Bitcoin Non-Technical FAQ

Oleg Andreev - Bitcoin Non-Technical FAQ

Bitcoin Non-Technical FAQ

Unlike Visa, MasterCard and PayPal, all bitcoin transactions are final and cannot be reversed. Chargeback thus can be performed based on a good will of the seller. On the other hand, Bitcoin transactions do not just express transfer of funds, but may also express complex contractual agreements. For instance, one may create a transaction between a seller, a buyer and a mediator. If seller and buyer agree on a transaction, mediator cannot cancel it. But if there is a conflict, then mediator may side with either buyer or seller to decide who receives the money. This way Bitcoin provides a much stronger protection against fraud without a requirement to trust mediator. This idea may be extended to a larger amount of participants to facilitate collective fund raising or insurance.

Full article: http://blog.oleganza.com/post/32725987418/bitcoin-non-tec...

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@klangborg » 12 Oct '12, 2pm
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