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This is a nice implementation. Using credit cards online is actually a little annoying/hacky, despite years of UX work and several billion dollar companies buil
by crispyporkbites 9y ago
This is a nice implementation. Using credit cards online is actually a little annoying/hacky, despite years of UX work and several billion dollar companies built to solve this problem. If Ethereum or another blockchain tech can solve this at a lower cost than the current payment processors (2-3% fees), then we might actually see widespread adoption online.
- nsxwolf 9y agoHow do you do chargebacks with Ethereum?
- crispyporkbites 9y agoThere's not precise comparison, but with Ethereum you could have different classes of payments backed by different types of contract which the end user could choose from when purchasing. E.g. - For small payments, or to trusted suppliers, no chargebacks - For large one-time transactions, funds held in escrow for a given period - For long term transactions, funds are committed but only accessed over time etc. Perhaps there won't be any chargebacks as we know them available in ethereum, but if you want to pay extra 1-2% as part of your payment to offset the risk (which is basically what you're doing now with credit cards, but enforced), that could be an option.
- vertoc 9y agoIf you're sending it directly to someone else, there's no concept of chargebacks. However, if you are sending it to a smart contract, the contract can implement refund functionality. Admittedly, I don't know of any smart contracts that have this functionality today but as smart contracts gain a wider audience (hopefully), people will "vote with their wallets" and support smart contracts that have some dispute resolution built in and other consumer-friendly practices