It's like you went out of your way and collected every incorrect piece of knowledge about bitcoin.
> Bitcoin can't handle micropayments
It already does.
> The block chain is limited to about 7 transactions per second
No, it doesn't. That limitation is completely artificial and can be removed at any time. The core developers are working on scaling the system to 1000+ tps.
> and it's currently about $0.30. That's more than many merchants pay to process a credit card transaction.
No, it isn't more. And it's $0.03, not $0.30. Have you looked at the actual credit card fees? They consist of a percentage + fixed fee per transaction + fixed monthly fee.
> Nor can Bitcoin handle fast payments. It takes about an hour to get solid confirmation of a transaction
The transaction takes a few seconds. One confirmation takes around 8-9 minutes on average (we always mine faster than the 10 minute goal).
Compare it to a bank - transaction takes days, confirmation takes 6+ months.
Compare it to a credit card - transaction takes a few seconds, confirmation takes 180 days.
> * you're selling anything that actually costs you money, you have to wait for some confirmations*
Same with credit cards and bank transfers. Except these kinds of payments can be reversed for 6+ months, and it's a big headache for the merchants and stores.
> Bitcoin can't handle micropayments
It already does.
> The block chain is limited to about 7 transactions per second
No, it doesn't. That limitation is completely artificial and can be removed at any time. The core developers are working on scaling the system to 1000+ tps.
> and it's currently about $0.30. That's more than many merchants pay to process a credit card transaction.
No, it isn't more. And it's $0.03, not $0.30. Have you looked at the actual credit card fees? They consist of a percentage + fixed fee per transaction + fixed monthly fee.
http://credit-card-processing.findthebest.com/
> Nor can Bitcoin handle fast payments. It takes about an hour to get solid confirmation of a transaction
The transaction takes a few seconds. One confirmation takes around 8-9 minutes on average (we always mine faster than the 10 minute goal).
Compare it to a bank - transaction takes days, confirmation takes 6+ months.
Compare it to a credit card - transaction takes a few seconds, confirmation takes 180 days.
> * you're selling anything that actually costs you money, you have to wait for some confirmations*
Same with credit cards and bank transfers. Except these kinds of payments can be reversed for 6+ months, and it's a big headache for the merchants and stores.