Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017...
by gruez on Monday November 30, 2020 @06:09PM
(#25260223)
>And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% below the current price the 24hr average.. are you suggesting that the exchange rate is 1% above the 24avg, or 4% below the current price, meaning the seller is eating 4% of the current price? That certainly does not make any sense.
That was based on how I remembered some merchants handled conversion a few years ago. I just did a test with coingate and the spread between their rate and the market rate is under 0.05% (yes that's a fraction of a percent, not 5%).
>I agree the seller can't really get scammed, but the buyer has --zero-- recourse
I don't disagree that credit card protections are good for the consumer. The problem is that there's no opt out (eg. horror stories about people's paypal accounts being frozen because of a surge in donations), and you're forced to use the bank (or credit card company) as the escrow.
And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% below the current price the 24hr average.. are you suggesting that the exchange rate is 1% above the 24avg, or 4% below the current price, meaning the seller is eating 4% of the current price? That certainly does not make any sense.
>But how are you going to get scammed accepting bitcoin? It's not like it's easy to forge a bitcoin.
I agree the seller can't really get scammed, but the buyer has --zero-- recourse. So sure the seller loves it because there is no recourse and they can add a nice spread (my first point). But the buyer does not.
Whereas credit cards- both parties get benefits (even if it skews toward the buyer, however that is a good thing, it shouldn't be equal.. the seller has more information about the transaction thus the buyer should have more recourse).