This whole “omg the transaction fees r so high, bitcoin is dying” thing is getting ridiculous. As a small business owner, I am charged 3% per credit card transaction and I am ALSO at risk for charge backs.

Crypto currency and bitcoin specifically is a game changer though we still are in the early phases of adoption. Transaction fees really aren't that much, especially when the transaction queue's aren't kept artificially high. As more people start to use bitcoin, this will stabilize.

Regardless though, I am just trying to show perspective. When you say that bitcoin transaction fees are too much, consider what merchants have to pay for credit card fees and the potential loss from chargebacks. And let's also think about cash usage. Just because a business accepts cash doesn't mean that they don't also incur additional costs such as armored trucks, security systems, etc that they need to use as a precautionary measure for security.

Bitcoin would alleviate so many of those costs and give businesses more security over time. As Bitcoin continues to evolve such as Lightning we can expect to see faster and cheaper transaction times.

Don't buy in to that Bitcoin is a terrible currency. As a matter of fact, it is a brilliant one and as time goes on, it will become more efficient and resilient.

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Charge backs on bitcoins

The bitcoin page here ( says that bitcoins don’t allow chargebacks.

In the current system, credit cards provide a system of checks and balances and provide arbitration when there are disputes. If I buy a item on the internet and find out that I didn’t receive the correct item, I can complain to the credit card company, and they will look at both sides and make a decision whether my dispute is correct or not. Further, when I buy an item off a eCommerce store (which is going to become more and more prevalent in the next few decades), I cant check that the item I am receiving is correct or according to what the merchant said.

If I were to use bitcoins instead, I have no way to getting my money back, if the merchant turned out to be a fraud. As a result, I will have less trust on buying items off the internet, as a result, eCommerce wont work as a result bitcoins wont work. eCommerce is definitely going to be here, so this leads me to the conclusion that bitcoins maynot work, unless there are other services that provide that arbitration service. Are there companies that are providing that arbitration (insurance against fraud) for bitcoin transactions?

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