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Technical Discussion / Re: Which blockchains are the fastest?
« on: May 24, 2024, 01:46:56 PM »Bitcoin isn't supposed to be faster than visa or any other altcoin.
It is supposed to be censorship resistant, borderless, free. You shouldn't ask anyone to trander your money, even if it takes 10 minutes.
The part about free is not true, it was never free to move bitcoins, far worse than that it's the only payment method where you have to pay twice or thrice because you pay with three bills instead of one. But for the rest, yeah the actual advantage is in those things.
I don't know, if it is comparing apples with oranges. Because in Bitcoin, after 10 minutes, you have a single confirmation, which is hard to revert. However, if you use VISA, then finalizing your transaction in a similar way can take, I don't remember, 180 days? (I mean, the time to make it irreversible, and to block all chargebacks).
It's no longer 1999.
My business takes cards payments, the sum from the sale is immediately credited to your account and I can use that next minute to pay for my suppliers with it, I don't have to wait weeks or days to use that money, if a chargeback happens it gets taken from the sum but it's not like they are holding your money hostage.
Also not being able to receive a chargeback is not a true 100% advantage.
Shoppers love chargebacks, and sellers hate it, there are thousands of cases on BTT in the hundreds of scams where a chargeback option would have been great, of curse it would have triggered probably the same number of abuses, but you can't view it as a definitely positive.