Bitcoin transaction are irreversible while fiat can be reversed hanged or denied after transaction has been initiated, this is one of the best derivative that benefit us from using bitcoin over fiat because the transactions are secured and fast, cheap and reliable that it get to he required destination without any embargo as being experienced with fiat, there's no third party in bitcoin transaction since it involves a p2p network.

This is not true.  Bitcoin is a CURRENCY and transactions work just like any other transaction with CURRENCY.

If I had you a $10 bill, the only ways I can reverse that transaction are:

• You to voluntarily give it back to me
• Using the threat of violence or law, I force you to give it back to me
• I figure out where you store it, and I illegally take it from that storage location without your permission

Bitcoin is the same.
Either you can send the transaction back voluntarily, or I can force you to send it back under threat, or I can illegally take your private key from your storage location without your permission.

The one benefit that Bitcoin has over other CURRENCIES in this regard is that it can be protected with a password, and the private key can be much easier to store in ways that make it significantly more difficult than physical currencies to take.


As I just pointed out, this is not a unique feature of Bitcoin. This is a common feature of all currencies.

However, Bitcoin has an added benefit in that exclusive control over the value can be transferred between people electronically, whereas most currencies can only be exchanged physically. When you send an electronic transaction using the traditional banking system, you are NOT sending currency. You are simply asking a 3rd party to update a database. This weakness is possible with Bitcoin as well if you choose to use a 3rd party, such as Coinbase or Binance, to handle your transactions.
 

Other currencies have this SAME weakness.  If you give the wrong person someone physical currency, it cannot be reversed.

I think you're pretty much talking about $5 wrench attack, not about Bitcoin network can reverse your transaction if you ask someone who control Bitcoin, and no one is controlling Bitcoin. If you have protect your privacy and never submitted any KYC except your bank account, I don't think you can figure out who's behind the Bitcoin address because decentralized exchange or P2P platform will not give you their customer identity to unknown person.

Mobile banking and debit/credit card are protected with PIN code, I think PIN code and password are similar since it's too add more security layer.

However I agree with the other statements you pointed above.

That is much more difficult than many people realize.

There are a lot of ways that various individuals and organizations can access information about you.

For example:

• If you aren't using a VPN, then many employees of your Internet Service Provider can see the transactions that you send
• If you ARE using a VPN, then many employees of your VPN provider can see the transactions you send.
• If you use an exchange to acquire your Bitcoin, or to convert your Bitcoin to local currency, then many employees of the exchange can see how much bitcoin you are exchanging and some of your Bitcoin addresses
• If you use a bank account to transfer your local currency to an exchange, then many employees of the bank can see how much local currency you are sending to and from the exchange
• If you are making purchases with your Bitcoin, then the employees of the businesses you are buying from can see some of your bitcoin addresses as well as how much bitcoin you've received at and sent from those addresses
• Any government with jurisdiction over any of those businesses can demand access to any of that information
• If you don't secure your wallet sufficiently, then anyone with access to your bitcoin wallet (friends, family, houseguests, repair, maintenance, & service employees that come to your home) can gain access to your wallet and obtain all information about your bitcoin history
• If you don't secure your wallet sufficiently, then criminals, government agencies, and private intelligence staff can break into your home, access your wallet, and obtain all information about your bitcoin history
• Hackers that gain access to any equipment or computers that you use to access your Bitcoin can obtain all information about your bitcoin history

These are just a few of the MANY ways that come immediately to ming that people leak their privacy all the time. I'm sure there are many others.


You trust every single employee of the bank to keep that KYC information private?


If they have it, there is always a risk of it being leaked either intentionally (for a court subpoena), or accidentally (if they are hacked, or have an upset employee). If you can avoid the KYC, you decrease your risk of information leak a bit, but depending on the service they may still store significant amounts of information about you (IP address, general geographic locations, Bitcoin addresses, size and frequency of transactions, etc).


Mobile banking and credit/debit card are NOT currency. They are database information stored by a 3rd party.

Currency is physical paper and coins. It cannot be protected with a password and since it is physical and larger it can be more difficult to secure than a private key or seed phrase.

Sometimes the kind of banking issues we encounter when carrying out transactions are based on the kind of communication (network interaction) the two banks are having. Let's say, for instance, you want to send money from United Bank of Africa (UBA) to Monipoint, Opay, Kuda, or any of the other online banking systems. (Nigeria Banks): those transactions will be debited from the sender's account, and when the receiver's account is having difficulty receiving money, the bank (sending bank) will have to withhold the transaction for some period of time because they want to be retrying it if it will eventually go through that's matching the transaction amount, time, and date with every transaction. If it was not successful at the time of accounting, then money is reversed into the sender's ledger account, which is recorded as an uncleared balance, until a dispute is filed by the sender to explain to the bank what really happened.
 
It's different with Bitcoin transactions because they are operating on different technologies and the Bitcoin Blockchain doesn't need any manual matching to confirm if the transaction was successful or not, or even charge you twice when you want to send something twice. Have you tried sending some Satoshi from your wallet to another, which will be showing as pending, and then sometimes trying to send out the same volume with the same transaction fee? Sometimes you will get an error warning of a duplicated transaction. I don't really know if this works on the Bitcoin Blockchain, but I can recall this incident on Eth transactions. 

Those are really rare cases of a bank transfer being reversed after being successful because the consequences of this action could be of great lose to the payer or  payee, and this is likely to end in the corridors of the court as either of the parties can sue sof the inconvenience or at the least demand for what's owed to them.

But unlike fiat, Bitcoin only has the double spend feature that can override the first transaction technically making it a reversal but is also dependant of wallet used.

^This was usually what an exchange platform did, they wait until there are at least 3 confirmations before they will transfer your purchased crypto to their wallet. Once a transaction has been validated by the network, it is included in a block of transactions and added to the blockchain ledger which anyone can see and validate the transaction. So yes it is irreversible, so we must be careful before making a transaction or when dealing with someone.

No. Once the tx is confirmed that payment is irrecoverable because the BTC has been sent to an address. If you verify that it was sent to the correct address and the recipient says they did not get it - they are lying. Just check funds in that wallet address... Good point is that when they move the BTC you can trace it...

If it was sent to the wrong address -- well, it's gone.

I'm not trusting every single bank's employee, but since the most common way to cash out your Bitcoin are through banks. Cash out gift card, trade P2P with trusted person or directly spent it are possible, but it just harder and takes time.

I understand, but my point about to protect our privacy aren't for crime or avoid paying tax, but it just simply make criminal is harder to get our private information. If I use Tor to trade Bitcoin in decentralized exchange, my IP address will not compromised.

If the criminal only know Bitcoin address, size and frequency of transactions, they still don't have a way to know who I'm.