What about Bitcoin and consumer protection during online payment?

[WilliamyShoesmaker]

Nowsaday, instead of using cash or credit card to buy online goods or service, they use Bitcoin but what about Bitcoin and consumer protection? Is there risks for consumer to use Bitcoin to buy online goods?

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[OmegaStarScream]

Are you referring to the transactions being irreversible? It's not possible to chargeback, one should just use his brain before trading with people with no trust history or services that he can't find anything about online.

[mk4]

Yep. Like OmegaStarScream said, you can't appeal for refunds like what people can do with PayPal and other payment systems, which is an advantage in my opinion, not a flaw. I've read so much posts in the past about some pesky buyers attempting chargebacks after receiving their virtual goods.

[legend018]

You might want to do some more research on how BitCoin got started and what it is all about.   

How Bitcoin works in 5 minutes (non technical): https://www.youtube.com/watch?v=t5JGQXCTe3c
How Bitcoin works in 5 minutes (technical): https://www.youtube.com/watch?v=l9jOJk30eQs

[Bitfort]

What about Bitcoin and consumer protection? How Bitoin can protect consumers?

There is no such thing in bitcoin. Same as mjglqw I don't see that's wrong. Just dumb people should stay away.

[Wirex]

While Bitcoin in itself can be a very safe store of value when taking all the right security measures, there is not much in terms of consumer protection when sending bitcoins across. This is because the core fundamental of bitcoin is to let everyone be their own bank and own their own money. Unfortunately, this also means that you are typically responsible for when something goes wrong.

With Wirex, We have a highly responsive support team who can help you with any enquiry or issue you have to give you that added degree of security (and the best part, opening a bitcoin wallet with us is completely free). We have also implemented SegWit for all our users wallets so that they can send money while paying up to 60% less in fees and we also have free transactions for users if they are sending their bitcoins to another wirex wallet. if you would like to learn more about us and what we do, feel free to visit our website.

https://wirexapp.com/wallet/

https://wirexapp.com/segwit-bitcoin-wallet-update/

https://wirexapp.com/bitcoin-money-transfers

[LupeKidman]

Until now. Bitcoin has found a solution to its new age problem. Payments will now go through escrow and will only be released once it’s confirmed by the customer that they have received the product. This, however, is not just a straight forward escrow account, Bitcoin is doing a multisignature transaction. What does that mean? Instead of the customer sending money to an escrow agent, it gets sent to two of three multisignature addresses that are created using the public keys of the customer, the merchant and the escrow agent. So, basically, the funds from the customers address can only be spent when two of the three parties cooperate.