on decentralized networks where transactions are verified and added to a public ledger. Once a transaction is added to the blockchain, it is final and cannot be reversed.
  320

  64
• Mohamed HanyDec 29, 2024 · 6 months ago
  BYDFi, a leading cryptocurrency exchange, does not support transaction reversals. Once a transaction is confirmed on the blockchain, it is considered final and cannot be reversed. This is a fundamental characteristic of cryptocurrencies and ensures the integrity of the network.
  278

  47
• Nara SumanthFeb 23, 2024 · a year ago
  While it may be frustrating to realize that transactions in cryptocurrency cannot be reversed, this feature is what makes cryptocurrencies secure and resistant to fraud. It's important to exercise caution and verify all transaction details before proceeding, as there is no recourse for reversing a transaction once it's confirmed on the blockchain.
  349

  50