BTCPay has made Bitcoin refunds possible !

[Whited35 15285]

In the Bitcoin  network, we know there is no refund or rebate option. Once you send BTC to the wrong address, so sad, your BTC amount will never revert to you. Fortunately, BTCpay has just updated their server to 1.0.5.0 version which includes one of the most hottest and awaited feature i.e. BTC payment refund option. 
BTCpay has its own open-source BTC payment processing software and the recent server upgrade includes notifications for the transaction status updates and streamlined refunds.In previous, most of the BTC payment software have push payment option which means users are allowed just to send the payment but now, BTCpay has made it possible to pull the payments and also there is refund option which includes, certain communications between sender or receiver to get full or partial amounts refunded to the original sender. Have a look at following photo.

 

References:-

• https://decrypt.co/33812/bitcoin-refunds-possible-with-btcpay-server-update
• https://blog.btcpayserver.org/btcpay-server-1-0-5-0

[Calvinpriva 17296]

This is a good news my friend, i never used this wallet but i will try it. Many people have lost some amount of their bitcoins because of sending them in a wrong address and they can't refund! But this wallet made it possible, i believe its a trusted wallet, i will review this wallet and join it.

[Whited35 15285]

3 hours ago, Calvinpriva said:

This is a good news my friend, i never used this wallet but i will try it. Many people have lost some amount of their bitcoins because of sending them in a wrong address and they can't refund! But this wallet made it possible, i believe its a trusted wallet, i will review this wallet and join it.

@Calvinpriva Get it correctly, BTCpay server and  BTCPay Server Wallet are two different things but related with each other 😊 There are so many merchants from this world,have been trusting this BTCpay server for a long time.

[Calvinpriva 17296]

58 minutes ago, Whited35 said:

@Calvinpriva Get it correctly, BTCpay server and  BTCPay Server Wallet are two different things but related with each other 😊 There are so many merchants from this world,have been trusting this BTCpay server for a long time.

@Whited35 Thanks for the explanations, now i will join it without any fears. 

[BitcryptoHan 2557]

This is good ideas by BTCpay, although I can not make such mistakes to send to a wrong address as I know if first confirmation is successful then transaction is irreversible, but this great about BTCpay. 

[nykas 2812]

I think this opportunity is very useful for absent-minded person, because earlier they could made a mistake with btc address and lose own money such way, now this function can help avoid losing money and situations when you can be scammed 

[Whited35 15285]

16 hours ago, nykas said:

I think this opportunity is very useful for absent-minded person, because earlier they could made a mistake with btc address and lose own money such way, now this function can help avoid losing money and situations when you can be scammed 

Due to this server upgrade, pull payments and refund features are added as you can see them yourself while visiting their site.  BTCPay Server Wallet is their native wallets to receive and send transactions. In order to refund the amounts, both sender and receiver might communicate with each other. 

[Whited35 15285]

On 6/30/2020 at 1:58 PM, BitcryptoHan said:

This is good ideas by BTCpay, although I can not make such mistakes to send to a wrong address as I know if first confirmation is successful then transaction is irreversible, but this great about BTCpay. 

@BitcryptoHan This sort of feature has been awaited for a long time. So many merchants are actively using BTCpay server and now, they are using pull payments option which is quite genuine practice in the crypto world. I think core developer team of Ethereum blockchain is also working into it to bring such sort of feature in the near future. 

[Honny143 13612]

So many members do mistake when they are busy are they are some tension, they can't notice they do wrong transaction and loss their crypto assets, but you suggests BTCpay server wallet refund this assets means its really good server in encryption network, but I have one doubt when the transaction completely confirmed then also we return back our funds, are confirmed before we apply this refund option can you provide this information.

[Yomose 3704]

No matter how refundable it could be, about 40% or maybe maybe still be lost through the recovery service, better not to send to wrong addressed. I have not made such mistake before and I do not think I can because I do check address three times before sending funds. 

[Whited35 15285]

28 minutes ago, Yomose said:

No matter how refundable it could be, about 40% or maybe maybe still be lost through the recovery service, better not to send to wrong addressed. I have not made such mistake before and I do not think I can because I do check address three times before sending funds. 

@Yomose It is good that if we do not send fund to the wrong address but in some cases, this sort of feature can be very useful if we have accidentally sent funds to the wrong address due to some reasons like malware attacks , system glitch etc.

Edited July 3, 2020 by Whited35
Minor error in texts.

[DiamondBit 720]

17 minutes ago, Whited35 said:

@Yomose It is good that if we do not send fund to the wrong address but in some cases, this sort of feature can be very useful if we have accidentally sent funds to the wrong address due to some reasons like malware attacks , system glitch etc.

Yes, so useful, we can copy and paste the address or use QR code, after using both, you will still have to check if the address is correct. So, people  are just so careless about this. 

[Raqeebzy 6456]

Good topic. I think this is one of the upgrade we all have been craving for perhaps, the main advantage banking system has over the blockchain technology is the ability to reverse transactions. So what if the transaction has all been completely confirmed by the network, can it be reversible still? I haven't really understand how this works but I will check on the two articles you provided.

 

I want to give rating for such a good topic but none is left. 

[Whited35 15285]

22 minutes ago, Raqeebzy said:

So what if the transaction has all been completely confirmed by the network, can it be reversible still?

@Raqeebzy Sender should allow receiver first to pull the payments. In more general, if you have wrongly sent more funds then you intended to send me and you want to pull remaining fund from my wallet, I have to give you permission, system automatically process the payment for you. Keep in mind, network fee will be still applicable as it will be still handled by Bitcoin network. 

