Comment by konschubert
3 years ago
It is crazy how much credit card companies get paid just for making sure that money goes from A to B.
Yes, they also offer fraud protection and chargeback, but in 90% of purchases, I don't need those. I have other means of establishing trust and recourse, and I just want to send money, instantly.
Paying $200 on the internet should cost $0.01, not $10.00.
I think there is tremendous opportunity in unbundling payment and fraud protection.
My intuition is that the existence of fraud protection probably lowers the incidence of people attempting fraud.
I'm someone who (still!) believes in the Bitcoin project but I'm hesitant to use it for online payments because if someone rips me off there's no one I can go to for help.