Transaction
66f29b551252b3492b4c07f8d133b8cf98c6811e62110d5b178c6254f085ae6f
2019-01-24 00:05:52
1
1,341 B
2 Outputs
Total Output:
- jm · ÌÃTè|6·~Gíw×DP|_0+$ЪÀMCommerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unLÅavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.https://whatsonchain.com/tx/66f29b551252b3492b4c07f8d133b8cf98c6811e62110d5b178c6254f085ae6f