Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Most credit cards and banks cover for unauthorized losses, which BTC does not have this insurance.

But they pass this cost of fraud onto the consumer, effectively raising the price of everything you buy. BTC insurance could become a fairly large industry.

Citation please? People here say that a lot but I've never seen any proof that fraud is a line in COGS

I assume the merchants are subsidising that in the fees they pay.

With the banks getting 29 trillion dollars in bailouts over the last 6 years, what is the cost per transaction taking that into account?

Mainly is the " interchange fee" the Visa and MC and AMex, Disc pays to the middle merchant banks to promote their cards,which includes interest 2-3% and per transaction fees.

Yes merchants pay a cc fee. But any proof they pass this onto consumer? I think they just eat it in their margin. I know my business did

The intermediary bank and association pays for it.

But the "interchange" association will reimburse some of the loss to the final merchant if they used rules like i.d. verification and physical swipe of transaction them from the buyer, online sales are much higher risk than physical location, therefore the higher interest and swipe charges for online merchants.

Thank you.

I also think the claim that bitcoin is cheaper than CC is bogus. Cost per transaction is all time low and it's still around $8-9. A year ago it was almost $80 per transaction

https://blockchain.info/charts/cost-per-transaction

On top of that there's the 9% inflation from block rewards

With the banks getting 29 trillion dollars in bailouts in the last 6 years, what is their real cost per transaction?