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Bitcoin in short is a public ledger guided by consensus of its nodes.

In theory, if there is no validation of transaction amount, if we were to create a transaction with negative amount, that would just do a reverse transaction without the other party's consent.

I might be highly wrong here as validation does take place in such a network. Can someone guide me why something like this can't be done in practice?

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Every (full) node in the network verifies all rules. Negative transaction amounts are not valid. If a transaction would contain such a transfer, the transaction would be invalid and ignored by the network. If such a transaction would be contained in a block, nodes would ignore the block, and any block that builds on top, resulting in lost effort for the miner that created it.

In theory, if there is no validation of transaction amount, if we were to create a transaction with negative amount, that would just do reverse transaction without the other party's consent.

Thankfully, everything is validated.

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