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Author Topic: Taking the risk out of bitcoin  (Read 1043 times)
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July 26, 2011, 04:55:52 PM

It seems pretty obvious that bitcoin has a lot of risk at the moment. The risk isn't because of bitcoin per se.
It's because bitcoin is cash like. I someone purchase something with bitcoin it is akin to sending the seller cash through the mail.
Most people don't do this because of the risk that is involved if the seller is perpetrating a fraud.

In the US, the legal remedies for interstate transactions are really shitty with cash. One reason being, there is no Federal Small Claims Court.
International transactions are even worse.

How the law treats bitcoin is a big unknown but as we can see even if it where legally treated as cash there would be issues.

Any ideas on how to remove the risk?
Private arbitration?
"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." -- Satoshi
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Jaime Frontero
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July 26, 2011, 05:01:56 PM

escrow can be helpful.

otherwise, be careful.  know your merchant.
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August 02, 2011, 02:53:18 AM

Escrow already exist, have like 4 that I'm aware of including mine.
We are also providing arbitration services as long as resolution center.
This will in fact remove the risk a lot in bitcoin transaction. Use that along with best practice in order to avoid fraud or scam and you,ll be safe at 99.9%.

I'm currently working on a buyer / Seller aware tips in order to process transaction secure using our escrow services.

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