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PostPosted: Fri Sep 15, 2017 12:46 pm 
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Joined: Thu Aug 10, 2017 6:25 am
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What about Bitcoin and consumer protection?


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PostPosted: Fri Sep 15, 2017 12:51 pm 
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Joined: Thu Aug 17, 2017 9:24 am
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There have been complaints about lack of consumer protection. Bitcoin transactions cannot be revoked and if you do not get your services once the payment is done, chances are more that you have lost the money. Bitcoin has seen many such instances and has not been able to help its consumers. That was in the past. Bitcoin now has a solution.

Payments are made through escrow and are released only after the consumer confirms that they have received the product they purchased. Bitcoin implements a multi signature transaction. The customer does not send money to the escrow agent. It is instead sent to multiple multi signature addresses which are created with the public keys of the customer, escrow agent and the merchant. The funds can only be utilized with the approval of at least two of the parties. With this, the need of a mediator is eliminated to resolve any issues which in turn will reduce expenditure on the mediator fees.

Bitcoin now also allows a business to do a public audit of its assets. This in a way improves the consumer protection. A business can prove the use of its bitcoins without providing information about the source i.e. the customers. This gives scope for the consumer to do their research about the merchant before they do transactions.


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