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A bitcoin transaction and a bank transaction are very different things. A bitcoin transaction is settled as soon as the block is mined. Without any third part
by HashBasher 5y ago
A bitcoin transaction and a bank transaction are very different things.
A bitcoin transaction is settled as soon as the block is mined. Without any third parties or trust involved, and no way to reverse the transaction. While a bank transaction could settle in days and always with some trusted third party.
Try making a transaction over the lightning network (layer 2 tech of bitcoin), it’s instantly settled and almost for free. The whole country of El Salvador is making transactions within the country using this technology and they’re getting remittance from outside the country far cheaper than banks.
- sellyme 5y ago> no way to reverse the transaction It boggles my mind that people genuinely believe this is a good thing, especially in an ecosystem so rife with scammers. I get that it's rather integral to the primary use cases of bitcoin, but that doesn't mean you have to pretend it's a good thing when marketing the currency to the average joe as a PayPal replacement.
- HashBasher 5y agoHow’s it bad? You have to accept responsibility when making transactions. This is tremendously beneficial for businesses and end users when making peer to peer transactions.
- sellyme 5y ago> How's it bad? Because there's absolutely no protection against fraud. This is somewhat of a problem when there's such a gigantic amount of fraud going on. > You have to accept responsibility when making transactions Yes, and so does the other party. What irreversible transactions do is give the receiving party the ability to shirk all responsibilities, because it's significantly more difficult (if not impossible) to hold them to account.