4 ms·

The major benefits (at least to me) are: 1. As a buyer, sending money via Bitcoin means whoever I'm buying goods/services from won't be able to bill me monthly

The major benefits (at least to me) are: 1. As a buyer, sending money via Bitcoin means whoever I'm buying goods/services from won't be able to bill me monthly, they won't be able to lose my credit card info, and they can't overcharge me. 2. Also as a buyer, there are also no "restrictions" on who I can send money to, and how much. Nobody can close my account because they don't approve of what I bought, or can restrict where i'm able to send money to (ignoring custodial wallets, which can do all of those things to some extent). 3. As a "merchant", receiving payment in Bitcoin means that I don't need to worry about "chargebacks", "reversals" or any other way that the money could be taken back after it's been sent. 4. As a developer, Bitcoin is a fantastic way to receive tips and donations. I don't need to maintain an account with some service that might go under or get hacked. I can create an address for donations securely once, and can put it everywhere knowing that it will work indefinitely. Yeah, I agree that at this point people trying to live on Bitcoin are a little crazy, but if more and more places start accepting it it's a fantastic way to buy and sell things that is a lot more "safe" feeling for all involved.

matwood 9y ago
> 3. As a "merchant", receiving payment in Bitcoin means that I don't need to worry about "chargebacks", "reversals" or any other way that the money could be taken back after it's been sent. This is why I wouldn't use BTC to buy anything. Banking and consumer protection regulations did not just come out of thin air. They came out pain that occurred at some point. BTC will never replace the bulk of traditional transactions until remediation can happen.
- Klathmon 9y ago
  Just because it's in bitcoin doesn't mean that consumer protection doesn't apply. It just means that the process to get your money back isn't "call my bank and tell them to take it back". The pain that they mostly solve for people (at least from what i've seen) is due to the fact that most payment systems work on a "pull" method. You give your information to the merchant, and the merchant tells your bank to give them $X. With that kind of setup, it's obvious that things like "chargebacks" and friends are absolutely necessary. But since bitcoin is "push based", the only person that can send money is you. So generally the only time you would need to "charge back" is due to fraud. And escrow services can add that "protection" back into the mix if it's needed or wanted by the people transacting. And the legal system can take care of larger or systematic abusers. Escrow services can give you the exact same protection you are looking for, but with the difference that it's opt in, and you can freely choose your escrow service independently of where you keep your money.

matwood 9y ago

> 3. As a "merchant", receiving payment in Bitcoin means that I don't need to worry about "chargebacks", "reversals" or any other way that the money could be taken back after it's been sent. This is why I wouldn't use BTC to buy anything. Banking and consumer protection regulations did not just come out of thin air. They came out pain that occurred at some point. BTC will never replace the bulk of traditional transactions until remediation can happen.

Klathmon 9y ago
Just because it's in bitcoin doesn't mean that consumer protection doesn't apply. It just means that the process to get your money back isn't "call my bank and tell them to take it back". The pain that they mostly solve for people (at least from what i've seen) is due to the fact that most payment systems work on a "pull" method. You give your information to the merchant, and the merchant tells your bank to give them $X. With that kind of setup, it's obvious that things like "chargebacks" and friends are absolutely necessary. But since bitcoin is "push based", the only person that can send money is you. So generally the only time you would need to "charge back" is due to fraud. And escrow services can add that "protection" back into the mix if it's needed or wanted by the people transacting. And the legal system can take care of larger or systematic abusers. Escrow services can give you the exact same protection you are looking for, but with the difference that it's opt in, and you can freely choose your escrow service independently of where you keep your money.