Kickstarter-like services with both a payer and a recipient are exactly the kind of case where I hope cryptocurrencies can contribute and unlock all sorts of unfulfilled potential.
People who have only been on the customer side and are in the (small) majority that haven't encountered major problems think credit card systems are working fine. The truth is that there are major problems. First, the fees are substantial and even prohibitive for some types of services. Second, fraud including "friendly" fraud is prohibitively expensive in some industries such as those selling highly re-sellable items and/or accepting payments from certain countries. There are various vague arbitrary rules that fall under anti-fraud or anti-money laundering imposed by payment processors, bank or jurisdiction (which is ambiguous) that can suddenly deal a mortal blow to the service. Things are often dealt with callously penalizing people for being statistically suspicious.
The downside is the loss of all the fraud protection and guarantees offered by CCs. But, the onus moves to the wallet owner who is really the only person who can do something about it.
I wonder, can you start or contribute to a kickstarter in Nigeria or is that whole country effectively banned?
People who have only been on the customer side and are in the (small) majority that haven't encountered major problems think credit card systems are working fine. The truth is that there are major problems. First, the fees are substantial and even prohibitive for some types of services. Second, fraud including "friendly" fraud is prohibitively expensive in some industries such as those selling highly re-sellable items and/or accepting payments from certain countries. There are various vague arbitrary rules that fall under anti-fraud or anti-money laundering imposed by payment processors, bank or jurisdiction (which is ambiguous) that can suddenly deal a mortal blow to the service. Things are often dealt with callously penalizing people for being statistically suspicious.
The downside is the loss of all the fraud protection and guarantees offered by CCs. But, the onus moves to the wallet owner who is really the only person who can do something about it.
I wonder, can you start or contribute to a kickstarter in Nigeria or is that whole country effectively banned?