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Right, but using a "virtual" money that doesn't have counterparty risk, and cannot be counterfeited by anyone.
by siwatanejo 9y ago
Right, but using a "virtual" money that doesn't have counterparty risk, and cannot be counterfeited by anyone.
- blattimwind 9y agoSince when eliminates Bitcoin counterparty risk? Also, counterfeit notes may be an issue, but counterfeit transfers are not.
- gruez 9y agoI think he meant counterparty risk on the payment side (ie. no chargebacks).
- blattimwind 9y agoWire transfers don't have chargebacks.
- def_true_false 9y agoFrom the SEPA Credit Transfer Scheme Rulebook[1]: A Recall occurs when the Originator Bank requests to cancel a SEPA Credit Transfer. The Recall procedure must be initiated by the Originator Bank within 10 Banking Business Days after execution date of the SCT subject to the Recall. ... A bank may initiate a Recall procedure for following reasons only: • Duplicate sending • Technical problems resulting in erroneous SCT(s) • Fraudulent originated Credit Transfer [1] https://www.europeanpaymentscouncil.eu/sites/default/files/KB/files/EPC125-05%20SCT%20RB%20v8.2%20Approved.pdf https://www.europeanpaymentscouncil.eu/sites/default/files/K...
- blattimwind 9y agoFraudulent payments mean things like e.g. a bank itself was hacked. As an account holder you cannot recall a transfer. It is not possible. In the past it was sometimes possible to cancel a transfer before it was processed by your bank (so the transfer was not booked yet), but nowadays transfers are processed essentially immediately. Some banks have never permitted this.
- siwatanejo 9y agoBitcoin is the only non-physical currency you can hold without counterparty risk. (If you have a bank account with EUR, and that bank freezes your account or shuts down because of bankruptcy, yo don't have access to your money.)
- deleted 9y ago[deleted]