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No, there are other things about Bitcoin that are highly desirable from a merchant's perspective even ignoring fees. 1. There are no unilateral charge backs wi

by pmorici 13y ago

No, there are other things about Bitcoin that are highly desirable from a merchant's perspective even ignoring fees. 1. There are no unilateral charge backs with Bitcoin and 2. You don't have to worry about keeping sensitive customer information safe. It is impossible for you as a merchant to be responsible for fraud against your customers due to stolen credit card numbers if they are using Bitcoin. It has the same properties of a Cash transaction minus the in person requirement and the potential for easy theft. In fact if you do it right it would be nearly impossible for dishonest employees to steal money from your business. Taken in isolation it's easy to say well that isn't such a great advantage but when you look at Bitcoin vs anything else on the whole the advantages are clear.

chaz 13y ago
But why would I want Bitcoin as a consumer? I want chargebacks if the merchant screws me over, I get a rebate/miles/points with every purchase, and some cards offer warranties and return protection. AmEx does a pretty good job at flagging fraudulent activity, and I'm off the hook for any related charges. Plus, there's still a risk of losing Bitcoin. The right bug/malware/vulnerability on my laptop or my smartphone can mean my BTC is lost or stolen. We all know that security is hard, and at best inconvenient -- and that people are lazy. If there are clear advantages to the vendor, it should be reflected in the price to the consumer. A 1% discount may get me interested, considering they'd save more than that on cc transaction fees alone.
- Renaud 13y ago
  Not everyone has -or can have- a credit card. Bitcoin also allows anyone to accept payment which could vastly increase the range of products and services available: we can imagine that a lot of individuals and small businesses who do not have access to credit card payments will be able to offer their services and get paid.

by pmorici 13y ago

chaz 13y ago

But why would I want Bitcoin as a consumer? I want chargebacks if the merchant screws me over, I get a rebate/miles/points with every purchase, and some cards offer warranties and return protection. AmEx does a pretty good job at flagging fraudulent activity, and I'm off the hook for any related charges. Plus, there's still a risk of losing Bitcoin. The right bug/malware/vulnerability on my laptop or my smartphone can mean my BTC is lost or stolen. We all know that security is hard, and at best inconvenient -- and that people are lazy. If there are clear advantages to the vendor, it should be reflected in the price to the consumer. A 1% discount may get me interested, considering they'd save more than that on cc transaction fees alone.

Renaud 13y ago
Not everyone has -or can have- a credit card. Bitcoin also allows anyone to accept payment which could vastly increase the range of products and services available: we can imagine that a lot of individuals and small businesses who do not have access to credit card payments will be able to offer their services and get paid.