Topic: A warning to Bitcoin users believing this will take over payment systems - page 2. (Read 2994 times)

I am not convincing anyone of anything. My point still stands though - can you get your Bitcoins back after a bad transaction? Yes or no?

Don't play the card that I am anti-Bitcoin which I am not in the slightest. Please mister.

This is a forum and I am free to voice my opinion which may differ from yours obviously.

Banks reimburse customers before ever recovering stolen funds. They can literally create the money to reimburse you (and essentially do, it comes from an insurance fund which is basically a proxy for that very action), so the incentive to retrieve stolen money isn't that high.


Re: ignorance; isn't it you that's here on the Bitcointalk forum, trying to convince people that chargebacks are cool and that Banks are such a great way to do business? Please

Class 1 - last week - Objective: How to make a fool out of yourself .
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Class 2 - Today - Objective: How to help a profession Googler.

Google Search: "How long does bank clearing systems take?"

Result ... "If you like faster transfers, use a more efficient bank or broker. Don’t let them get away with “2-4 days is the standard.” The standard ACH service is next-day."

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So it normally takes 2-3 for an ACH transaction to process, but the set standard is next day?

Question: How does this compare to Bitcoin & Blockchain?
Answer: It takes an average of 1hr -+, for a Bitcoin transaction to complete. Note, i didn't say next day, i said 1hr, which is 23Hrs - months faster than anything available.

Note: This includes low transaction fees, no human errors, and some privacy when required.

Actually I have dealt with scammers before and if you go to your bank and explain what's going on and provide evidence that you are the one getting scammed they can retrieve your money because as you know or maybe you don't know your money isn't permanently lost once you have made a transaction.
Good luck achieving that next time you get scammed by a Bitcoin merchant or an exchange getting breached.

I am not ignorant but my answer to you is :  The pot calling the kettle black 

Is this important to have 5-seconds confirmation time?
I guess it is if you're interested in online strip-teases, but it doesn't matter much if you use BTC to pay for a flight ticket or to order a laptop. The seller will need much more than the standard 10 minutes confirmation time to fulfill your order, so BTC's fine.

it can be true,no more good describe about bitcoin,the only mater mentioning by opwas about transaction,its major problem for bitcoin to conquer payment system,but i'm sure developer will not let this always happen.

Do you even Bitcoin?

Why should a bank be held responsible when you make the mistake of choosing a disreputable merchant? Where does the bank magic the money up from when they reimburse foolish or reckless users of that system? People like you are the problem: ignorance

I beg to differ. I was checking out different Bitcoin debit cards because I wanted to use one but apparently they have higher fees than bank debit cards. I don't completely agree Bitcoin is safer and cheaper with all the Bitcoin scams running amok and exchanges getting breached. At least if something happens to your bank account you can hold the bank accountable and get everything back while a bad Bitcoin transaction is irreversible. And how do you pay for your things every day with no cards? Are you using cash?

even with the current transactions times is much faster than lot of current money transfers, obviously much more safer, is there someone who still believe in banks? and again, obviously much more cheaper, banks are taken our money for digital transactions, what the...?; what i want to say with this is, WELL done my friend, more people will do the same as you, soon...

I believe the confirmation time will get reduced when the advancement in the processor used gets high config. Right now only based upon the hashrate the transactions were calculated.

There is no question that bitcoin is faster, safer, and cheaper than a credit card. I got rid of ALL my credit cards when I switched to BTC. If you are an online business and want my money then you are going to have accept bitcoin.

You take payments for virtual items that have no cost. Wow, so risky of you. Come back when you spend $10,000 on the raw materials for a real product and have the customer charge you back after receiving it. Online merchants shipping real products have no protection for fraud when accepting credit cards. That's why a credit card transaction isn't truly confirmed until months later, at which point it's too late for the merchant. They're already ripped off.

In any case, comparing bitcoin to credit cards is the wrong comparison. Compare a credit card processor to a payment processor that runs on bitcoin like BitPay. With BitPay, you do get instant confirmations without the fraud risks or massive fees.

