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It's a feature of having a 3rd party as part of the transaction. A random merchant trusts Visa to ban people who abuse the system. And merchants are threatened by with being banned if they don't keep quiet about the occasional charge back. However with a pure digital currency there is no independent party, so all transactions are either provisional or finalized with the merchants and customers having total power at different parts of the process.

PS: I am not going to sue if some random website fails to ship a 200$ graphics card. So reputation becomes even more important, but only because fraud will also become far easier.

P2P currency doesn't preclude 3rd party (escrow) transactions. In fact, it will likely be a popular option for large transactions and it will cost less than CC/debit card security overhead.

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