Re:Ask HN: What real world problem does cryptocurrency solve?
by sjducb on Monday February 14, 2022 @09:05AM
(#30332106)
The worst case with credit cards is not lost money. It's identity theft. Give your credit card info to the wrong person and you'll end up dealing with tens of thousands of pounds of loans taken out in your name.
Re:Ask HN: What real world problem does cryptocurrency solve?
by samwillis on Monday February 14, 2022 @09:20AM
(#30332299)
Identity theft from stolen card details is highly unlikely. Possession of credit card detail are never used as a proof of identity. They have your name and address from shipping information even with Crypto.
This is worse than if you use a credit (or debit in some places) card. With a credit card you have a legal protection and the card issuer has to refund you if the product or service isn’t delivered, it’s called a chargeback. Crypto has no consumer protections, traditional payments do.
Crypto is irreversible (in most cases) by design, that will always be worse for the consumer and “better” for the vendor. Essentially making it easier to defraud people trying to make purchases.
The only time this works is if the vendor is unable to take credit card payments because they are selling something illegally, but that’s not the example you used.