Quote from: legiteum on Today at 05:41:23 PM

Quote from: jrrsparkles on Today at 03:37:22 PM

That is what I am trying to explain, digital cash is different from decentralized monetary system and that's what bitcoin is offering. And Paypal transactions are reversible while bitcoin transactions aren't, Paypal transactions are faster but the 180 days for chargeback is big red flag while bitcoin on an avg TX gets confirmed in 10 minutes and I feel it's worth the fee to pay what we get.

Huh? Bitcoin transactions are reversible in the same way PayPal transactions are, or any other transaction system: you create a new transaction to counteract the value of the one you want to reverse. As for charge-backs, refunds, etc., the technical mechanism of the value transfer is an implementation detail. All of those things happen on top of whatever transfer mechanism you are using.

I beg to disagree that Bitcoin works the same as Paypal transaction. Once confirmed on the network Bitcoin transaction is irreversible, for Bitcoin transaction to be reversed, it needs to be double spend before the network confirms it. So it does not work like the Paypal way of reversing transactions. I wonder why you think that Bitcoin and PayPal can be reverse in the same way.

Quote

(And ten minutes for a transaction is an absolutely unthinkable amount of time for 99.99% of the world's transactions on any given day. Bitcoin transactions are only viable for extremely specialized purposes e.g. large-scale transfers. This is why it will never be "digital cash" as so many here keep saying Bitcoin was originally designed to be).

But there are people who are able to transfer funds on a small scale, and it is not only specialized for a large-scale transfer else if it is then there will be a very high lower amount limit for Bitcoin transactions and we can even transfer as small as 1 satoshi, can't we?