Why not offer a refund service for crypto?

[MaxKhalus]

I just had this idea, which may either be stupid or make a lot of sense.

Imagine there were an escrow/brokerage company for crypto. You pay someone with crypto through them, and they pay the person with some fiat method. Or maybe they keep the crypto on hold for security purposes. If you want to reverse the transaction, you pay a fee and get back 95% to 98% of the amount.

The problem it solves is that "you cannot refund crypto transactions," which makes it vulnerable to scams.

 

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[logef]

That's what smart contracts solve. For instance, on a smart blockchain like Ethereum, you could deposit money into an interest bearing savings account and withdraw your money at any time and the counter party cannot stop the withdrawal.

Definition: A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.

 

[Kevin88660]

I just had this idea, which may either be stupid or make a lot of sense.

Imagine there were an escrow/brokerage company for crypto. You pay someone with crypto through them, and they pay the person with some fiat method. Or maybe they keep the crypto on hold for security purposes. If you want to reverse the transaction, you pay a fee and get back 95% to 98% of the amount.

The problem it solves is that "you cannot refund crypto transactions," which makes it vulnerable to scams.

You can possible refund crypto transaction done in a centralized system like centralized crypto exchange or any other custodian system. Just call the support staff for help on a wrong transaction. Just like what you do for a bank transaction.

A centralized broker transacting in fiat is usually a service to people who do not like to use exchange. This is the otc business which already exist.

 

[mdot]

I was actually just reading an article about crypto privacy and it mentioned if you buy or sell crypto from someone with cash they strongly urge using an escrow service to avoid being scammed. So I think these already exist (though if you can value skew, go for it!)

 

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