bitcoin chargeback | BTCC Knowledge

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What happens if a customer charges a chargeback on a bitcoin transaction?

Some exchanges let customers purchase bitcoins using credit cards or PayPal; these are the only transactions involving bitcoins that are vulnerable to chargebacks. If a customer files a successful chargeback on the transaction, they keep the purchased bitcoins and the dollar amount of the transaction.

Can a chargeback be reversed?

Transactions using cryptocurrencies like bitcoin aren't subject to chargebacks. In cryptocurrency transfers, the funds are placed in escrow until the transaction is confirmed by both parties. Once the transaction is complete, there is no way to reverse it.

What is a chargeback on a credit card?

A chargeback is a charge that is returned to a payment card after a customer successfully disputes an item on their account statement or transactions report. A chargeback may occur on debit cards (and the underlying bank account) or on credit cards. Chargebacks can be granted to a cardholder for a variety of reasons.

Are bitcoin transactions reversible?

Maybe "Bitcoin transactions that have been confirmed in the blockchain cannot be reversed". Something about 1 hour, 6 blocks, etc. Bitcoin transactions are not reversible. This is by design. Whether it is a feature or a flaw depends on your point of view. Many merchants consider it a feature as it eliminates counterparty risk.