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I'm not buying the cheaper argument. Which part of transacting on the Bitcoin network is cheaper exactly? Mining is cost-intensive, and transaction fees are at

I'm not buying the cheaper argument. Which part of transacting on the Bitcoin network is cheaper exactly? Mining is cost-intensive, and transaction fees are at least an order of magnitude higher than Visa. Equating SWIFT to Visa is also disingenuous as the former is meant for cross border settlements where the restrictions are regulatory (AML), not technology. Switching to Bitcoin doesn't mean Square or any other institution can simply ignore AML laws. I see this mainly as a service they wish to provide to a segment of their customer. I also expect it to be a loss leader and shut down over time.

dick_sucker2 8y ago
No chargebacks?
- glitchc 8y ago
  Is that meant as a positive or a negative, as chargebacks help the consumer, as does non-repudiation. The general public wants these features in our exchange mediums.
  - dick_sucker2 8y ago
    It forces arbitration with the business in the case of a dispute. Wouldn't payment processors and businesses want that?
    - s73v3r_ 8y ago
      Consumers don't want that.
      - DINKDINK 8y ago
        You can build a system that allows charge backs on a system that doesn't allow charge backs but you cannot build a system without charge backs on a system that does allow charge backs. These escrow products already exist for customers on Bitcoin.
- paulie_a 8y ago
  That's not a feature it is a drawback.
  - craigc 8y ago
    It is actually a feature. From the original Bitcoin whitepaper: > Transactions that are computationally impractical to reverse would protect sellers from fraud. https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf
    - paulie_a 8y ago
      As a buyer I wouldn't use it then.
      - craigc 8y ago
        Mmm. I am not sure if Square actually lets you transact using Bitcoin or if this is just about purchasing and selling it to hold it as an investment. I haven’t actually tested it out.
jes5199 8y ago
maybe they'll get on the Bitcoin lightning network
- grubles 8y ago
  https://techcrunch.com/2018/03/15/lightning-labs-just-raised-millions-from-jack-dorsey-and-others-to-supercharge-blockchain-transactions/ https://techcrunch.com/2018/03/15/lightning-labs-just-raised...
retrogradeorbit 8y ago
"transaction fees are at least an order of magnitude higher than Visa" Transaction fee on bitcoin presently is an average of 60c [1]. Visa is around 2% + 0.10. Thus for transfers over about 25 USD, bitcoin (presently) is cheaper. And that's not considering terminal fees, payment gateway fees, annual fees, monthly fees, early termination fees, statement fees and so on. [1] https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...

dick_sucker2 8y ago

No chargebacks?

glitchc 8y ago
Is that meant as a positive or a negative, as chargebacks help the consumer, as does non-repudiation. The general public wants these features in our exchange mediums.
- dick_sucker2 8y ago
  It forces arbitration with the business in the case of a dispute. Wouldn't payment processors and businesses want that?
  - s73v3r_ 8y ago
    Consumers don't want that.
    - DINKDINK 8y ago
      You can build a system that allows charge backs on a system that doesn't allow charge backs but you cannot build a system without charge backs on a system that does allow charge backs. These escrow products already exist for customers on Bitcoin.
paulie_a 8y ago
That's not a feature it is a drawback.
- craigc 8y ago
  It is actually a feature. From the original Bitcoin whitepaper: > Transactions that are computationally impractical to reverse would protect sellers from fraud. https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf
  - paulie_a 8y ago
    As a buyer I wouldn't use it then.
    - craigc 8y ago
      Mmm. I am not sure if Square actually lets you transact using Bitcoin or if this is just about purchasing and selling it to hold it as an investment. I haven’t actually tested it out.

jes5199 8y ago

maybe they'll get on the Bitcoin lightning network

grubles 8y ago
https://techcrunch.com/2018/03/15/lightning-labs-just-raised-millions-from-jack-dorsey-and-others-to-supercharge-blockchain-transactions/ https://techcrunch.com/2018/03/15/lightning-labs-just-raised...

retrogradeorbit 8y ago

"transaction fees are at least an order of magnitude higher than Visa" Transaction fee on bitcoin presently is an average of 60c [1]. Visa is around 2% + 0.10. Thus for transfers over about 25 USD, bitcoin (presently) is cheaper. And that's not considering terminal fees, payment gateway fees, annual fees, monthly fees, early termination fees, statement fees and so on. [1] https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...