Earlier quoted context omitted.
How is this supposed to be competitive with the real world? Paypal transactions, Swish (Sweden), etc. etc. are instant and often with zero fees.
There are many situations where it is a significant improvement: * Fee is not dependent on amount of money you're sending. You can send $200M worth of Bitcoin to a company in China and it will only cost you $1.50, try doing that with a wire transfer. * Transactions are "final": after 3-6 confirmations you can have a great degree of confidence it won't get reversed * Compared to Western Union or MoneyGram, it's still…
2. So, if transactions cannot be reversed, and I erroneously send money, or am tricked into sending money, I can't get it back?
3. So, BitCoin wins only when compared to Western Union and MoneyGram. Oh, what an achievement.
In it's current state bitcoin isn't a replacement for anything, really