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Credit card fraud and chargebacks online are brutal, and can sink many innocent and legitimate online small businesses. The 'cash-like' quality of Bitcoin, tha
by cwkoss 8y ago
Credit card fraud and chargebacks online are brutal, and can sink many innocent and legitimate online small businesses.
The 'cash-like' quality of Bitcoin, that the sender cannot take it back or contest the transaction after the fact, is a solution to a real problem.
- rspeer 8y agoYou think online small businesses are transacting directly with their customers using Bitcoin?
- rtkwe 8y agoOn the opposite side of the coin the same reversibility is also great for fighting fraud from scammy sellers. For consumers anything interacting with real world items really needs to be reversible or scammers will have a field day with it and damage the brand.
- spiralx 8y ago> Credit card fraud and chargebacks online are brutal, and can sink many innocent and legitimate online small businesses. Unless you're talking adult businesses, gambling or one of the other industries with known issues with card fraud and/or excessive charge-backs, they aren't a significant problem for legitimate businesses at all. Even a 1% charge-back rate is unusual enough that card providers will flag the retailer for investigation.
- cwkoss 8y agoNot sure that's totally accurate, here is a counterpoint article I read on here recently. https://www.candyjapan.com/behind-the-scenes/how-i-got-credit-card-fraud-somewhat-under-control https://www.candyjapan.com/behind-the-scenes/how-i-got-credi...