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December 28, 2013, 09:58:55 PM |
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Vervolioman is absolutely correct. Online banking is centralized in every way, and it really says something about crypto that it is gaining popularity even over the banks. I personally find it preferable to have a short wait time during transactions to confirm it is really going to happen, rather than an instant purchase with a margin for error.
Say I withdrew 200 dollars from the bank, and 20 seconds later I spent 200 dollars using my debit card. The debit card transaction would actually post first, making my withdrawal illegal if I only had the 200 dollars in funds to begin with. BUT, since I already had the money in hand, there would not be a thing the bank could do about it if I had overdraft protection other than do a chargeback, and even that in itself would not GUARANTEE I returned the items I purchased.
Crypto prevents this from happening by processing transactions in the order they are received, and granting them after x number of confirmations. If I tried the aforementioned scam with a cryptocurrency, my withdrawal would post first and negate the debit, as things should be.
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