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As a consumer I also actually like the chargeback and other protections afforded to me by paypal and credit cards. The flip side is higher price charged by mer
by kiba 14y ago
As a consumer I also actually like the chargeback and other protections afforded to me by paypal and credit cards.
The flip side is higher price charged by merchants due to higher processing fees. Not to mention that paypal will close down your accounts whenever they feel that you are too suspicious.
Of course, with bitcoin, merchants will charge lower fees since they no longer have to worry about chargebacks. Nobody also can't prevent you from spending bitcoin as you like(as long it's your personal wallet).
- Nursie 14y agoAs I said, I actually like these features of paypal and CCs, even if prices are slightly higher as a result. I definitely agree that competition in this space would be good, but I don't think throwing out consumer-friendly features is the answer. To me, "no longer have to worry about chargebacks" is the same thing as "can take your money and run, and there's nothing you can do about it".
- kansface 14y agoCredit cards are a completely different model. When you hand someone your CC, you say, "please take exactly the amount of money I'd like you to and no more. Oh, and don't take any money out in the future, either." Only stolen bitcoins have this problem.
- Nursie 14y agoNot really. You're saying "I authorise exactly this amount of money and no more", and if they then take any more or don't deliver the service it's fraud, and you're protected from that by consumer credit law (at least you are here in the UK).
- nwh 14y agoSame. It empowers me as the consumer to get exactly what I paid for.
- Retric 14y agoRaw bit-coins can't do fast transactions without risking double spends. Which limits you to a ~20 min checkout process or using 3rd party services then you deal with whatever their rules are.