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Cryptocoins are deliberately based on the concept of money reduced to "cash". There is no banking, there is no fraud protection. It is supposed to work that way
by friendzis 5y ago
Cryptocoins are deliberately based on the concept of money reduced to "cash". There is no banking, there is no fraud protection. It is supposed to work that way.
The whole at least somewhat civilized world has moved to a more advanced versions of money, but cryptocoins are a step backwards and it is entirely intentional.
- BoppreH 5y agoNo, cryptocurrencies are reduced to "mailing cash to an anonymous postbox", which has a lot fewer guarantees. I'm happy giving cold hard cash to buy something from a brick-and-mortar store to be delivered in the future. I'd never mail cash for that purpose.
- deltree7 5y agoBingo! There are <0.0001% of the population who understand transaction risk. If I pay $Cash for Goods, In a trustless network, both side of the exchange have to be instantaneous. I can never pay cryptocurrency for any item that are not verifiable by the network itself, unless there is another trusted 3rd party (cough cough, Credit Card Processors/Banks).