Can checks be revoked? That would be bad because you can't get back your bitcoins right?
You're fine after it clears, which is why this is a kind of an issue. It takes time to clear, so this would be a very slow way to buy bitcoins. Therefore its going to be a very unpopular way of doing it.
Not necessarily true there are a few possibility's that might be rare but can happen. Say someone is writing checks and forging name of someone else might pass... and person notice on billing cycle.
There are other ones two. But yes clearing does help with most issues.
When a check is cleared, you are guaranteed to keep your money, because the process of clearing the check is verifying if its a legit transaction in all aspect. Clearing is not equal to receiving your money. You actually receive the money before the check clears.
This is because the banks legally have to give you the money within a week, but it actually take longer for a check to actually clear. So while you will receive the money after a few days in your account, if you want to legally spend it, you have to wait for the check to actually clear, which can take days to weeks longer.
Because this literally takes forever, people don't use check for this. The seller would have to wait something like 3 weeks before releasing the BTC. This would be pretty pointless for the buyer as well.
TLDR: Using Personal checks is bad for Bitcoins. But i guess a certified check would work fine.
You would be right in most cases. I just don't believe in saying 100 percent all is true. In most cases yes clearing would be great and your all set, but I think of flaws.
Say a payment from a check comes out that you did not authorize it's possible to get cleared by bank, you don't notice till next statement. There could be different reasons for this. Low possibility of it happening but it is not unheard of.
But I can see your point on it being right almost all of the time. And I could be wrong I am not a banker so in no way expert in checks.
That would mean that the check is counterfeit, and that they verified the counterfeit check and that it was verified to be legit, with a legit signature. I don't think thats possible, but if it happened, at that point they probably destroyed the check and it would be impossible to prove that it is.
That would sound like a nightmare. Its not something that can happen with the electronic version, so i think this method should just get phased out of existence seeing how inefficient it is.
