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Author Topic: Bitcoin for buyers vs sellers  (Read 559 times)
whtchocla7e
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January 18, 2014, 03:58:41 AM
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As a seller, I want to be paid with Bitcoin since the transactions are irreversible (so that I can avoid being scammed)

As a buyer, I do not want to pay with Bitcoin since the transactions are irreversible (so that I can avoid being scammed)

Any way to reach a compromise here? Thoughts?
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January 18, 2014, 04:05:04 AM
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January 18, 2014, 04:10:51 AM
 #3

As a seller, I want to be paid with Bitcoin since the transactions are irreversible (so that I can avoid being scammed)

As a buyer, I do not want to pay with Bitcoin since the transactions are irreversible (so that I can avoid being scammed)

Any way to reach a compromise here? Thoughts?
Since the exact same problems exist with dollars and credit cards and people reach compromises for those, I would think it wouldn't be difficult at all to reach a compromise. For example:

As a buyer, I want to pay with credit cards since the transactions are reversible (so that I can avoid being scammed)

As a seller, I do not want to be paid with credit cards since the transactions are reversible (so that I can avoid being scammed)

The simplest solution, IMO, is to buy only from sellers whose reputations are sufficient to justify trusting them. The best solution that I know of is for the merchants to offer insurance (protecting the customer from the merchant's non-performance) to their customers at the merchant's expense. This is basically what happens with credit cards, except the costs there are much higher because they also have to insure against unauthorized transactions. For reputable merchants, this would cost almost nothing since they have no incentive not to perform.

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hammo
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February 06, 2014, 10:59:09 PM
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The simplest solution, IMO, is to buy only from sellers whose reputations are sufficient to justify trusting them.


Interesting point, Ebay had exactly these problems when they first started and have solved the problem already through a rating system (although that can be scammed with fake accounts)

So what about a change to bitcoin that allows for a confidence rating to be associated with an address, or is this a development opportunity for a third party website to do the same, where you paste the address to get a confidence rating. Merchant's might use the same holding address to build confidence for their business and customers might take the time to provide feedback if it is simple and are keen to improve the community.
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