Earlier quoted context omitted.
This is probably not a popular opinion. Visa and Mastercards were all owned by the banks that back your credit card. These are highly regulated organizations. I rather not have startups that have sometimes have pretty dubious reputations for skirting the law trying to get into this space. What if someone steals your bitcoin what do you do? Or if you purchase something and you don't get it.
It's cheaper to lose 100% of your purchase 2% of the time than 3% of your purchase 100% of the time. Insurance is for health and houses not my $8 lunch or $500 wallet contents.
As both a consumer and a merchant I really like this world where even small transactions are insured as it means that everyone--including me--can just mostly trust everyone and not have to have some complex passcode or multi-factor security setup to access and spend money. I like that I just have a card in my wallet that I can nigh unto flash at people and be handed a hotdog, and yet if someone steals my wallet or tries to hold me at gunpoint there is never any reason to not just hand them my card.