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> There are no ways of accepting payments digitally without a third party. 1- I agree. Bitcoin is no exception here: I must buy Bitcoin through GDAX. Then my t
by hudon 8y ago
> There are no ways of accepting payments digitally without a third party.
1- I agree. Bitcoin is no exception here: I must buy Bitcoin through GDAX. Then my transaction must be confirmed by Bitmain. And they're all running software by Blockstream. That's 3 third parties that were trusted for my purchase.
2- 0-conf transactions are very risky for recipients, hence why exchanges require confirmations.
3- Credit card chargebacks is how the real world solved the fraud problem in the featured article. Can you please provide an equivalent article showing how businesses are suffering due to chargebacks?
- lawn 8y ago> I must buy Bitcoin through GDAX. Or many other outlets including decentralized exchanges or localbitcoins. > Then my transaction must be confirmed by Bitmain. Or by the other miners. > And they're all running software by Blockstream. Or you could use Bitcoin Cash which have several development teams or use another cryptocurrency if Blockstream is your worry. Also Bitcoin Core was mostly written before Blockstream came to be. It's also open source and you can bet that faults will be abused if they exist. > That's 3 third parties that were trusted for my purchase. No 3rd party is trusted when you send coins to someone else. That's the point. > 0-conf transactions are very risky for recipients, hence why exchanges require confirmations. They are actually quite safe if done on sane networks like Bitcoin Cash, not Bitcoin. That's why several merchants accept 0-conf for small to medium purchases. See xmr.to as an example. > Can you please provide an equivalent article showing how businesses are suffering due to chargebacks? Just google "credit card chargeback fraud" or "friendly fraud" for tons of examples.