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I think chargebacks for credit cards are needed, because their model is based on trust. You give your credit card number to the seller und you have to trust tha
by dorgo 8y ago
I think chargebacks for credit cards are needed, because their model is based on trust. You give your credit card number to the seller und you have to trust that he pulls only the amount he promised he would pull.
For Cryptocurrencies on the other hand, you never give you private key to somebody. You always decide yourself which amount to transfer. No chargeback is needed for this model.
I have an EC-card and chargeback is only available for pull-transactions, not for push-transactions.
- forapurpose 8y agoThere are many other reasons for chargebacks: Perhaps the product isn't what was advertised or not what the buyer expected. Perhaps the seller doesn't provide the product, either due to fraud, incompetence, or a technical problem. Perhaps there's simply a misunderstanding. EDIT: Apparently chargeback may be the major issue for porn payment processing: https://news.ycombinator.com/item?id=17433794 https://news.ycombinator.com/item?id=17433794
- Lazare 8y ago> I think chargebacks for credit cards are needed, because their model is based on trust. You give your credit card number to the seller und you have to trust that he pulls only the amount he promised he would pull. I've initiated chargebacks before, but overwhelmingly it's not because I've been overcharged (that only happened once and, ironically, by a company that subsequently launched an ICO...): It's because I did not receive the product/service, or it wasn't as advertised. And that is just as much of an issue with crypto. Keep in mind, in many cases the standard advise to consumers is to use credit, NOT cash, purely to be able to obtain the protections of chargebacks, but cash already has all the advantages you list as meaning chargebacks aren't needed for crypto.