Question

question 11 (1 point)
when using p2p payments, the video we watched stated, once you sent it, you spent it what does this mean & why is it important to be cautious with these types of payments?

Explanation:

P2P (peer - to - peer) payments are immediate. Once you send money via P2P (like Venmo, PayPal P2P), the transaction is near - instant. Unlike traditional bank transfers which might have a hold period or the ability to reverse (in some cases), P2P payments are often final. For example, if you accidentally send money to the wrong person or fall victim to a scam (e.g., someone pretending to be a legitimate seller), getting the money back is difficult. This is because the system is designed for quick transfer of funds between individuals, and there may be limited fraud protection or reversal mechanisms compared to other payment methods (like credit cards which have charge - back options).

Answer:

When using P2P payments, “once you sent it, you spent it” means the payment is immediate and often non - reversible. It's important to be cautious because if there's an error (wrong recipient) or fraud (deceptive request for payment), retrieving the funds is hard due to the lack of extensive reversal or fraud - protection processes compared to some other payment systems.