What is a bitcoin charge-back?

A charge-back is the demand by a credit-card provider for a retailer to cover the loss on a fraudulent or disputed transaction. Merchants that accept Bitcoin also save on credit card fees; fees can range anywhere from 0.5% to 5%, plus a $.20 to $.30 flat fee for each transaction.

Why are so many people locked out of bitcoin?

Bitcoin, which has been on an extraordinary and volatile eight-month run, has made a lot of its holders very rich in a short time, even as the coronavirus pandemic has ravaged the world economy. But the cryptocurrency’s unusual nature has also meant that many people are locked out of their Bitcoin fortunes as a result of lost or forgotten keys.

Can you lose money with Bitcoin?

You access your Bitcoin through public and private keys, and one way you can lose money is to lose those keys. Since there's no bank, you can't just call someone up and have them reset your password. If someone else gets your keys, they control your Bitcoin.

What are the advantages of paying with Bitcoin?

For shoppers, the advantages of paying with Bitcoin include greater simplicity in placing the transaction; users are anonymous, there are no interruptions from intermediaries, and transaction fees are low. Credit cards offer other features, such as borrowing money and reward points. They are also accepted at many more merchants and vendors.