Chargebacks

Bitcoin can't compete with credit cards until there is some kind of chargeback/fraud protection mechanism. http://www.reddit.com/user/cebrek

Credit cards can't compete with Bitcoin until all of the transactions won't become irreversible.

Chargeback mechanism is a very complicated machine, not fair, irrational, stupid and old-century. Think about this: chargebacks are made for stupid people who's leaving their credit card details everywhere in inappropriate places. 21st century is about irreversible payments and smart consumers.

Bitcoin won't compete with credit cards, Bitcoin will eat it.

Yeah, I've seen general public lately - they are easily using the services without even thinking about chargebacks: they are keep purchasing an apps from App Store - you can't reverse your payments on App Store.

Our country's payment gateways don't want to deal with credit card chargebacks and the whole economy built upon SMS confirmation + Credit Card = two technologies together to compensate ugliness of the chargeback concept (You can't chargeback anyway if you're using to pay with your credit card such gateway which requires SMS identification). The whole credit cards are ugly: CC fraud is immersive - they steal money everywhere and people are ready to accept it...

Also remember the eBay & PayPal - they also won't let you issue a chargeback against them.

When fraudsters want to take away the money from stupid consumer - there's nothing to stop them, because a consumer doesn't questions himself and trusts to words too much.

Also it is mostly not about ugly consumers who don't want to get smart - I'm think I can call myself smart since I'm always studying the info on the Internet before purchasing something - but there's still too narrow list web-sites which helps me to choose the companies which won't rip me off, it is about building greater tools like: reputation online resources which can't lie, the business owners also should provide more certification to the public, so that people knew that they can't be ripped of in case if they choose a business.

The problems exists not only within Bitcoin - we still haven't solved many problems with credit cards too - even though credit cards are with us for a very long time we still treat it as a relatively new thing. But personally I believe that credit cards aren't innovating anymore, because startup costs are too big.

I am myself wanted to setup many online businesses 10 years ago - and I went through many difficulties when it come to choose my credit card merchant provider. Setup costs mostly was from $150 and that what stopped me from even the idea of having my own shop. Plus I was very frustrated that I had to depend on the merchant provider's wish - too much problems to simply start accepting a credit cards! With Bitcoin I think many small businesses will love the ease of the business.