> From a consumer point of view I think chargebacks need to be a strong element. [...] right now that does not exist and from my understanding, adding something

> From a consumer point of view I think chargebacks need to be a strong element. [...] right now that does not exist and from my understanding, adding something like this would be nearly impossible to build A "chargeback" facility already exists-- if the sender and reciever choose to opt into it... E.g. https://www.bitrated.com/ https://www.bitrated.com/ How that feature set evolves will be interesting to see. The nice thing about it is that its optional and per the participants wishes, so it can take the shape and form suitable for the application. > Bitcoin cannot compete with already existing systems Are you referring to the Bitcoin currency or the Bitcoin network (as it exists today)? There are many ways to transact Bitcoin currency without directly using the bitcoin network (payment channels being one example) that can offer different tradeoffs while still preserving Bitcoin's base avoidance of centralized trust. > How would you go about tracking those payments then? Payment channel payments are purely between the participants. They can operate completely partitioned (and even offline). The funds are effectively held in escrow in the Bitcoin network until the destination of the funds decides to terminate the channel and accept the greatest amount moved so far (or, if the receiver does not broadcast, the channel times out and the send can claw the funds back.)