4 ms·
Since when eliminates Bitcoin counterparty risk? Also, counterfeit notes may be an issue, but counterfeit transfers are not.
by blattimwind 9y ago
Since 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.)