Stop Saying Bitcoin Transactions Aren’t Reversible
Sigh. The author misses the point.Amex can tell a Bank which is analgous to the BitCoin Wallet in this case, to move your money from it into some other Bank, whether you agree or not based on your agreement with Amex and the Bank's agreement with Amex. Nobody can 'force' a BitCoin wallet to transfer funds without the express permission and co-operation of the person who has the wallet's secret key.So in the example, seller and buyer agree on an escrow agent, seller sends merch, buyer says they got it, transaction completes, but if the buy then discovers that the transaction was fraudulent [1] then there is no way for them to "force" the seller to give them back their money or, in the parlance of payments markets, "reverse" the transaction. Can't do it unless the seller initiates a new transaction to send you the funds back, and if they don't or won't, you are out of luck.[1] (say only the top layer of kilos were cocaine and the layers below that were just corn starch)