Homework on Finality - Questions

Blockchain and Bitcoin 101
#844

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?

If you send Bitcoin transaction it is final - there is no way to get these funds back or reverse the transaction - ALL SALES ARE FINAL!

  1. How does this lead to the trust-less environment that blockchain creates?

Because once the transaction completes both parties can trust that it will not be reversed therefore it is trust-less and can be verified on chain.

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#845

What do we mean when we say that blockchain has transaction finality/immutability?

It cannot be reversed once the transaction is it confirmed.

How does this lead to the trustless environment that blockchain creates?

All transactions can be verified and the transactions cannot be reversed.

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#846
  1. the blockchain ensures that once a transaction record is added into the block it is committed into the blockchain and cannot be revised.
    2.through mining in a verifiable manner.
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#847

  1. Mathematically, the transaction cannot be reversed. You use real world energy to create the ledger of transactions, like the hammer to the viking stone. Itā€™s final.

  2. You can sell goods as a vendor and when your customer has paid with btc thereā€™s no way for the customer to get the money back through talking to their bank or credit card supplier as in the case with traditional payment systems like letā€™s say Mastercard on Amazon. Therefore you can easily make business with strangers with little trust in regards to the payment process. Bitcoin goes to the receiver and itā€™s final. You can trust it because of the mathematics behind it.

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#848

  1. When the transaction happens there are no going back anymore.

  2. The protocol is always right, it doesnā€™t make mistakes.

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#849
  1. Once the transaction is completed it cannot be reversed, in other words you cannot get a refund.

2.The fact that the transaction is irreversible makes it impossible for the sender to cheat and ask for a refund for the product or services they received. The exchange is conducted through the trust-less system that eliminates possibility for the parties involved to change their mind, there is really no human intermediary involved as the transaction relies on the process of mining and a pure database. In this way strangers can perform transactions and without the need to trust each other.

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#850

  1. Once a transaction has happened it has happened, it is recorded and publicly available to trace. It is also irreversible, no take backs.

  2. This allows for a trust-less environment, there are no ways to fake transactions or take them back. When a transaction is made with someone it is final and it is true.

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#851

  1. Every transaction entered cannot be reversed and is for ever accounted for.

  2. Once a transaction like i.e. a payment, is executed, no one is able to reverse it, both parties involved in the transaction can be 100% sure it was done and irreversible.

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#852

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions canā€™t be undone - they are on the blockchain forever.

  2. How does this lead to the trustless environment that blockchain creates?
    Through confirmation of verification.

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#853

1 once a transaction is done it is inreversable! it will be there for ever

2 you donā€™t need trust if it verified and inreversable!

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#854
  1. That a transaction is final. Un reversible and logged on the network forever which can not be changed and tampered with.
  2. All transactions are in the open for everyone to see. It allows strangers to do business and interact with each other. You do not need to trust anyone, you have trust in the math, the network, the science. a completely trust less world.
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#855
  1. The transaction can not be erased. it is set in stone.
  2. Proof of work by the miners
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#856

  1. When a transaction is done, there is no way back. You canā€™t cancel it or revert.

  2. Making it possible to trade or make business with strangers without having to trust them. You only have to trust in the system.

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#857

1 once a transaction is finished, is finished forever
2 business with strangers is possible, no cash back, no trusted third party need.

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#858

When a transaction is stored in the blockchain cannot be reversed/deleted/edited , itā€™s stored permanently .

As the middle men are removed the only person that needs to be trusted when a transaction is made is yourself and your belief in the protocol and blockchain technology, this is why is called trust less environment, there is no intermediary between the transfer and receiver of the transaction, the blockchain itself verify the validity of the transaction and the sole responsible for it is yourself as cannot be reversed.

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#859

  1. Once the transaction has been confirmed, there is no way of reversing it - it is final.

  2. Trust is eliminated as business in the netwotk is peer-to-peer with strangers without any 3rd party involved - making it immutable.

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#860

Once a transaction is sent thereā€™s no going back, its done, ā€œFinalā€. Finality leads to not having to trust another person once a transaction is sent, neither side can lie about it or try to retract the payment. But also i see no issue with both sides coming to an agreement and if are being honest to send a payment back to someone in case there was an honest mistake, ā€œKeeping People Honestā€

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#861

What do we mean when we say that blockchain has transaction finality/immutability?
Transaction canā€™t be deleted and itā€™s not reversible

How does this lead to the trustless environment that blockchain creates?
Because there is no way to scam: extraordinary way to make transactions with strangers without having trust of them

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#862

  1. Once a transaction takes place it is impossible to reverse it.

  2. You can do business with a stranger and not worry about transaction being reversed.

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#863

  1. Finality/immutability in the blockchain means that all transactions are final and can not be reversed because it is physically impossible to do so.

  2. Finality/immutability leads to a ā€œtrustlessā€ environment because two parties do not need to have faith that a transaction is legitimate or that delivery actually took place. Once executed there is no going back on the agreed upon transaction.

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