RE: Norway’s Largest Bank Favours Bitcoin, Simplifies its Purchase and Usage

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Norway’s Largest Bank Favours Bitcoin, Simplifies its Purchase and Usage

in bitcoin •  8 years ago  (edited)

My five cents:

Bitcoinsnorway, well-known for their lack of technical skills, bad customer service, high spread and low volume, has unilaterally decided to accept payments through Vipps.

Vipps uses credit cards as backend, DNB takes the liability in case of credit card fraud and eats all the transaction fees. They throw lots and lots of money into this solution, their hope is to become the de-facto-monopolist for payments in Norway - and they seem to succeed pretty well. They tend to terminate customer relationships immediately and without notice whenever someone trades bitcoins on the platform - the fraud cost is just too big.

So, we'll get a massive fraud wave now with people buying bitcoins through Bitcoinsnorway, and DNB will close down this avenue within the business day today.

Alternatively, DNB and Bitcoinsnorway has already discussed this together and found some solutions to reduce the fraud rate - which again means a terrible user experience for anyone hoping to buy more than half a bitcoins speedily through bitcoinsnorway using vipps.

I should add, DNB is well-known to be hostile against bitcoins, they shut down the bank account for the association for bitcoins in Norway. And I've heard rumors Bitcoinsnorway has been on it before, attempting to accept paypal and credit cards ... for a short period.

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