 

27 minutes ago, Raqeebzy said:

I want to give rating for such a good topic but none is left. 

No problem my friend, I want to hear your ideas. If I was running for reputations, I would create more motivational posts in the beginner section to be on leaderborad (Just a joke, no offense)😁😜!

[Raqeebzy 6456]

5 minutes ago, Whited35 said:

No problem my friend, I want to hear your ideas. If I was running for reputations, I would create more motivational posts in the beginner section to be on leaderborad (Just a joke, no offense)😁

Luckily for me, it came back after some few minutes.

7 minutes ago, Whited35 said:

Sender should allow receiver first to pull the payments. In more general, if you have wrongly sent more funds then you intended to send me and you want to pull remaining fund from my wallet, I have to give you permission, system automatically process the payment for you. Keep in mind, network fee will be still applicable as it will be still handled by Bitcoin network. 

Okay now I get it now. Rather than you sending the balance, I can pull it from me with your permission only. Without your permission, I can't? What if I mistakenly sent BTC for example to a wrong address entirely (someone I don't know or have his contact), how do I pull back since permission is needed?

[Whited35 15285]

9 minutes ago, Raqeebzy said:

What if I mistakenly sent BTC for example to a wrong address entirely (someone I don't know or have his contact), how do I pull back since permission is needed?

@Raqeebzy It supports SegWit ,Lightning Network (LND, c-lightning, Eclair and Ptarmigan). If you incorrectly place address if you are preferring SegWit, there is no way. In the case of Lightning network payment, you should have invoice from receiver to send BTC and invoice are generally QR code enabled so less chance of doing mistake but if you wrongly add the invoice code, again no way, fund is lost forever ! 

[BrolySSJ 7899]

This is truly incredible and a great development. I think that one of the biggest concerns that people have when they make a transaction is if they have entered the wallet address correctly and if not there is always the anxiety of lost funds. this stops that and makes it much more user friendly and in my opinion such a feature will definitely promote the use of this application. Thank you for sharing this with us. I think users of this wallet can now be much more confident and less anxious when making a transaction. 

[Ridam 7455]

The feature seems to be robust and most wanted in the Crypto field. The major issues of Bitcoin is during the refund and Btcpay has solved it. And another thing that I like here is the communication between sender and receiver to pull the payment back to sender as it increases the security.

As the project is open source we may see this thing to be integrated in other platforms too.

[malik6314193 5449]

If it happens so then it will be good that we cam refund our bitcoin if we make a mistake. I didn't experience such mistake but it is good wallet. I will try it. 

[Whited35 15285]

2 hours ago, Ridam said:

And another thing that I like here is the communication between sender and receiver to pull the payment back to sender as it increases the security.

Sender and receiver has to make some communications to pull the payments. It also supports lightning network payment by generating an invoice. So pull payment will incredibly quicker if it is from Lightning network.

 

21 minutes ago, malik6314193 said:

If it happens so then it will be good that we cam refund our bitcoin if we make a mistake. I didn't experience such mistake but it is good wallet. I will try it. 

I assume you have understood the point BTCpay server and its native wallets are the two different things. 

[Tunuu 2235]

Good news and i never thought this is possible because i have used different wallets and exchanges but i never saw this service to none of them. I will use btcpay and try this to see how it works.

[Whited35 15285]

On 7/2/2020 at 6:03 PM, Adam Marek said:

it was only for some specific type of BTC adresses and only when it is not included in the block.

It is quite different and just related to payment processor. Even for confirmed transaction from the Bitcoin network you can pull the payment from BTCpay server not from Bitcoin network. In the case of unconfirmed BTC transaction which has not included to block, you might use Replace by Fee (RBF) protocol by increasing network fee to expect a transaction cancel. 

 

14 hours ago, Tunuu said:

i never saw this service to none of them. I will use btcpay and try this to see how it works.

Make sure you have checked this carefully https://blog.btcpayserver.org/btcpay-server-1-0-5-0

[Yomose 3704]

On 6/30/2020 at 6:40 PM, Frank castle said:

Not long ago, I lost a bit of bitcoin due to sending to the wrong address. This is great news for me and will give you more safety and comfort while working.

So, any gist. Has your money be refunded?

Also, prevention is the best, not bad to check the addresses you are sending bitcoin to before even making any transfer. 

[Yomose 3704]

On 8/28/2020 at 4:51 PM, Ertugrul4388428 said:

 

This is a good news & good ideas by BTCpay. I think it an apportunity for those who made transactions on wrong address. Although, I have never made such mistakes of sending to a wrong address. I always first confirm and  then make a transaction. Usually transactions are irreversible, but BTCpay has this great feature. I have never used this wallet but, I appreciate it and prefer to use it

 

Gold news but we still have to be very careful, I have noticed some exchange that offer such service too. But all require high amount, it can not be done for little amount. We have to be careful so that the coin will send will be delivered to the right address. I always try not to send to wrong addresses which I believe is the best. 

[Whited35 15285]

On 8/28/2020 at 9:36 PM, Ertugrul4388428 said:

I think it an apportunity for those who made transactions on wrong address.

There is no way to revert your fund if you send your fund to the wrong address because all wallet addresses should be linked to the BTCpay server and you may not know the wrong address belongs to BTCpay server or not. 

 

8 hours ago, Yomose said:

I have noticed some exchange that offer such service too. But all require high amount, it can not be done for little amount.

Exchange charges you the very high amounts. It is better not to do mistake but if you accidentally do then BTCpay pull payment feature may not charge you much if payment is via Bitcoin Lightning Network 😊