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I disagree. I don't think there's any benefit of having to wait upwards of 10 minutes for a BTC confirmation, compared to credit cards which authorize in secon

by steven2012 13y ago

I disagree. I don't think there's any benefit of having to wait upwards of 10 minutes for a BTC confirmation, compared to credit cards which authorize in seconds and offer you a lot of protection from fraud. If I buy something through a BTC transaction, I have no recourse, much like a cash transaction, vs credit cards which have been regulated to provide customers with a lot of protection.

deleted 13y ago
[deleted]
dllthomas 13y ago
You are myopically looking only at the experience of the payer during the transaction (and perhaps after). There is a whole lot more going on that adds friction. To accept credit cards I need to fill out a bunch of paperwork, wait for blessing (which might be withheld), and then pay transaction fees on every exchange that are way higher than bitcoin transaction fees. They are likely to stay way higher since bitcoin allows direct competition on the basis of transaction fee. Then I'm faced with the possibility that the charges will be disputed! To use credit cards, I need to fill out a bunch of paperwork, wait for blessing (which may be withheld), and only then can I easily make these payments - with the acknowledged advantages you cite. I may also have to pay an annual fee, but that's often waived because - analogous to web advertising - VISA wants larger numbers to better convince businesses they need to accept VISA. Bitcoin is also substantially more resistant to fraud in one particular dimension: I am not constantly handing out my secret to every waiter and website I interact with.