4 ms·

Processing != complete. A credit card transaction generally takes 1-3 days to process. Bitcoin is start -> complete in < 10 mins on average.

bouncycastle 6y ago
Nope. 10 minutes for bitcoin is just 1 confirmation. Most exchanges need 3, but it may take significantly more if you don't put enough fees on the transaction. Meanwhile Credit cards/ApplePay/GooglePay/Paypal/AmazonPay provide the tap-and-go instant purchase experience, even on international orders.
- GoblinSlayer 6y ago
  Then it gets disputed and reverted, up to 1 month after tap-and-go.
  - andirk 6y ago
    Credit issuers insure their transactions. BTC has no insurance. Speed of transaction is instant for both.
    - sekai 6y ago
      oh boy, wait till you hear about wirecard
- rodiger 6y ago
  "Tap-and-go" is an illusion, and like I said the payment is not fully processed for 1-3 days. Low-risk merchants (e.g. under $100) can accept crypto on 0 confirmations (just checking wallet balance) and accept the double-spend risk. This is similar to the chargeback risk merchants take by accepting credit cards (albeit with fewer protections on the crypto side). I agree BTC fees are high, but for even moderately large transactions (>$25), it is cheaper than credit card/ApplePay/GooglePay/Paypal/AmazonPay fees. Edit: and even after processing, chargebacks are often viable for up to 60 days.
  - bouncycastle 6y ago
    as a customer, I always like that if something goes wrong, eg. product not delivered, there's always the chargeback option.
    - rodiger 6y ago
      There's nothing stopping trusted 3rd-parties (e.g. mastercard/visa) from building wrappers to hold the btc in the meantime and mitigate end-user risk (full circle woo!). Definitely fewer protections from bad-actors with direct btc transactions, but that's by design (e.g. no requirement for a third party)

4 ms·

Processing != complete. A credit card transaction generally takes 1-3 days to process. Bitcoin is start -> complete in < 10 mins on average.

by rodiger 6y ago

bouncycastle 6y ago
Nope. 10 minutes for bitcoin is just 1 confirmation. Most exchanges need 3, but it may take significantly more if you don't put enough fees on the transaction. Meanwhile Credit cards/ApplePay/GooglePay/Paypal/AmazonPay provide the tap-and-go instant purchase experience, even on international orders.
- GoblinSlayer 6y ago
  Then it gets disputed and reverted, up to 1 month after tap-and-go.
  - andirk 6y ago
    Credit issuers insure their transactions. BTC has no insurance. Speed of transaction is instant for both.
    - sekai 6y ago
      oh boy, wait till you hear about wirecard
- rodiger 6y ago
  "Tap-and-go" is an illusion, and like I said the payment is not fully processed for 1-3 days. Low-risk merchants (e.g. under $100) can accept crypto on 0 confirmations (just checking wallet balance) and accept the double-spend risk. This is similar to the chargeback risk merchants take by accepting credit cards (albeit with fewer protections on the crypto side). I agree BTC fees are high, but for even moderately large transactions (>$25), it is cheaper than credit card/ApplePay/GooglePay/Paypal/AmazonPay fees. Edit: and even after processing, chargebacks are often viable for up to 60 days.
  - bouncycastle 6y ago
    as a customer, I always like that if something goes wrong, eg. product not delivered, there's always the chargeback option.
    - rodiger 6y ago
      There's nothing stopping trusted 3rd-parties (e.g. mastercard/visa) from building wrappers to hold the btc in the meantime and mitigate end-user risk (full circle woo!). Definitely fewer protections from bad-actors with direct btc transactions, but that's by design (e.g. no requirement for a third party)