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Most people will just use Bitcoin-enabled (and probably dollar-denominated) bank accounts with limits on daily withdrawals, same way they use bank accounts and
by aianus 11y ago
Most people will just use Bitcoin-enabled (and probably dollar-denominated) bank accounts with limits on daily withdrawals, same way they use bank accounts and debit cards instead of stuffing $40,000 in bills in their mattress.
Fraud and theft will happen but I don't see why it would be much more of an issue than it is in the current system of debit cards and cash.
- repomies691 11y agoI guess it is up to if the customer wants the dollar-denomination. I wouldn't want that, I would rather keep my cash tied to btc. If the customer doesn't want to tie his wealth to btc, why would he/she want to use bitcoin at all? The only reason I can think about is remittance, and there the benefit is cost-saving.
- aianus 11y ago> why would he/she want to use bitcoin at all Remittances, discounts from merchants who pass on the savings vs. processing credit cards, transactions which are considered too risky for current payment methods (ie. buying a MacBook online with your US credit card and having it shipped to your cousin in Romania), buying things online anonymously (porn, VPNs, sex toys), internet gambling (which is legal in most places outside the USA), etc.
- sanswork 11y agoBecause unlike debit cards a bank can't reverse a Bitcoin theft and would be on the hook for the losses or would pass them to the customer at which point they're back to square one.
- herbst 11y agoBanks also pass the costs for all the credit card frauds to customers. Where is the difference?
- sanswork 11y agoNo they pass it to the merchants not the end users by reversing the transactions. With Bitcoin they can't do that so they either hold the risk themselves or they offload it to the end users and that's not going to float with end users.
- herbst 11y agoWhat? So when i am a merchant and someone frauds me it is my problem? Even thought the fraud was only possible because their system is shit? Thats exactly why i would use Bitcoin over all as merchant, like more and more do already.
- sanswork 11y agoThat's the risk you agree to when you accept credit cards as a merchant. You can take actions to reduce that risk but you can't completely remove it. In exchange you get access to millions of additional customers. Almost no one uses Bitcoin over credit cards unless they have no other choice because consumers don't use Bitcoin. Why would I as s customer choose you that only accepts Bitcoin which gives me no protections when I can use your competitor which accepts credit cards? I wouldn't and pretty much every merchant that's started accepting Bitcoin has discovered the same thing.
- herbst 11y agoPersonally i buy in shops that take Bitcoins regulary. Regulary paying a bigger "higher" price than the competitor who takes CC. In the end i usually get out of it cheaper because of all the fees i don't have to pay. IMO your argument is invalid and only shows one specific site, that of the people who simply refuse to accept Bitcoin as anything.
- datapat 11y agoWhat, so when I'm a customer and a merchant scams me out of Bitcoin, it's my problem? Even though the theft was only possible because that's precisely how Bitcoin is designed to 'work'? That's exactly why I would not use Bitcoin as a customer, like virtually everyone else on the planet.