Which still brings us back to the fundamental flaw of bitcoin: it is a fiat currency without a fiat. If bitcoin transactions are only trustworthy in jurisdicti

Which still brings us back to the fundamental flaw of bitcoin: it is a fiat currency without a fiat. If bitcoin transactions are only trustworthy in jurisdictions with laws governing such transactions (i.e., none), it is safer and more convenient to simply use the local currency. And of course, governments will not voluntarily protect transactions in competing currencies. Bad checks are an enormous problem. One of the reasons that merchants favor credit cards, despite the high transaction fees, is that the incidence of non-payment fraud is both lower and less costly. If Bitcoin is susceptable to nonpayment fraud, it is a non-starter as far as widespread adoption is concerned.