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> Fraud protection in the sense that, if you protect your private key no one can steal your bitcoins. To swap out a word or two: "Fraud protection in the sense
by privong 13y ago
> Fraud protection in the sense that, if you protect your private key no one can steal your bitcoins.
To swap out a word or two: "Fraud protection in the sense that, if you protect your wallet, no one can steal your cash."
I don't think that matches the commonly understood meaning of "fraud protection".
- beedogs 13y agoRight, except it isn't a physical object like cash is, it can't be stolen from your person like cash can, and most people keep nearly all of their 'cash' in electronic accounts anyway.
- LaGrange 13y agoThe snarky parent was probably trying to say that „theft protection” might be a better term.
- indrax 13y agoI agree with your interpretation, but bitcoin eliminates that kind of fraud, while requiring you to protect against theft.
- baddox 13y agoIt's not just theft protection though. Bitcoin provides protection from forms of fraud which specifically use mechanisms in a currency or transaction system, like chargebacks on PayPal (a ubiquitous form of fraud), or fake Western Union payments.
- dragonwriter 13y agoChargebacks may be a mechanism of fraud by purchasers against sellers, but they are also a tool for addressing fraud by sellers against purchasers.
- baddox 13y agoI prefer a user-securable account (like Bitcoin) over a laughably insecure account (like credit cards, where your "authentication" details are just a handful of numbers that you have to share with everyone you transact with) with a dispute resolution team.