Quote from: danielW on October 07, 2016, 03:08:37 PM

Quote from: pedrog on October 07, 2016, 02:58:11 PM

Quote from: danielW on October 07, 2016, 02:43:14 PM

Quote from: Herbert2020 on October 07, 2016, 08:28:43 AM

it looks good to me.

although i would add security to it.
when using any other payment systems online you are risking your information being stolen like your credit card information, and there is always risks of malware, keylogger, and other things that can steel your information and abuse it.

however with bitcoin since you can do everything offline all the said risks reach zero. you can have a air lock system using a Live linux offline for example, and make the transactions (use your sensitive information like private keys) there and then only broadcast the public data (non-sensitive) online.

also there is no charge back. it means the trust is shifted from users trusting the merchant with their personal information into merchants trusting their users not to double spend. also users trusting merchants (based on the merchant history) to send the product.

I agree with you.

I did mention security but I think more can be said as I believe ultimately Bitcoins model is less prone to hacking the the current financial system.

For example there were the recent hacks https://en.wikipedia.org/wiki/2016_Bangladesh_Bank_heist

Bitcoin is less prone to these kind of heists since the money is distributed and held by individuals (mostly apart from exchanges). Banks get hacked all the time any one way or other consumers must bear the cost.

Not sure how to succinctly phrase that.

Ever heard of MtGox, Bitfinex?

Or a shit load of other thefts: https://bitcointalk.org/index.php?topic=576337.0

Yes I know but thefts happen in traditional system also. I feel that fundamentally Bitcoin is more secure against thefts then legacy systems. Not sure how to explain why I have that feeling. Some people might disagree with me.

But in bitcoin you lose your money...