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>If bitcoin succeeds, credit mechanisms will be built on top of it, and they'll behave almost identically to credit cards, including have fraud. Why? One way t
by Xdes 13y ago
>If bitcoin succeeds, credit mechanisms will be built on top of it, and they'll behave almost identically to credit cards, including have fraud.
Why? One way transactions cut down fraud. It's not inconceivable to have a hardware digital currency wallet that can be used similar to the modern credit card. Banks could issue credit that is spendable in the same way with additional automatic escrow. Why continue to have the fraud ridden system when the alternative exists?
- wdewind 13y agoHuh? One way transactions cut down charge backs, they don't cut down fraud. It just moves the fraud risk to the consumer (and the wallets), instead of the merchants. Great for merchants, not great for consumers. Again, as merchants are already willing to take a cut to attract consumers via credit cards, it seems unlikely that consumers will be motivated to use bitcoin over credit cards.