This has always been one of my arguments for digital currencies in general. Credit card companies are lax about security because they don’t pay for the consequences of doing it on the cheap -the customers do!
I remember a writer for Wired was saying that there was one problem with crypto: the currencies lack an ability to reverse charges when they get stolen. Fix that, he claimed, and everything would be great about crypto.
Uh, no: that is a feature, not a bug. Your transaction fees won’t be going up for charges that were waived by processors who were lax with their security.
It also puts more responsibility on users of digital currencies to be careful. DO NOT keep large amounts of currency in a mobile wallet. Developers need to make better options for secured dedicated, _functional_, and easy-to use devices for wallets where larger funds can be stored…
Another weakness of the debit/credit card system is that anyone with your card info can spend your money and you have to give out your card info to use the system. Hence the giant “fraud prevention” bureaucracies inside credit card companies and banks, with their associated costs for the users.
With Zcash, you decide where you send your money. Vendors simply provide a way to receive it. Also, with the speed of Zcash transactions, chargeback fraud is very difficult.
Thanks for sharing your thoughts on credit card fees and digital currencies. I completely agree with you that credit card companies often prioritize their own profits over their customers’ security. That’s one of the reasons why I’m also interested in digital currencies, as they can provide a more secure and decentralized way to make transactions. Regarding the Wired article, I see your point that the inability to reverse changes can actually be a good thing. It incentivized everyone involved to be more careful and responsible. However, I do think there’s still room for improvement in terms of making digital wallets more user-friendly and secure. Bu the way, I’m new to this forum, and I recently discovered vclub tel, which has some great resources on online payment methods and security. Have you heard of it?
Great you have joined the forum. How did you find the forum? What made you decide to join the forum?
Not really sure what vclub tel or where it fits. However, have you been able to send an orchard transaction?