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A comment on Square obtains NY State cryptocurrency license. Parent comment

Re:Square obtains NY State cryptocurrency license by glitchc on Monday June 18, 2018 @02:15PM (#17340371)
I'm not buying the cheaper argument. Which part of transacting on the Bitcoin network is cheaper exactly? Mining is cost-intensive, and transaction fees are at least an order of magnitude higher than Visa. Equating SWIFT to Visa is also disingenuous as the former is meant for cross border settlements where the restrictions are regulatory (AML), not technology. Switching to Bitcoin doesn't mean Square or any other institution can simply ignore AML laws.

I see this mainly as a service they wish to provide to a segment of their customer. I also expect it to be a loss leader and shut down over time.

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Re:Square obtains NY State cryptocurrency license by retrogradeorbit on Tuesday June 19, 2018 @07:11AM (#17345508)
"transaction fees are at least an order of magnitude higher than Visa"

Transaction fee on bitcoin presently is an average of 60c [1]. Visa is around 2% + 0.10. Thus for transfers over about 25 USD, bitcoin (presently) is cheaper. And that's not considering terminal fees, payment gateway fees, annual fees, monthly fees, early termination fees, statement fees and so on.

[1] https://bitinfocharts.com/comparison/bitcoin-transactionfees...

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Re:Square obtains NY State cryptocurrency license by jes5199 on Monday June 18, 2018 @03:20PM (#17340931)
maybe they'll get on the Bitcoin lightning network
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Re:Square obtains NY State cryptocurrency license by grubles on Monday June 18, 2018 @03:33PM (#17341018)
https://techcrunch.com/2018/03/15/lightning-labs-just-raised...
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Re:Square obtains NY State cryptocurrency license by dick_sucker2 on Monday June 18, 2018 @02:20PM (#17340412)
No chargebacks?
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Re:Square obtains NY State cryptocurrency license by glitchc on Monday June 18, 2018 @02:27PM (#17340479)
Is that meant as a positive or a negative, as chargebacks help the consumer, as does non-repudiation. The general public wants these features in our exchange mediums.
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Re:Square obtains NY State cryptocurrency license by dick_sucker2 on Monday June 18, 2018 @02:39PM (#17340579)
It forces arbitration with the business in the case of a dispute. Wouldn't payment processors and businesses want that?
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Re:Square obtains NY State cryptocurrency license by s73v3r_ on Monday June 18, 2018 @03:25PM (#17340970)
Consumers don't want that.
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Re:Square obtains NY State cryptocurrency license by DINKDINK on Monday June 18, 2018 @04:04PM (#17341244)
You can build a system that allows charge backs on a system that doesn't allow charge backs but you cannot build a system without charge backs on a system that does allow charge backs.

These escrow products already exist for customers on Bitcoin.

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Re:Square obtains NY State cryptocurrency license by paulie_a on Monday June 18, 2018 @04:44PM (#17341549)
That's not a feature it is a drawback.
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Re:Square obtains NY State cryptocurrency license by craigc on Monday June 18, 2018 @05:38PM (#17341883)
It is actually a feature. From the original Bitcoin whitepaper:

> Transactions that are computationally impractical to reverse would protect sellers from fraud.

https://bitcoin.org/bitcoin.pdf

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Re:Square obtains NY State cryptocurrency license by paulie_a on Monday June 18, 2018 @05:55PM (#17341964)
As a buyer I wouldn't use it then.
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Re:Square obtains NY State cryptocurrency license by craigc on Monday June 18, 2018 @06:01PM (#17341987)
Mmm. I am not sure if Square actually lets you transact using Bitcoin or if this is just about purchasing and selling it to hold it as an investment. I haven’t actually tested it out.
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