Thursday, September 23, 2021

China: A frictionless transition to bitcoin

As Bobby Lee of Bitcoin China explains Chinese consumers are already conditioned to accept immutable transactions. Most commerce in China relies on a system simmilar to ACH with some improvements.

When consumers write checks, or use direct bank transfer they are often left with little recourse. The same is true of bitcoin, and cash transactions. We as Americans like to use credit and credit cards when purchasing things. The vast majority of fraud and chargebacks relate to another individual accessing your account, this is simply not a probable with bitcoin. Our reliance on credit cards carries a large financial burden for both end users and merchants.

If the only wiledly used forms of payment are already immutable transcations bitcoin begins to make more sense; as a currency, and as a cheap, easy, secure way to transact funds.

While the Chinenese Yuan may look behave very much like “good” money there are many factors political and otherwise that will continue to open the Chinese fiat leak.

Hacker News discussion