Some crypto wallet users may have encountered the dreadful experience of sending crypto to an incorrect wallet address or the wrong blockchain. It's not your fault. How are we supposed to be ALWAYS perfect in sending crypto to a 30-plus character long destination address? If you type the address in there are bound to be errors. If you copy and paste the address, you might copy the wrong thing. Even if you scan the QR code, the QR reader could even mess up. Regardless, the result is the same - more sadness, more regrets, and less crypto.
So the question is, how can this be resolved? The short answer is: Having a Crypto Transaction Reversal Feature (or DAPP).
Here is the longer answer. Crypto is known by some individuals as "bankless banking". That pretty much means that you are in complete control of your finances (which is great) but it also requires a great degree of responsibility. If you place your money in a bank, they can help resolve transaction issues. If you place your money in crypto, no one is going to be there to 'fix' a transaction-based issue (or mistake). You might be wondering, "alright, so where is the button that will allow me to "undo" what I just did?"
That's where the power of decentralized apps or crypto-based apps can come in. Sending crypto can be like sending an e-mail. Certain e-mail providers give the option to "undo" the sending of a message a few seconds after the message was sent. Similarly, an app called Blenderwallet is one of the first I've seen that has the capability to "cancel" or basically undo a Bitcoin transaction shortly after it had been sent. Even though the reversal transaction also incurs a fee, it is well worth the sacrifice - especially if you are recovering significant amounts of Bitcoin.
However, there are still some things to consider when trying to undo something blockchain-related. When blockchains were created, transactions were meant to be immutable. This means that nothing could be "edited" or changed which is a good thing (security-wise). However, if you are bent on recovering your funds through Blenderwallet, the erroneous transaction has to be canceled (immediately) before any confirmations are registered on the Bitcoin network.
In the future, users may be able to have more complete control over the reversal of erroneous transactions through any kind of crypto blockchain without having to race against time to cancel their transactions. However, there are some that might argue that there are probably inherent implications and consequences of having such a feature. One is the issue of privacy versus security. In order to do a transaction reversal, the identity of the wallet holder might need to be verified to ensure that the wallet is being used by the rightful owner (and not by some random person trying to reverse another person's transactions just to get some money). However, in an effort to do some kind of KYC-type verification, some might say that the whole idea of wallet user anonymity might be put into question.
What are your thoughts on having an "undo" button for crypto transactions?