Honestly, what would this ever be needed? If we are talking about merchants and the way credit card processing works maybe this could be a lightning invoice feature but on chain... nah. Seems like a very bad idea.

Since bitcoin is programmable money, reversibility can be built in the future if needed (think a merchant advertising that payments to them are reversible through your bank (or more likely via some other trusted third party) if needed as a way to gain your confidence).

02cfd5f452

Reversals are more accurate, since if a company offers a refund policy that is a much different process from calling your bank and getting the transaction reversed.

So you are correct.

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bitcoin

What is not available in Bitcoin in comparison with the fiat system?

oraltosun

I wonder if this is just a terminology thing. I’d say refunds are a thing in Bitcoin, because you can send money bidirectionally, but there are not reversals. 