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Bitcoin eliminates card fraud. Once a seller has received the payment and had it confirmed, which takes approximately 1 hour, there is no way it can be reversed
by sparkie 6y ago
Bitcoin eliminates card fraud. Once a seller has received the payment and had it confirmed, which takes approximately 1 hour, there is no way it can be reversed. In the current banking system, transactions can be reversed at any time - typically up to 6 months, but there's no definite finality. Anyone who has sold goods online has probably experienced fraud at some point, and has had to price their goods accordingly to account for potential losses.
Of course, seller fraud is still possible - the complete opposite of how PayPal works, where the buyer is always right. Seller fraud is mostly preventable with reputation systems. A seller accumulates more feedback than a buyer, but it requires the consumer take responsibility in checking who they're buying from. (People being responsible for their own purchases, imagine that?)
- imtringued 6y ago>(People being responsible for their own purchases, imagine that?) Why would you ever want to defend fraud? There is no justification for fraud on either side. Especially when first parties like Amazon stand to profit off of it and therefore do nothing to stop it.
- sparkie 6y agoI'm not defending fraud, I'm attacking credit card fraud and the terrible assumption that sellers must pay for bad policies of the banks or escrows involved in the transactions - policies which assume that people are children and are incapable of being responsible for the security of their own money.