The current Bitcoin transaction fee is $20+. Credit card processors charge you under 3%. If you're doing transactions of under about $700 USD, credit card fees are cheaper than Bitcoin fees.
Credit card processors also pay the user of the CC a cashback on a significant portion of that fee... And are also liable for fraud.
Who do I chargeback when an online merchant takes my BTC, and doesn't ship the goods I bought? BitPay will tell me to pound sand. VISA will process a chargeback, no questions asked.
By creating an off-chain payment processor called BISA, and we're back to charging merchants fees for cashback + fraud losses, except now we're for some stupid reason doing it on a blockchain.
I moved $1800 worth of LTC (Litecoin, one of the subjects of this thread) last night. The Tx fee was $0.01 and the funds were received in less than 1 minute. No more processing, no waiting for the next business day (or 3)... For 1 cent and 1 minute later the receiver can do whatever they want with it immediately.
That is cheaper than CC, faster than Venmo, or whatever.
Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Is this a result of genuinely better technical decisions than in Litecoin (mining is cheaper because it's less hardware-friendly, blocks are generated more quickly) or just lower transaction volume / demand for transactions because it's less well-known? That is, if Bitcoin somehow implodes tomorrow and everyone moves to Litecoin, would you still expect similarly low Litecoin fees?
Was this an on-chain transaction or a Lightning transaction?
As I continue to learn about the broader cryptocurrency scene and the emerging ecosystem, I have been looking at Bitcoin more and more as the Model T of crypto and less like the BMW i8...
If it wasn't working, people wouldn't be buying it. You are just going to have to accept that the great bulk of people who use bitcoin do not care about your use case.
Who do I chargeback when an online merchant takes my BTC, and doesn't ship the goods I bought? BitPay will tell me to pound sand. VISA will process a chargeback, no questions asked.