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The ease of setting up online payments is a double edged sword. On one hand, it makes it a lot easier for someone to earn some money on their side project. Bu

The ease of setting up online payments is a double edged sword. On one hand, it makes it a lot easier for someone to earn some money on their side project. But on the other hand, it also makes it a lot easier for scammers et al. to accept payments from their victims. And that's not to mention that you can't do chargebacks with Bitcoin, unlike if I get scammed with my CC where I can ring my bank and reverse the charges.

ghthor 9y ago
Chargebacks can be handled by an escrow contract. Paying an unknown or untrusted payee? Use an escrow service backed by a institution that sells trust and and escrow service. This type of institutionally backed transaction holds legit value. The current problem is, that ALL digital transactions in non crypto currencyies REQUIRE this institution. This has enabled a monoplistic middleman posistion to develop that I don't need if I want to pay my friend for a painting they made. Ask anyone that uses the square payments if theyd rather take cash or pay the card processing fee? These type of small businesses will jump all over crypto when the UX and education hits the right tipping point.
- toomanybeersies 9y ago
  But then the escrow service will charge a fee and will also have a degree of gatekeeping because they don't want scammers. So we're back to where we started.
  - ghthor 9y ago
    No were not, because very few transactions require an escrow. I do 90% of my in person transactions without an escrow using cash. These transactions can be replaced with crypto for a very very small fee, negligible compared to the card processing fee. The essense here is that currently a card transaction is like an escrow transaction, but most tranactions don't require that level of security, notably in person transactions. And thats where cryto is a next level tech, it can func in the same way as current card transactions and it can also operate at almost the transaction cost of cash.

ghthor 9y ago

Chargebacks can be handled by an escrow contract. Paying an unknown or untrusted payee? Use an escrow service backed by a institution that sells trust and and escrow service. This type of institutionally backed transaction holds legit value. The current problem is, that ALL digital transactions in non crypto currencyies REQUIRE this institution. This has enabled a monoplistic middleman posistion to develop that I don't need if I want to pay my friend for a painting they made. Ask anyone that uses the square payments if theyd rather take cash or pay the card processing fee? These type of small businesses will jump all over crypto when the UX and education hits the right tipping point.

toomanybeersies 9y ago
But then the escrow service will charge a fee and will also have a degree of gatekeeping because they don't want scammers. So we're back to where we started.
- ghthor 9y ago
  No were not, because very few transactions require an escrow. I do 90% of my in person transactions without an escrow using cash. These transactions can be replaced with crypto for a very very small fee, negligible compared to the card processing fee. The essense here is that currently a card transaction is like an escrow transaction, but most tranactions don't require that level of security, notably in person transactions. And thats where cryto is a next level tech, it can func in the same way as current card transactions and it can also operate at almost the transaction cost of cash.