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Card transactions also take days to settle, cost orders of magnitude more in interchange (depending on the value transferred), and can have significant chargeba
by aianus 10y ago
Card transactions also take days to settle, cost orders of magnitude more in interchange (depending on the value transferred), and can have significant chargeback risk.
- matt_wulfeck 10y agoYes but the chargeback risk protects me as a consumer.
- aianus 10y agoWhen you buy a new $2,000 MacBook, for example, you're paying $20-40 in extra interchange (after your card rewards!) for that protection. While I agree it's worth it in a lot of situations, in other situations it would be nice to be able to opt out.
- matt_wulfeck 10y agoBut if somebody else steals my credit card I can still get a $2000 fraudulent charge reversed. BTC is created intentionally to prevent that from happening. Theft is your money being gone forever. Actually that's not really true, as we've seen with other crypto currency the stakeholders can simply vote to fork and thus invalidate the transactions of every other person.
- aianus 10y agoBut it's much more difficult to steal my Bitcoin because I don't go around typing the private keys in plaintext nor are they printed on a plastic card I carry around in my wallet. Credit cards need velocity limits and insurance and fraud checks and all that stuff mostly because their actual security is godawful. Anyways all I'm saying is that for certain people and certain transactions, Bitcoin is superior to credit cards. For everything else there's Mastercard.
- bestnameever 10y agoMy company receives money deposited into their account the same day the charge occurs. While it may take days to settle with the merchant provider, they hide that to us, the end user.
- kalleboo 10y ago> cost orders of magnitude more in interchange (depending on the value transferred) Since it depends on the value transferred, you could say the opposite as well, that Bitcoin costs far more.
- aianus 10y agoI'm paying about $0.20 per Bitcoin transaction so the breakeven transaction value with a flat 3% credit card interchange is just $6.67.