Cryptocurrency transaction reversal - now possible?

From the beginning the idea of blockchain was of a ledger that can't be altered. Thus the transaction reversal is not possible. If someone would want to reverse (send back) the transaction, it should initiate a new transaction. And that new transaction will be written in the blockchain.

Hundreds and hundreds of people asked if it's possible to revers bitcoin transaction. And the answer until now was loud and clear: NO. You can read about it on bitcoin support page. But things are about to change. Here is why.

A new project is aiming exactly at this issue: cryptocurrency transaction reversal. Especially as crypto adoption expands and more people start to use crypto as a currency and not just as an investment opportunity.

Ethereum Card projects aims to bring 2 essential feature, in my opinion, for better mass adoption of crypto. The 2 features are:
  1. transaction reversal
  2. escrow service
Now. The escrow feature is not a first in the crypto world, but the transaction reversal is!
Here is how the transaction reversal function will work:
  • the 2 parties involved will have to agree on the reversal
  • the reversal transaction will have the same amount that was sent. Amount can't be changed.
  • once reversal is done, both transaction (first and reversal) will appear on account history
This feature is essential especially for retail sector and less for those that send money by accident to unknown addresses, thus unknown receivers. Having the both parties to agree on the reversal, eliminates any shady activities that sometimes take place on platform like paypal. There are cases where paypal had made poor decisions on who is right and wrong.

Also, there will be a maximum time in which you can initiate the reversal, even though the reversal has to be mutual.

So, there you have it. ETHCD is first to enable crypto reversal transactions.
This post is not sponsored. It is purely informative and not investment advice.