alt Hacker NewsChargebacks of legitimate purchases on most large platforms are extremely rare. Most will be from stolen cards. On most large platforms, if you start a chargeback you can expect your account to get locked. Do you want to give up your entire account just for a refund on one purchase? Luckily these large platforms typically have their own refund process.
>Chargebacks of legitimate purchases on most large platforms are extremely rare. Most will be from stolen cards.
I never used ecommerce back in the day on the internet but I can imagine that ecommerce fraud was widespread. And that's why excluding other reasons Satoshi invented Bitcoin[0].
I wonder if cryptocurrencies didn't exist would someone nowadays burn the midnight oil to figure out P2P crypto coin since modern payment solutions are fairly good.
Tbh I think Satoshi invented technology around which he wanted to build products unlike Steve Jobs who said that you first need to figure out the product then build technology.
[0] "Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party" https://bitcoin.org/bitcoin.pdf