Topic: Chargebacks - page 2. (Read 3897 times)

A chargeback system doesn't necessarily protect the consumer. Here's a link explaining why porn industry merchants prefer credit cards.

https://bitcointalk.org/index.php?topic=392310.0;topicseen

In nearly all the posts I read regarding Bitcoin people mention that irreversible transactions are fantastic and the way forward.
 
I can understand this from the point of view of businesses but not from the point of view of the consumer. Why would people switch to start paying in BTC if they have no comeback should whatever it is they purchased not be as described or not received?

I read it all the time, people saying how they sent x thousands of $ to a random company they found on the internet in expectation that they would receive BTC in return - of course many people get ripped off and have no comeback as they are sending payments by non reversible methods.

If Bitcoin will continue to gain ground it will not only change how payments are sent and received but will change the very nature of how things are done leading to a survival of the fittest scenario where people not blessed with a large amount of common sense end up penniless and destitute.

I have read so many sob stories on this forum from people who have sent money for BTC to a company with no address listed on their site based in some backward country that it makes you think how could someone be so stupid? I have also read recently someone who sent money 3 times to the same company as each time they gave an excuse as to why they needed more? I mean come on!

Just wondering if the general consensus from long time Bitcoin users is that if someone is stupid enough to send money to a company that is so obviously not legitimate they deserve to loose their money?

I had to do a chargeback for a Thai ferry company who said I hadn't paid them for my tickets when the transaction actually had gone through. We still needed to use the ferry so I ended up paying with cash closer to the date in a brick and mortar office. After trying to contact them several times when I got back with no success I asked my credit card company to do the chargeback. Overall it was a massive waste of my time (and probably the CC company's), and the ferry company ended up with a black mark against it, presumably because of bad back office software or bad accounting. (The ferry company is generally reputable and the actual trips went fine).

I think if I had paid with Bitcoin escrow for this service it would have been much simpler. They would have been forced to issue the e-ticket before receiving any funds. If they hadn't issued the e-ticket and I'd ended up paying in cash, I would have wasted a little bit of time on my end... and that's it.

One thing that might help in this kind of situation where a merchant with high transaction throughput uses Escrow would be to perhaps show their Escrow "success rate", a bit like a consumer credit rating. But I'm not sure about the implications of this.

There's a huge market here.

they will refund you the coin by sending it back 

how business normally make refunds

The irreversible nature of bitcoin is great for people in third world countries like Nigeria who can't normally order via credit card online because of all the credit card fraud going on.

The lack of a discount fee should also allow merchants to set lower prices for people who pay in bitcoin.

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Get 420 with bitcoins at zeltasgarden.com

In nearly all the posts I read regarding Bitcoin people mention that irreversible transactions are fantastic and the way forward.
 
I can understand this from the point of view of businesses but not from the point of view of the consumer. Why would people switch to start paying in BTC if they have no comeback should whatever it is they purchased not be as described or not received?

I read it all the time, people saying how they sent x thousands of $ to a random company they found on the internet in expectation that they would receive BTC in return - of course many people get ripped off and have no comeback as they are sending payments by non reversible methods.

If Bitcoin will continue to gain ground it will not only change how payments are sent and received but will change the very nature of how things are done leading to a survival of the fittest scenario where people not blessed with a large amount of common sense end up penniless and destitute.

I have read so many sob stories on this forum from people who have sent money for BTC to a company with no address listed on their site based in some backward country that it makes you think how could someone be so stupid? I have also read recently someone who sent money 3 times to the same company as each time they gave an excuse as to why they needed more? I mean come on!

Just wondering if the general consensus from long time Bitcoin users is that if someone is stupid enough to send money to a company that is so obviously not legitimate they deserve to loose their money?

In nearly all the posts I read regarding Bitcoin people mention that irreversible transactions are fantastic and the way forward.
 
I can understand this from the point of view of businesses but not from the point of view of the consumer. Why would people switch to start paying in BTC if they have no comeback should whatever it is they purchased not be as described or not received?

I read it all the time, people saying how they sent x thousands of $ to a random company they found on the internet in expectation that they would receive BTC in return - of course many people get ripped off and have no comeback as they are sending payments by non reversible methods.

If Bitcoin will continue to gain ground it will not only change how payments are sent and received but will change the very nature of how things are done leading to a survival of the fittest scenario where people not blessed with a large amount of common sense end up penniless and destitute.

I have read so many sob stories on this forum from people who have sent money for BTC to a company with no address listed on their site based in some backward country that it makes you think how could someone be so stupid? I have also read recently someone who sent money 3 times to the same company as each time they gave an excuse as to why they needed more? I mean come on!

Just wondering if the general consensus from long time Bitcoin users is that if someone is stupid enough to send money to a company that is so obviously not legitimate they deserve to loose their money?

Interesting point OP has. One thing that has kept me from ordering anything from websites yet is the possibility of me not receiving the item etc. Would they sound out a replacement if it never turned up, or what rights would I have if they never sent it out of provided any proof of doing so?

It seems then that Bitcoin can be portrayed as being bad for start-up companies as they have not had time to build trust. A new company will be viewed as being high risk and will likely not get very far due to preconceived feelings that they 'must' be con men.

I think escrow most definitely is not the future - companies rely on cash flow to survive - if they have to wait until the buyer confirms receipt of an item and then wait for the escrow agent to release the funds before they actually receive them they could go out of business.

Don't get me wrong I am a fan of Bitcoin but I feel that one of the main reasons for Bitcoin - to give control back to the little guy - will do the exact opposite, where people will trade with large companies as they simply don't trust anyone else.

It seems then that Bitcoin can be portrayed as being bad for start-up companies as they have not had time to build trust. A new company will be viewed as being high risk and will likely not get very far due to preconceived feelings that they 'must' be con men.

I think escrow most definitely is not the future - companies rely on cash flow to survive - if they have to wait until the buyer confirms receipt of an item and then wait for the escrow agent to release the funds before they actually receive them they could go out of business.

Don't get me wrong I am a fan of Bitcoin but I feel that one of the main reasons for Bitcoin - to give control back to the little guy - will do the exact opposite, where people will trade with large companies as they simply don't trust anyone else.

Escrow is just a OPTION, you don't NEED to use. If you are worry about fees, trade directly with the seller/buyer.

When using an irreversible payment method, consumers have to make a conscious effort to transact with businesses that have a solid history of being honest and trustworthy, or use escrow.  Consumers that aren't ready and willing to take on this responsibility, shouldn't be using irreversible payment methods.

... In the future, escrow-based transactions will be much more commonplace. Buyer doesn't have to trust the seller, seller doesn't have to trust the buyer, both just have to trust the escrow agent. Much better than current ebay / paypal "mess / scams" with disputed transactions.