Bitcoin will not replace credit card easily

In spite of repeated disgraceful scandals, Bitcoin is gradually becoming major in some people recently. Some famous financial companies have committed to support Bitcoin and other cryptocurrencies. Not only enthusiasts but also some aggressive investors deem Bitcoin as a subject of dealing.

Blockchain had been developed initially for providing a system of transaction. It does not need any central administrator. Also, the transaction fee is minimal because of its unique structure.

Then, anyone considers the possibility that Bitcoin will replace credit cards. Credit card payment is now dominant in most developed countries. But it burdens stores 3-4% of the fee. Some restaurants hate the cost so that they never accept credit cards. If Bitcoin payment becomes common, its transaction fee would be lower.

Forbes: Could Bitcoin Replace Credit Cards?

In my opinion, however, it is not likely that Bitcoin will perish credit cards. Credit cards companies have gained a global reputation, as its name suggests. In contrast, Bitcoin is still hardly trusted by many people. There are several fraud cases reported every day. I believe it will take a decade for Bitcoin to gain the trust equal to credit cards. At the same time, credit card companies will have transformed its business model.