100% of your naysayers are either:

1. Lying
2. Ignorant
3. Unable to think outside of the box

Poloniex accepted Zero Confirmation Transactions for XVC over a testing period of 6 months (now only 1 confirmation like BTC). Because XVC implements the ZeroTime protocol this was 100% safe. We performed transactions during this time worth 10's of thousands of dollars, depositing, selling the XVC and withdrawing the Bitcoin BEFORE the XVC was inserted into a block. Poloniex has never lost any XVC. For those not familiar with ZeroTime it is a contract between you and the recipient forged instantly and confirmed on average ~3 seconds. The contract (ztlock) lives on the network and is periodically rebroadcast via the recipient until a block event occurs. It also has an additional interrogation protocol. This July ZeroTime will be one year old and nobody has been able to break it (bounty was offered).

That said, this forkless, yes you heard me, forkless protocol can be implemented into Bitcoin in as little as two weeks. The ZeroTime locked contract gives Bitcoin ~3 second "off chain" confirmations for all parties in a secure and cryptographic manner while preventing malleability and double spending.

This topic has already been solved for a long time.

The current 10 minutes confirmation time is fine but what will be the confirmation time when all coins are mined?I guess most individual miners would be out of mining and with less miners and increased difficulty,would confirmation time be same?

VISA can be chargeback which is VERY GOOD because the frauds are so common these days.

BTC is a niche market and the people who are using it MUST admit it. BTC cannot replace anything. It's just an e-currency like e-gold.com was.

The debit/credit cards can be used anywhere, it takes seconds to make a purchase and you are "safe" in the way that you can make chargeback if you are scamed or if someone is stealing the money from card.

Now, try to make a charge back when you are using BTC  The common people needs safe not shit libertarians motto. BTC is very hard to understand by the common Joe and Joe is 99.999%  
BTC market = over 80% black market and that means once a shit like SilkRoad was closed, the BTC value droped a lot. The rest of the market is for speculator and maybe 1% belongs to so called "normal" users.

I really don't see why someone would use BTC for anything except speculation, buying weed or things like that.
 You lose money to fund your BTC account, you lose money when you want to withdrawn. Guess what?! I cannot pay my bills with Bitcoin or I cannot buy an icecream with it too. I need cash or card.

If you run a real eCommerce website and a customer wants to charge back, you can dispute the charge back IF you have proofs that you contacted the client, you identified it and he really made the purchase. It's your duty to make due diligence. Stay calm, nobody will make any charge back if you are an honest business man and you ship/deliver the items AND IF you have a good customer service. Of course, there is a little risk but that's why it's called business. Do you want a business with risk free?  Get real  

What if your BTC is stolen overnight? Don't say that you have it in a cold wallet, bla bla because many others said the same and millions were stolen

So, make money/cash now by using BTC and that's it. BTC will end(will not be used, the value will go to zero) as any other e-currency ended in the past.

False assumptions, I take PayPal payments for online gaming assets and have been for years.

A transaction through credit cards doesn't "confirm" in the same sense that Bitcoin transactions confirm.

I can trust a credit card payment instantly more than I can trust a instant Bitcoin notification of payment.

I never transact through Bitcoin without at least 1 confirm.

Plain facts you want to ignore. 

Don't bother providing your personal experience input.
This guy is just gonna say your wrong somehow without explanation.

His name should be changed to "ProfessionalTroller".

You don't run a real eCommerce site, do you? I do. Credit card transactions can be reversed up to 60-90 days. All the customer has to do is say "I did not authorize that transaction". Bam, he wins the chargeback and keeps the merchandise. No one has ever reversed a 1-day old bitcoin transaction, let alone a 90-day one.

oh ROFL

First.... it was "2MB"


then...... "5 seconds"



These shills need to PUT THE CRACK PIPE DOWN. Seriously guys.

Bitcoin does not need faster confirmation times, the way bitcoin is designed will allow anyone to build on of the blockchain which can enable instant transactions. I'm pretty sure a few payment processors provide this already.