Yes, users can still access their ethereum wallets even after making a payment. However, the reality is that the recipient does not have the option to give the money back. The network prevents users from doing so for several reasons.
The recipient cannot give the payment back
One of the major changes implemented in ethereum is called “deployed smart contracts”. Essentially, smart contracts are computer programs that run on the ethereum network and can perform tasks such as sending money to your wallet, storing your personal data securely, or managing your financial assets. When a user submits a transaction to the network, it is checked by the smart contract to make sure the money is being sent to the correct address. If it is not, the transaction will fail and the money will be lost. This means that even if you send a perfectly executed transaction, it will still not be accepted by the network. Therefore, in most cases, the recipient cannot give the payment back. In some situations, the network may allow the recipient to partially refund the money, but it is not guaranteed. For example, if the goods or services that you bought are faulty, you would have to decide whether you want to keep the item and ask for a refund or return it and request a new one.
The sender does not know the whereabouts of the recipient
One other significant issue with ethereum is that even if the recipient does have the option to give the payment back, they are not required to do so. In most cases, the sender does not know the whereabouts of the recipient even after making a payment. In the world of traditional banking, if you send someone money, they are legally obligated to provide you with an account with which you can track the money. In the case of ethereum, however, it is not always easy to find the recipient even if you know their public key. To make matters worse, even if you do manage to find the recipient’s email address or phone number, it is often the case that the person does not necessarily work at the company they claim to. This means you will not be able to provide any kind of proof that you sent the money. Even if you have an email record that proves the transaction, it might be difficult to find the recipient once their email address is deleted. Imagine trying to prove to a credit card company that you sent them the money in order to get your account back. The account will be flagged as “suspicious activity” and you will have a hard time proving to the bank that the money actually came from a legitimate transaction.
These are just some of the issues that exist with ethereum. To be clear, the network is not entirely responsible for these flaws. The truth is that any sufficiently complex protocol can and will have flaws. It is simply a matter of being able to find them all and use them effectively.
In the world of traditional banking, sending someone money usually involves the bank going through a number of checks before they can approve the transaction. First, the sender has to provide identification proving that they are indeed the person who will be using the account. Second, they have to provide identification proving that they own the account they are attempting to access. Third, they have to provide identification proving that they are the authorized agent of the owner of the account. Finally, if all is well, the bank will notify the owner that a certain amount of their money was sent. In most cases, the owner has to respond within a certain amount of time or the transaction will be declined. In extreme cases, the owner can also reverse the payment.
This process can be extremely lengthy, especially if the person sending the money is not affiliated with the bank. In the world of ethereum, the process is made significantly easier. For one thing, since ethereum is a public network, anyone can verify the validity of a transaction by running a quick check on the blockchain. This makes the process much more transparent. For another thing, the blockchain also keeps track of all transactions, so there is always proof that the money was sent. This means there is no need for the sender to provide any proof that they sent the money or that it was received. This is especially beneficial if the recipient is aware that they have been scammed and are trying to get their money back. In that case, the recipient does not necessarily have to provide any proof that they received the money and can simply deny all knowledge of the transaction. In some situations, the recipient even has the option to return the money without providing any proof that they received it. This is usually the case when the goods or services that were purchased are faulty and the seller does not want to admit that they were tricked. In any case, the blockchain provides all the proof that is needed in order to confirm a payment was made.
One of the significant advantages of using a blockchain is that it is extremely difficult to “double-spend”. This is especially beneficial in cases where one party makes several payments to another party and tries to reverse the transactions. Let’s say John wants to send Alice $100 and they use “Bitcoin ”as the medium of exchange. In the world of traditional banking, the process of reversing the payment would be extremely difficult. First, Alice would have to provide proof that she received the money. Then, she would have to provide proof that she did not spend the money. This is usually done by sending “confirmation ”money back to the bank. If both parties use the same bank, this process can become even more difficult because they will have to work through a number of levels of “fraud ”management in order to get their account refunded. In the world of ethereum, trying to “double-spend ”is next to impossible because the blockchain provides all the proof that the initial transaction was valid. This is one of the major reasons why people choose to use “Bitcoin ”over “regular ”cash when paying online because the risk of “double-spending ”is significantly reduced.
One of the most significant advantages of using cryptocurrencies such as “Bitcoin ”and “Ethereum ”is that they are “decentralized ”. This means that permissionless “mining ”is used to determine the “supply ”of the currency. In other words, the amount of currency that will ever be available is based on a mathematical formula. In the case of bitcoin, this is known as “Halvégenő’s Constant ”and it is the main reason why the supply of bitcoin is controlled by the mathematics of cryptography rather than centralized institutions. One interesting fact about bitcoin is that its “mining ”process requires a significantly greater amount of computational power than that of a standard pc or laptop. When “mining ”bitcoin, users are competing with each other to solve challenging puzzles that require a lot of computing power. In the case of ethereum, computational power is even more important because the network needs to validate and process every transaction that takes place. Because of this, computational power is often referred to as “gas ”. This is why people who use “Bitcoin ”and “Ethereum ”for payments usually do so in large amounts because it is “cost-prohibitive ”to perform smaller transactions using these cryptocurrencies. Another advantage of using larger amounts is that “dust ”(the smallest unit of a “Bitcoin ”or “Ethereum ”) is more valuable The truth is that “dust ”is not strictly speaking a “good ”at all, it is more like a “token ”that can be used to purchase goods or services on the Ethereum network. In most cases, “dust ”is used in conjunction with the “Gas ”price which is a unit of measurement that varies according to the “difficulty ”of the “mining ”puzzle. The higher the gas price and the more “difficulty ”there is, the smaller the “dust ”unit will be. Once again, this makes paying with “Bitcoin ”and “Ethereum ”more affordable for smaller transactions.