Friends, I am mesmerized by Bitcoin, it's a great currency alternative and lots of innovation going around but to be honest everywhere I see people's are fearing a lot, they want to invest in bitcoin and yes they already invested but still fear is prevalent. Everybody fears and they are afraid mostly about the following:
1) What if someone hacks and steal my bitcoin.
2) What if government shut down bitcoin.
3) What if I buy something via bitcoin and the seller doesn't send me what I paid for.
This list goes on.... What do you guys have to say about it? Why so much fear around Bitcoin? is it time to centralize the Bitcoin so that we could shop freely so that we could have purchase protection just like visa and mastercard Chargeback policy. Decentralization is good but it truly sucks.
There is really no way to address the issue of no chargebacks with bitcoin.
I think that your main concern is that either the governments are going to shut down the bitcoin network or if you get scammed when buying something with bitcoin, and you are not able to get refunded like you usually do, right?
First of all, bitcoin is decentralized. Being a p2p network, it cannot just be shut down by the government. To do this, the government needs to shut down all nodes, which is impossible to do without shutting down teh internet.
Irreversibility in my opinion is actually one of the beauties of bitcoin, and one of its main benefits as well. Fiat currency is not perfectly interchangeable, but one bitcoin is just the same as any other bitcoin. It means a lot less risk for you to accept bitcoin. It means that there are no more "stolen credit cards" that chargeback on your business. As a buyer, use 2-3 multisig escrow, and you're good to go. I've never heard anyone getting scammed whilst using 2-3 multisig escrow because there is simply no way any of the parties can run away with the funds.
Your bitcoin is only as secure as your computer. So protect your computer and you're all good. You'll only lose coins on a secured machine if you are using an online wallet, and the wallet gets hacked. So always hold your own private keys.
