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I would argue in this case that Bitcoin is likely to be more effective in a huge number of cases, not less effective.

I agree with the first part of your second paragraph, but I don't necessarily think it's going to apply here for any places where we see Bitcoin in wide deployment.

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I disagree, because I don't think Bitcoin is a very good currency, and even if it had the potential to be a good currency at some point in the past, that potential has been destroyed by speculative hoarding and a mining arms race. The linked-to article makes clear that it isn't necessarily "Bitcoin" that is promising, but the end-run around the financial services industry that it is trail-blazing for everyone else. I agree with this sentiment, and really I had never considered it the way he stated it. However, if you see Bitcoin itself, as a currency, differently, then it makes sense we would disagree on its worth as a replacement for credit cards.

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