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Comment by repomies691 | Hacker News Reader

Why wouldn't I just use some trustful centralized solution for a cup of coffee? In fact, I myself prefer to use credit card for these, where I don't actually have to trust the payment method provider, but the payment method provider trusts me to pay the bill one month later. I don't see how bitcoin can compete on this sector, except for privacy issues.

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You really do have to trust your payment method provider to protect you against fraud. You have to trust it not to committing fraud. Your payment method provider does not 'trust' you to pay the bill. They trust that they have the bigger stick and better lawyers.

>You really do have to trust your payment method provider to protect you against fraud. You have to trust it not to committing fraud.

Any major credit card provider in the US provides this with no hassle. I've had people steal my number with 4 different credit card providers and the only thing I've had to do is call them and identify the bad charges. The only inconvenience is the 3 minute phone call and waiting a week for a new card.

Which results in a high administrative overhead

Credit cards are always preferable over bitcoin. You only use bitcoin because you have to. Not because you want to

No the payment provider doesn't trust you; you gave them your identity and perhaps more as collateral. My point was that even if one wants to use a decentralized system we do not need the security that bitcoin's mining provides because for small amount we have other networks.

No one is saying you wouldn't. The major benefit of bitcoin is a global currency with predictable monetary policy. Bitcoin works anywhere the internet does without any need for third-party. Just because I have the freedom to drive my own car doesn't mean I don't take public transit or taxis every now and then.

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