Bitcoin companies in e.g. the US have quite a lot of regulatory oversight. Not sure where you're coming from.
Chargebacks are a different topic, I know it's a cop out but I can't be bothered right now. I'll just say they're not as nice as people make them out to be, they're a big cost factor, they invite quite a bit of fraud, carry an awkward burden of proof, and socialise the costs (which I normally don't mind, but in this particular case it makes little sense).
I agree it's not unlikely that we'll still use institutions with bitcoin. The difference is that unlike something silly like Swift, we can have an open money protocol that is global, works with currency-agnostic tokens (bitcoins) that can present any value given the right derivatives market. It's more global, cheaper, faster, but perhaps most importantly more open and democratic, even with regulations in play. It's a bit like the Internet, even if companies individually are regulated, an open network is massively important. Anyway I won't stretch that comparison too far, most people dislike comparisons of something that's still very small to something grand. In addition to that, an open money protocol that is not proprietary or regional is a lot easier to disintermediate with software solutions. Even if institutions will still play a role, they'll be more software companies than brick & mortar administrative financial companies.
Chargebacks are a different topic, I know it's a cop out but I can't be bothered right now. I'll just say they're not as nice as people make them out to be, they're a big cost factor, they invite quite a bit of fraud, carry an awkward burden of proof, and socialise the costs (which I normally don't mind, but in this particular case it makes little sense).
I agree it's not unlikely that we'll still use institutions with bitcoin. The difference is that unlike something silly like Swift, we can have an open money protocol that is global, works with currency-agnostic tokens (bitcoins) that can present any value given the right derivatives market. It's more global, cheaper, faster, but perhaps most importantly more open and democratic, even with regulations in play. It's a bit like the Internet, even if companies individually are regulated, an open network is massively important. Anyway I won't stretch that comparison too far, most people dislike comparisons of something that's still very small to something grand. In addition to that, an open money protocol that is not proprietary or regional is a lot easier to disintermediate with software solutions. Even if institutions will still play a role, they'll be more software companies than brick & mortar administrative financial companies.