Author: Mike Hearn 2014-04-23 11:07:25
Published on: 2014-04-23T11:07:25+00:00
In credit card transactions, all the charges can be fraudulently charged back but it rarely happens. The bank investigates and terminates the accounts of people who try to do fraudulent chargebacks repeatedly. On the other hand, if 5% of bitcoin transactions could be fraudulently charged back, it is safe to assume that users of a double spend service would remain anonymous and there would be no consequences for them as the merchants they go after don't hassle their customers with strong ID checks. Therefore, it's a game they can only win.
Updated on: 2023-06-08T20:49:10.435805+00:00