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Can't respond to individual comments - chargeback protection is NOT a credit-card thing - it's a consumer protection called Regulation E that all payment proces
by tomasien 13y ago
Can't respond to individual comments - chargeback protection is NOT a credit-card thing - it's a consumer protection called Regulation E that all payment processors must have. We have it for ACH for example.
- srdev 13y agoThat seems to be at odds with how Bitcoin works with the handful of large retailers that accept it. Reading online experiences, there are a subset where they order something at Overstock/Tiger Direct, the order does not go through, but the Bitcoins are sent, and they are told to complain to Coinbase. The alternative is I spend 5 minutes on the phone with a third party to issue a chargeback. ACH are also reversible by a third party (the bank). Is my understanding flawed? How does a chargeback work when a third party does not exist and the protocol does not allow chargebacks. Edit: Note that the merchant itself doing a refund is not equivalent. The important feature of a chargeback is that its a third party issuing it.
- gamblor956 13y agoRegulation E only applies to specified forms of electronic funds transfer. For example, it would not apply to prepaid cards. It is not clear that Regulation E would apply to Bitcoin transactions, and so far most retailers and BTC payment processors have taken the stance that Regulation E does not apply to BTC transactions.
- tomasien 13y agoSolid point. Sometimes I forget if I'm talking about Knox or BTC - either way, Reg E is NOT a CC thing