If Bitcoin want to be seen as a good alternative to fiat payments, then it has to be able to be as efficient as fiat payments. A credit card transaction or a debit card transaction is almost instant. Payment using RFID is also almost instant. Yes there might be lag due to festive period but transaction gets cleared and purchasers are able to have a printed receipt, see amount transacted and see gain loyalty points or credit card points.
Meanwhile, bitcoin transaction could be delayed due to network heavy usage.... During festive period where queue is long, do you expect consumers to wait in line to get confirmation cleared?
Bitcoin transactions are instant. Credit cards and debit cards are reversible for up to months. Does everyone stay in the line for months for it to be irreversible? Zero confirmation Bitcoin transactions are very very hard to reverse as long as precautions are taken. If the merchant integrate Bitcoin into their POS systems and payments would just be like fiat and credit cards.
For loyalty point, you would need to have a card or an app on your phone. Bitcoin payments can use this too.
I got a clearer picture now. My expectations of reversible charges might be different from yours.
Agree that CCs are reversible. But the process of reversing the charges is cumbersome. At least for my card issuing bank, I had to prove that the merchant did not deliver or furnish the bank a written agreement between me and the merchant to indicate there was a an agreement to terminate the charges. And the process will take more than a month. I have the impression there isn't a standard time limit where one could do a reverse charge and it differs across banks.
Under the context of this topic regarding physical item purchased in a physical store; To reverse a charge, I had to prove to the card issuing bank there was a fraud -- that is, somebody stolen my card or use my card without authorization. For the bank to accept this argument, a police report has to be furnished. If any scammers tried to lied his way through from the police all the way to the bank, he or she better be prepared to face investigations for fraud. I am speaking from my limited understanding of how the banking system works in my country.
When I first got involved in crypto currencies, every board warns of CC reverse charges and that got me bewildered. From where I came from, it is not easy to game the banking system as tight regulations ensures the banking system is trusted by consumers and businesses.
