So what you're saying is that as a consumer your expectation is that less (or zero) of the transaction cost will be passed on to you? If you pay a merchant for

So what you're saying is that as a consumer your expectation is that less (or zero) of the transaction cost will be passed on to you? If you pay a merchant for something but they don't deliver on it, is your expectation that you would still get your money back in this fee-free system? I'll be pleased to see effective micro-transactions from the perspective of running a business. I think it will open up some exciting new categories of businesses that may not have been feasible before. I'm a little bit skeptical about whether consumers have realistic expectations on this, though. I think consumers have an expectation of being able to seek recourse for a transaction they were not happy about, but that is something that someone needs to fund. It can also be that there would be no fees and no recourse, with merchants living and dying on their reputation, but in this case there would be certain transactions where consumers will still strongly prefer the existing systems, I think.