3 ms·
It puts fraud mitigation in the hands of the parties involved. Often times this can be done via escrow. There are an enormous number of use cases where escrow w
by crazydoggers 6y ago
It puts fraud mitigation in the hands of the parties involved. Often times this can be done via escrow. There are an enormous number of use cases where escrow works, or even where fraud is of no concern (transfers between trusted parties). For cases where fraud is a concern, third parties can step in and charge appropriate fees. Crypto provides a lot more flexibility in your choice of payment process than credit cards.
- thoraway1010 6y agoI've heard some horror stories about escrow. Bad wiring instructions in/out (intercepted emails), bogus escrow companies. Glad to hear these crypto folks have figured it out.
- worik 6y agoOptimist
- not_really 6y agoWhat does this comment make you?
- jkhdigital 6y agoExactly, payment security is now entirely in the hands of the merchant. Whether this is preferable to existing payment systems is unknown at this point, but it's hard to make a compelling argument either way. Furthermore, credit cards aren't just payment methods--they represent credit extended to consumers by banks. This actually influences the money supply, since (1) consumers can potentially carry unsecured debt balances, and (2) consumers have less need to park money in savings since credit cards provide access to liquidity. In other words, there are a lot more factors in play here than just the transaction fees and fraud mitigation mechanisms.