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Personal check is a quasi-promissory note binded whose legal-teeth for recovery through law enforcement. “0-conf bitcoin” has no legal teeth for recovery … yet

Personal check is a quasi-promissory note binded whose legal-teeth for recovery through law enforcement. “0-conf bitcoin” has no legal teeth for recovery … yet so there is no enforcement (except for the merchant to chase after the scofflaw). “Money is forthcoming”. Bank cheque is a bank-guarantee binded by banker self-verification (almost always good) with no takeback (voiding) mechanism. “block-chain confirmed” is always a good transaction with no clawback mechanism so you must wait until it’s confirmed before receiving your merchandise. “Cash is king.”

PretzelPirate 5y ago
> has no legal teeth for recovery … yet so there is no enforcement In this case, Steam was selling a digital good that they could be fully revoke if the funds never arrived, so the check ability works very well. It would have been even better on a smart contract platform where the game license would exist on the chain itself and couldn’t be purchased via a double spend, Chain re-orgs would also sort themselves out in a fully on-chain system.