Cryptocurrency allows me to authorize payment to another party and avoid the trusted 3rd parties of banks or credit card companies who take their cut for their service…..I get that. This is fine if I am paying for something at a store or sending payment to someone I trust…..just like cash.
But what about people I don’t trust?
Let’s say I purchase something online and send my payment in bitcoin. If they do not uphold their end of the bargain, the transaction is still final and irreversible. I cannot force a refund like I could with a credit card or other trusted third party. Essentially I am relying on a strangers good will to do what they claim they will do.
I see there are some escrow services that will release funds once both parties agree…….but then we are back to a third party taking a cut……so I might as well stick with Visa.
Am I missing something? Has anyone solved this issue? Has anyone ever made on online payment with crypto and it didn’t go smoothly?
Any input is appreciated.