[yc1010]

You got it backwards it is the person I replied to earlier who claims that credit cards are superior because they have the "chargeback" feature.

Most of the worlds commerce is done in cash, Bitcoin is very much like electronic cash and it does this very very well. Like any other well designed protocol it does not attempt to do more than it was designed to do.

Things like insurance and chargebacks etc etc will be provided (already are!) by startups in the bitcoin space, and thats great.

In my opinion the credit card "chargeback" process is not a feature it gives too much control to the consumer while shafting them merchant (which in turns leads to higher prices for the consumer) all while making money for the credit card duopoly. If anything it makes fraud (against the merchant) more possible and likely this once again results in the consumers being indirectly harmed when merchants have to price in credit card fraud and chargebacks into their prices.

[bduerst]

The spotted insurance being provided for bitcoin is through private for-profit organizations, which unlike FDIC, has margins that come at a cost to the consumer.

There are "chargeback" solutions, which involve multi-sig escrow, but are not unique to bitcoin and thus not competitive.

This is why bitcoin can't be competitive - because consumers make the decision on what type of payment method to use and opt for the method that empowers them in case of fraud and accidents. Bitcoin isn't competitive by design, and no amount of proselytizing will change that.

[yc1010]

You see a problem I see opportunities for banks to have regular (insured) current account linked to bitcoin payment system giving the consumer the option to pay using bitcoin direct from their current account if they so wish.

Imagine a consumer instead of withdrawing €50 at an ATM with their debit card and then going for a drink in the pub. Instead settling their tab at the pub (or paying by waving their phone) using their phone with a bitcoin app

[etchalon]

And they couldn't do this with a credit card and Google Wallet/Apple Pay/Softcard, because?