Question: Is Bitcoin Transaction really irreversible? Can I not cancel/chargeback any transactions?
All Bitcoin transactions are irreversible.
For example, if you have sent a Bitcoin to a wrong address, it is impossible to retrieve unless the receiver sent it to you directly.
In this case, you can’t contact the person who owns the Bitcoin address unless you know him/her.
No Chargeback on Bitcoin
One of the Bitcoin’s advantage is the impossibility of Chargebacks or payment cancellation.
This protects merchants from fraudulent chargebacks.
It is very important to make sure that Bitcoin addresses are correct at anytime while processing transactions.
