Bitcoin gives people the freedom to transact on their own terms. Every user can send and receive payments just like cash, while also being able to participate in more complex contracts. Multi-signatures allow the Bitcoin network to accept a transaction only if a certain number of members of a given group agree to sign it. This lays the foundation for the development of innovative dispute arbitration services in the future. This service can allow a third party without control of the funds to approve or deny a transaction if the two parties cannot reach an agreement. Unlike cash and other payment methods, Bitcoin always leaves a public proof that the transaction actually took place, which can be used to pursue businesses that commit fraud.
It is also worth noting that businesses often rely on their public reputation to stay in business and pay their employees, but they do not have this information when they deal with new customers in return. The way Bitcoin works can protect individuals and businesses from fraudulent chargebacks, while giving customers the option to demand more protection when they are reluctant to trust a merchant.
