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A chargeback can be defined as the act to return the money to the payer of a certain transaction, specifically one that had been made with the help of a credit card or a debit card. They are primarily the means of consumer protection. The impossibility of the chargeback frauds in the decentralized cryptocurrencies where the transactions are recorded permanently on the blockchain and are irreversible is one of the primary advantages offered to the merchants if they choose to accept payments through cryptocurrencies.

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