Merchant of Record
The legal entity that is the seller in a transaction and carries responsibility for payment processing, tax and chargebacks.
✦ Key Insight
It determines who your dispute is with, whose terms govern the purchase, and which jurisdiction's consumer rules apply.
✕ Common Misconceptions
Raising a chargeback with your bank instead of the merchant of record, which frequently results in the account being frozen. Check the terms to see who you are actually contracting with.
Detailed Explanation
In Practice
Dig Deeper
Wallet
Software or hardware that stores your private keys and lets you sign transactions.
Token
An asset created by a smart contract on an existing blockchain rather than being that blockchain's native currency.
Blockchain
A shared, append-only record of transactions maintained by many independent computers at once.
Transaction
A blockchain transaction is a signed or authorized instruction that changes blockchain state or transfers value when accepted by the network.