4 ms·

> On the flip side, most merchants are honest so chargebacks are rarely needed. You also lose the convenience factor of that I don't need to care if a merchant

> On the flip side, most merchants are honest so chargebacks are rarely needed. You also lose the convenience factor of that I don't need to care if a merchant is honest. If it's a merchant I haven't heard of it, I can just make the order without worrying too much (providing there are no obvious red flags) as there's very little risk. On the other hand, Bitcoin's irreversibly would mean I'd have to look into the company before ordering, and I'd probably avoid smaller merchants as a result. > it allows them to avoid chargeback fraud (payments are irreversible.) How big of an issue is this in practice? My gut reaction is most customers are honest so it's not big enough incentive to add another payment flow, but I've got no idea if that is accurate or not.

mrb 9y ago
«If it's a merchant I haven't heard of it...» You are right. However, examine your pattern of purchases: if you are like the typical consumer, most of your purchases are made at the same merchants that you have been shopping at for years and already trust. «How big of an issue is this in practice» It's a huge issue in some markets (eg. online shopping.) I can't remember the stats but CC fraud actually has bankrupted some merchants because it is so prevalent. Dishonest clients are a lot more common than dishonest merchants. It's easy to understand why: by being dishonest, a merchant damages its reputation instantly, however if someone attempts to use a stolen CC and gets flagged, he would simply try another CC number or try another merchant.