>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
I don't see how this makes any sense. A reason for the creation of Bitcoin was offering less service than traditional methods?
"Financial institutions cannot avoid mediating disputes" is nonsense, they "can't" because it's constantly demanded by their clients, attempting to sell that as a bug rather than a feature is preposterous.
Satoshi wanted to bypass banks and make P2P direct payments with no trusted party besides Bitcoin protocol hence >no mechanism exists to make payments over a communications channel without a trusted party
And crypto community speculated that Satoshi or team behind Bitcoin worked at the internet gambling industry and what use to happen is that angry customers would chargeback the money they lost at the internet casino and cause numerous problems for "merchants" or in this case internet entrepreneurs.
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