4 ms·
Wouldn't bitcoin give rise to the opposite problem - consumers paying bitcoin now shoulder all the risk of buying from a bad vendor.
by digikata 11y ago
Wouldn't bitcoin give rise to the opposite problem - consumers paying bitcoin now shoulder all the risk of buying from a bad vendor.
- Zikes 11y agoI think there are bitcoin escrow payment systems.
- eloisius 11y agoThe Bitcoin protocol supports multisig transactions. You can use it to implement escrow by including a third party public key and require 2 of 3 parties to sign the transaction.
- digikata 11y agoSo the mechanics are somewhat supported directly by bitcoin, but, how does the bitcoin customer get their money back even if the escrow company agrees that the terms of the sale weren't met? (added [1]) And then you still have a question of whether the parties agree to a mutually trusted escrow service to actually administer the signoff. I imagine that credit cards are somewhat partnered closer to the customer/card holder, but with bitcoin escrow it could be either the vendor or the customer? Not meaning to criticise here, just a walking through unfamiliar territory. Edit: Partially answered my own question (example 2 at link [1]) [1] https://en.bitcoin.it/wiki/Contract#Theory https://en.bitcoin.it/wiki/Contract#Theory
- placeybordeaux 11y agoYes, there are some ways to prevent that, but that basic technology leans towards that.