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I'm sure your comment will get bashed plenty... But, I'll admit to thinking the exact same thing. 2-3% transaction fees and the BS admin overhead that comes wi
by bequanna 13y ago
I'm sure your comment will get bashed plenty...
But, I'll admit to thinking the exact same thing. 2-3% transaction fees and the BS admin overhead that comes with accepting CC payments is ridiculous.
Oh yea, and merchants are (usually) liable if they accept a stolen credit card. What a crappy system...
- jusben1369 13y agoBitcoin is only "no or low fees" because it has no regulations and protections. It'll need those to get broad government, consumer and merchant adoption. And then it won't be fee free.
- nathancahill 13y agoWhy would it need regulations and protections?
- 21echoes 13y agoit's also free because the payment processors, the "miners", are payed by freshly-made bitcoins. once we hit the max number of bitcoins, they'll charge fees to run the "mines".
- bequanna 13y agoOK, I'll bite. In your opinion, what regulations/protections are required that don't currently exist?
- lmm 13y agoFor me to start using a mechanism to pay on the internet, there would need to be a way I can get a refund if it doesn't arrive, or is broken, or the company goes out of business, or if my computer was hacked to make the payment. I would have to be confident that I could call up and get a refund even without having kept careful documentation of the interaction. And there would have to be history/legal precedent backing that up.