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This is what third party escrow services are for. They can use the Bitcoin as a framework to utilize customer protection if it's implemented right.
by M4v3R 13y ago
This is what third party escrow services are for. They can use the Bitcoin as a framework to utilize customer protection if it's implemented right.
- JohnTHaller 13y agoA 3rd party escrow I have to trust. Also without regulation. Likely, consumers wouldn't trust such an entity unless it was rather large, already known, and otherwise regulated. Like a bank. Consumers can trust those. Of course, the bank would want an escrow fee. Probably on par with the standard credit card fees.
- BrokenPipe 13y agoOr much much lower cause you bring worldwide competition with no infrastructure. Disclaimer: I'm with GreenAddress.it
- JohnTHaller 13y agoYeah, see, consumers like infrastructure. Someone they can call with issues. And to know that it's not just a server rack in some random semi-secure data center run by another fly-by-night-hacked-next-week bitcoin startup. And that you have insurance on the whole thing against theft, fire, hacks, etc. And that you're properly following all the government regulations for being a money transmitter.