51–60 of 100 posts
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Sure, if you never need to dispute a charge, are fine with the volatility, and have an internet connection wherever you need to pay.
And don't mind almost zero privacy with regards to the transaction
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You order an item, pay in bitcoin, yet the merchant never ships the item. What now? With credit cards, you can dispute the charge and get your money back. With bitcoin, it's gone forever.
Isn’t that due to regulation? Surely we can also apply some rules to payment processors that use a decentralized network under the hood and get the best of all worlds? Visa’s operating margins are insane. I think we can do better than a global oligopoly skimming %ages of every transaction.
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And don't mind almost zero privacy with regards to the transaction
Please elaborate - why is there almost zero privacy?
If instead you perform the transaction using a cryptocurrency exchange it won't be public. However, you can't perform transactions if that exchange is down, making the argument that "bitcoin fixes this" a moot point.
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Yeah, let's just wait an hour or two for a transaction to finalize and pay a $50 merchant fee per transaction.
It wasn't always this way :-/
Why does this get to the front-page of HN is the real question..
Fintech is a major part of tech, the question is why wouldn't it be? The VISA network relies on many intermediaries and it's bound to be affiliated with some clearing house that may have been undergoing maintenance on it's servers and sine thus is HN someone may be working on said maintenance.
For what it's worth, I just used VISA to pay from my dinner in EU, and it went through no problem.
No, I’ve used my Visa cards multiple times today. Within the last few hours. Statements like that aren’t uncommon, when a store’s system goes down. I have no idea why they feel the need to exaggerate, or maybe they are just passing on here-say they got from their manger, without applying critical thinking. Maybe these things spread like the classic ‘telephone’ game. This actually happened to my friend at a festival a…
While 95% of people are understanding about this, some small portion of customers are unable to separate the store they're shopping at from the minimum wage employee they're talking to. If you say "our system is down" they'll berate you for this mistake and act like it's your fault despite that fact that you're a cashier that makes $10/hour and has no control at all over CC payments other than pressing a button on the register.
It's not worth dealing with this so you lie about it being somebody else's fault: your internet is down or it's the card processor's fault.
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https://jochen-hoenicke.de/queue/#BTC,24h,weight Where did you get this number? Transactions for as low as 1 satoshi per vbyte have been included for a while, with the average around 10 sats/vbyte. That’s like 3 cents for one transaction.
3 cents sounds like a good deal. But how do we buy a piece of bread with bitcoin at grocery store?
But you can buy servers at vultr.com or domains at porkbun.com (that's what I use bitcoin for) :)
Looks like it: https://twitter.com/search?q=visa+down&f=live and https://downdetector.com/status/visa/
Over a half dozen of those tweets are just parroting this HN post. Perhaps VISA is down, perhaps it isn't, but there's a lot of noise in the signal.
Looks like it: https://twitter.com/search?q=visa+down&f=live and https://downdetector.com/status/visa/
Over a half dozen of those tweets are just parroting this HN post. Perhaps VISA is down, perhaps it isn't, but there's a lot of noise in the signal.
The Toast system is down, too.
Lots of people tweeting at company brands complaining that they can't accept cards. Lots of exasperated retail workers, too.
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Sure, if you never need to dispute a charge, are fine with the volatility, and have an internet connection wherever you need to pay.
I’m not sure what you would need to dispute. Bitcoin, when used properly can’t be “stolen”. Compare that with Visa where every single merchant you come into contact with can steal your card, and charge arbitrary amounts to it by design. As someone who has had to go through a few disputes in recent history, depending on the bank, they treat you like a criminal and need to go though an elaborate process to dispute. And…
Eg:
1. You buy something on the internet. The merchant never ships it.
2. Your system is infected with malware and your key is stolen.
Both of these scenarios are trivial to remediate on a major credit card network in a country with reasonable banking regulations, and impossible to remediate on the bitcoin network.