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2 - Irreversibility of payments. This helps merchants avoid fraudulent credit card chargebacks: once funds are received they are spendable right away. No one ca
by jimktrains2 9y ago
2 - Irreversibility of payments. This helps merchants avoid fraudulent credit card chargebacks: once funds are received they are spendable right away. No one can reverse payments. No system other than blockchains offer irreversibility.
Flip side is that customers can't reverse payments when they're victims of fraud.
- mrb 9y ago"customers can't reverse payments when they're victims of fraud" No different from cash, yet we tolerate this aspect.
- jimktrains2 9y agoIf we're comparing against cash, then it's difficult to fraud the vendor as well, so the originally mentioned case is moot as well.
- mrb 9y agoNot moot. My point is pretty simple: payers tolerate irreversibility, recipients like irreversibility, hence Bitcoin can (and does) work.
- jimktrains2 9y agoYou're missing my point. I'm not saying btc won't or doesn't work, but that there is a flip side to the no reversible transactions, and one that merchants already deal with.
- tehlike 9y agoEscrow would kick in here.