[mindcandy]

Visa/Mastercard have settlement times of over 24 hours.

Meanwhile, for over a decade now, Litecoin has had a settlement time of 2.5 minutes. And, for tiny (sub $100) transactions, it’s totally reasonable to just look up the wallet’s holdings in an instant.

For online transactions, you can always let the customer go immediately. Just wait 3 minutes before you ship :P

[ninepoints]

You are comparing apples to oranges. Settlement times in traditional credit card transactions are not felt by the customer, and provide safeguards for fraud prevention and charge backs. Furthermore, transactions are easily reversible through a claims system. Guess what crypto doesn't have?

[mindcandy]

This is exactly the apples I’m talking about. Merchants eat much higher fees on behalf of the customer so they can hide the much longer settlement times from the customer and accept that they’ll also have to just eat the occasional fraudulent chargeback from the customer. They put up with all this hassle because “That’s just how it’s always been if you want to do business.”

And, yet people say crypto can’t work because the fees are too high (they’re lower) and the settlement times are too slow (they’re faster).

Dealing with merchant fraud is a legit call-out though. I don’t know what a good crypto solution to that is. I can imagine replacing that department with a smart contract. But, I’ve haven’t looked around to see what’s been tried.