On many occasions, bitcoin users face the problem of inability to reverse a transaction. This weakness has been used actively against the cryptocurrency. Some critics believe that a currency which has an irreversible transaction feature is not worth investing in, and legalizing its usage is a great mistake.
But the question is – is bitcoin transaction irreversible?. The answer to this question is a yes and a no. There is a possibility for Bitcoin transaction to be reversed. However, it has a condition which needs to be fulfilled before the reverse becomes possible.
Bitcoin was created to solve the problem of double spending. In the centralized market, there are laid down rules and regulations as well as some verification procedures to follow before a transaction becomes reversed. Since Bitcoin does not have an undo button to reverse a transaction, one has to go through some kind of complicated steps to try their luck of reversing the transaction.
Bitcoin transaction can only be reversed when there is a zero confirmation on the blockchain. In other words, there is no possibility to reverse the Bitcoin transaction once confirmation of at least one is recorded in the network.
In other to reverse a bitcoin transaction, two methods can be used – Replace by fee and double spending. In each way, there is the need to check whether the transaction has no confirmation before proceeding with the process. This step will help to avoid an error which can lead to losing a fund.