How is Bitcoin protecting consumers?

Modified on Sun, 19 Feb 2023 at 10:46 PM

Bitcoin’s main purpose is to be a decentralized system which is why Bitcoin allows people to make transactions on their own terms as long as there is a defined group of people willing to sign the contract. This also encourages innovative dispute mediation services to be developed in the future. Services such as these will allow a third party to approve or reject a transaction in the case of disagreement between other parties without having access to their money. Fraud has been a large problem that has been overlooked in many countries, however, Bitcoin always leaves a public trace of the transaction which can be used to recourse against fraudulent practices. Another protection Bitcoin gives its consumers is information. Normally merchants depend on their reputation to remain in business but lack information when dealing with new consumers. Bitcoin protects both parties from fraudulent charge-backs when allowing consumers to ask for more protection when they are not willing to trust a particular merchant.

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