How superior btc is to credit cards

[jubalix]

I was trying to buy something on the web the other day and they didn't use BTC,

At the same time I was buying another service using BTC on another site.

The difference cannot be overstated. BTC went almost instantly (they used bitpay) and service on in seconds, in fact before I even had time to shut the window.

I had to do a double take and check the addresses, to maker sure....it was so fast. I *think* this is because Bitpay accept zero confirms.

Any how using the credit card, waited ages for the transaction, then the provider got antsy about back charges as I was using a vpn to make the payment, later at a critical time they suspended service because they were still worried about back charges. I eventually gave up on the service. I mentioned they should be using BTC.

It hit home to me how the business that does not have to fear charge backs fraud etc, has a huge overhead risk removed and how much faster BTC can be.

Its hard to see how BTC won't take over all internet business transactions.

I know I am preaching to the converted, but still.....you could not do this just a few years ago

[lihuajkl]

No charge back for merchants. But customers fear it is difficult to claim refund back when problems arise. They need time to accept the advantage rather than to focus on the drawback of BTC.

[pawel7777]

No charge-back risk and small tx fees are huge advantage from the seller's point of view. But they should share the benefits with the buyers by offering discounts for bitcoin payments. They still would pay less fees (comparing to cc payments) and buyers are happy to save some money. Everybody wins.

[Honeybooboo]

Both have their pros and cons and both rely on the speed of the payment processor. Obviously I'm a big fan and promoter of BTC but I've never really had any issues with the speed of credit or debit cards.

[redsn0w]

For the same reasons of it is above of paypal . No chargeback , low fees , no freeze account , anonymity .

[Lethn]

As others have said, no charge back risk, small fees, also, one thing people haven't mentioned when talking about Bitcoin very much is that people will not be able to lend more than they have or borrow more than they have, the supply is better fixed than gold because it is on a global network so if somebody random is claiming they have millions of coins you'll know they're lying, exchanges have actually been caught already lying about their trade volume and it's thanks to these systems people were able to spot it almost immediately.

I believe one example I saw was some Chinese exchange startup that was claiming it has thousands of Bitcoin in volume even though it had only been up a few days.

[pawel7777]

No charge back for merchants. But customers fear it is difficult to claim refund back when problems arise. They need time to accept the advantage rather than to focus on the drawback of BTC.

True, the buyers' fears of no charge back options may slow down the adoption. No idea whether Bitpay have any sort of protection from scam sellers.
On the end of the day, you can still take a legal actions against fraudulent sellers, so it's not like you're completely defenceless (as long as you make sure you're buying from registered, non-anonymous business).
If there's ever a big demand for increased buyer protection, you can always get a 3rd party, trusted company providing payment processing and dispute resolution (buyer protection), it's pretty easy to do.

[Honeybooboo]

For the same reasons of it is above of paypal . No chargeback , low fees , no freeze account , anonymity .

Whilst I agree the inability to make a fraudulent chargeback is great for Merchants there could be problems with getting your money back if there's ever a problem with your purchase. Paypal and cards may have many problems but if you don't recieve your item or your account it stolen you're usually covered.

[azguard]

Both have their pros and cons and both rely on the speed of the payment processor. Obviously I'm a big fan and promoter of BTC but I've never really had any issues with the speed of credit or debit cards.

Yes you are right only good thing with BTC is that have fixed fee rate witch is good for large amount of transaction.

Ass mentioned above everything have his good and bad sides.

[Cream]

I was trying to buy something on the web the other day and they didn't use BTC,

At the same time I was buying another service using BTC on another site.

The difference cannot be overstated. BTC went almost instantly (they used bitpay) and service on in seconds, in fact before I even had time to shut the window.

I had to do a double take and check the addresses, to maker sure....it was so fast. I *think* this is because Bitpay accept zero confirms.

Any how using the credit card, waited ages for the transaction, then the provider got antsy about back charges as I was using a vpn to make the payment, later at a critical time they suspended service because they were still worried about back charges. I eventually gave up on the service. I mentioned they should be using BTC.

It hit home to me how the business that does not have to fear charge backs fraud etc, has a huge overhead risk removed and how much faster BTC can be.

Its hard to see how BTC won't take over all internet business transactions.

I know I am preaching to the converted, but still.....you could not do this just a few years ago

Payment once sent would be final on every payment network if there weren't frauds and identity theft around online world.Transactions would be more secure and easy and people would be more worry free.

[bornil267645]

I prefer credit card because if it disappears someday then I can make an appeal.

[blatchcorn]

I prefer credit card because if it disappears someday then I can make an appeal.

Sooner or later consumer protection will be in place with Bitcoin.  This is just enough repeat of online shopping

[Soros Shorts]

I prefer credit card because if it disappears someday then I can make an appeal.

Sooner or later consumer protection will be in place with Bitcoin.  This is just enough repeat of online shopping

Yes, and with BTC the consumer will have the choice of whether to opt-in or not for this protection. Many times I don't want this protection yet my CC company tries to "protect" me from paying merchants that they think are suspicious.

"For my protection" - my ass!

EDIT: I've also had problems with CC and paying large amounts. Last year when I tried to pay for Bitfury rigs (@ $19.8K each) Chase kept canceling my transaction because they thought that this was highly unusual. This was even after I called their security department. I eventually ended up paying with another bank's CC, but my order was delayed because of this..

[InwardContour]

With bitcoins you can transfer millions of dollars with a very small transaction fee without paying the banks.

[Starscream]

Charge back has its purpose.

How comfortable would you be paying with BTC to a novice seller? I wouldn't.

So from that POV BTC payments might kill novice/small sellers unless you could somehow implement buyers protection.

[Timetwister]

No charge-back risk and small tx fees are huge advantage from the seller's point of view. But they should share the benefits with the buyers by offering discounts for bitcoin payments. They still would pay less fees (comparing to cc payments) and buyers are happy to save some money. Everybody wins.

That's already happening in sites like Newegg. If stores want to encourage people to use Bitcoins, they have to give them a good reason.

[clickhero]

NewEgg promo is really helpful to spread the word about bitcoins, hope some other big companies will follow them.

[ensurance982]

The only thing where Bitcoin is vastly superior to Credit Cards is when it comes to the fact that only you control where your BTC go, people can't simply charge your Bitcoin address with something. The mere concept of Credit Cards is different to Bitcoin itself. Bitcoin effectively is the underlying currency. Credit Cards provide a specific service to their users above the currency level.

[Kickstart4]

CC is used everywhere and BTC isn't. If you use debit card then company also gives you bonus points which you can redeem later

[ensurance982]

CC is used everywhere and BTC isn't. If you use debit card then company also gives you bonus points which you can redeem later

Yeah, and they build a profile of you and your expenses. People don't care, at that's exactly the reason why this advantage of Bitcoin doesn't do the trick for most people, still it is sad. But don't forget that there still are people who are concerned about their privacy and actively work on protecting it.