this post was submitted on 14 Sep 2023
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Credit cards allow chargebacks. Huge advantage for the consumer to get back their money from theft or scams. With crypto, once its gone, its gone (like cash or other physical possessions).
They allow chargeback because it is so easy to steal credit card information and illegally use your card. Which is why they also sometimes block legitimate transactions and put me in the position I am in right now.
I've never had any issues like this in crypto, neither have I ever been scammed or had funds stolen off of my crypto wallet.
I've never been unable to make a payment using my credit card therefore your anecdote is invalid.
Meanwhile I've made chargebacks on my credit card after being ghosted by the seller and never receiving anything. Nothing to do with having my info stolen. You're shit out of luck if that happens with crypto.
you when you learn trusted escrows exist: 😮😮😮
You can get chargeback by your exchange if you use a crypto exchange with a crypto-linked credit card. Paying by a normal transaction is like paying by bank transfer, and just like bank transfers, once you have sent over the money, you're not getting it back.
"Just regulate this currency that is supposed to be deregulated"
Or just use normal money and get all the security features without jumping through hoops and trusting scummy crypto exchanges that have been scamming users left, right and centre.
"Supposed to be deregulated" said no one.
Did you read my comment? I literally cannot use normal payment services to pay for my student loans unless I pay around 7,000$ extra in total.
First off, you're a liar. Not a single person on earth has never had their transaction rejected.
Second of all, people make a choice when they use crypto. More control and cheaper transactions for less safety measures. That is all.
The safety measures cause me more issues than any risk of getting scammed because I have my own safety measures, and it is not like crypto doesn't have any safety measures at all, just not the overprotective ones that cause me grief.
I think this situation is a lot less common than you think.
More to the point, use a debit card if that is your gripe. Then you can just deal with an empty account rather than a declined card.
Just like you've never had crypto stolen, I've never had a debit card stolen, so by our combined anecdotes both are equally secure.
Both my debit card and credit card are linked to my bank, and the transaction was denied by the bank when I tried to make a payment. I tried the debit card first.
This is the 5th time this has happened to me, but the first time that something as crucial as student debt payment was affected. And this isn't about me running out of money. This is the bank arbitrarily blocking payments that I've been doing monthly for years, then telling me it is not their fault despite the error code clearly saying "rejected by bank ".
They're simply blocking my payment because it is to a foreign entity, and are making up bullshit excuses.
Ethereum doesn't do that. Monero doesn't do that. Even rugpulls like shiba inu doesn't do that.
True, but it can be mitigated by simply calling your bank, telling them the transaction isn't fraudulent, and then it'll allow every transaction to that vendor going forward.
You're a bad liar.
That is absolutely not what happened. I don't know what else to tell you.
Sounds to me like you're living in a third world shithole with a terrible banking system. Maybe in your case crypto makes sense as an alternative, but that's not how it is in the rest of the world.
Japan - the third world shithole.