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> because it doesn't allow chargebacks You can have chargebacks in crypto if the payment is scripted to allow chargebacks. It would be up to the merchant and t
by PretzelPirate 5mo ago
> because it doesn't allow chargebacks
You can have chargebacks in crypto if the payment is scripted to allow chargebacks. It would be up to the merchant and the buyer on whether or not to allow that, and who would mediate the dispute.
- epolanski 5mo agoHow do you script a chargeback with Bitcoin payments?
- vova_hn2 5mo agoOne of the options: money go to a 2/3 multisig address, 1 key is controlled by the customer, 1 key is controlled by the service provider, 1 key is controlled by an escrow service.
- miki123211 5mo agoAnd unlike in trad fi, you can have the dispute mediator / escrow manager / trustee be physically limited in what they can do with the money. Visa can run away with your unclaimed payouts (if forced to do so by law enforcement for example). This doesn't have to be true in crypto; you can set things up so that the third party can either release the money to the payee or send it back to the payer, without giving them the capability to send it to some arbitrary address of their choosing.
- akerl_ 5mo agoThat's not a chargeback, that's an escrow service.
- PretzelPirate 5mo agoThat is charge back. Even with a credit card, your bank is the mediator between you and the merchant.