I remember years ago when digital currency was still in much of its infancy stage. It was 2005 and Pay Pal was all the rage. At the time I had been buying, selling and trading comic books on e-bay. It wasn’t a bad side gig, I was able to make some good deals with certain collector items and soon I had a bit of a following on the e-bay trading site. But then I started having some problems. In particular, I started having some digital currency problems.
I remember one extreme moment of frustration in particular when I had just made what I thought was a great sale only to have the whole floor ripped out from underneath me. It was a fairly valuable fantastic four comic from 1964, not one of the most important copies, but valuable nonetheless. I got a buyer who promised to purchase this thing from me for $500. I was pretty happy with that, I figured that was better than I would be able to get just hawking the thing at the local comic book store, so I said, “Yes.”
But then disaster struck. I had already mailed out this guys comic book when I received a notice that he had went back on his agreement and pay pal was sending him back his funds immediately. I almost had a heart attack. You see, back then I didn’t know much about digital currency or digital wallets. I didn’t even know this guy would be able to reverse funds like that. I thought that once it went through, it was mine. That’s why I didn’t hesitate to send what I believed he had just purchased.
It happened that fast, the money that I thought I had from a verified purchase had just slipped through my fingers 5 minutes after mailing the product out. I thought to myself, “This is no way to do business!” This story didn’t end very well either. Because although my wonderful comic book client had reversed his funds back, he never did send me that comic book and I was still out $500.
Charge backs like this can be a merchant’s worst nightmare and these were pretty common back then, but that was ten years ago and now we have Bitcoin. One of the best things about Bitcoin from the merchandising perspective is that once a transaction is made you can rest assured that it is legitimate. And all sales are final; there will be no last minute reverse of funds.
When Bitcoin was born in 2008, no one suspected how much it would change all of our lives. Now looking back at my excursions with E-bay and Pay-Pal back in 2005, it really seems like some sort of primordial Stone Age of business. Because, Bitcoin presents so much promise to not only revolutionize how we do business but to transform many other aspects of our lives as well. Bitcoin is not just a digital currency used for online commerce; Bitcoin is a new way of life.