If someone hacks your netbanking details and sends the money before you realize it the bank most certainly not cover your losses. Debit card fraud transactions have a very short window to report. It's a good thing that you have a 4 digit pin because 4 digits is secure
Bitcoin allows a merchant to recognizing a transaction without considering fraud/KYC. I've sold items on a forum with an escrow moderator and paid 0% in fees. You just cant do that with paypal.
The debit card is definitely the weak link, I should get into a habit of minimising its balance. The internet banking is a lot better, they do guarantee it and have two factor authentication.
Good to hear you using Bitcoins for something other than dark markets, we should try to brainstorm other niches where Bitcoin has an edge. I think taxi drivers might warm to it, they definitely hate credit cards.
Conversely it's illegal to take money which wasn't intended to be sent to you.
Let's say you accidentally type in the wrong BSB (which my father actually did once) and it happens to line up with an account number in that bank (fortunately for him it did not). Even if you send say, $150,000 to that person....it's not legal for that person to accept it. Nor spend it.
See, while they could claim to have spent a portion of it unknowingly the courts would probably view that as fair, they couldn't go "hey I'm rich!" and buy a house that they would be allowed to keep.
I mean, you might not get all the 150k back in the end, but they would definitely not be keeping any of it. And through this process, you'd generally find your bank would be fairly enthusiastic about getting that money back, since as long as it's not on their ledgers they can't lend against it.
Bitcoin allows a merchant to recognizing a transaction without considering fraud/KYC. I've sold items on a forum with an escrow moderator and paid 0% in fees. You just cant do that with paypal.