I wonder what is the future of bitcoin and other virtual currencies?Daily consumer payment to replace credit card? Replace international cash payment? Replace short-term bank deposits? The future of bitcoin and other virtual currencies is to choose low cost, privacy or decentralization?
it doesn't have to replace anything to become big. bitcoin can become big and adopted and be used for all these things you said but credit cards, banks, paypal,... also exist.
for example when PayPal first came out, there was a lot of talk about how it will replace everything money related! of course it was mainly advertisement, but still you see what i mean.
the main thing about bitcoin is that decentralized feature of it. that is why it makes it different in my opinion. and then the additional features such as security, irreversibility, low fees (not now but generally speaking),...
When a dispute arises, is the Bitcoin service provider protecting the seller or the buyer?
this is a good question. bitcoin is irreversible so it mostly protects the seller but the thing is, seller is one person or company and it is easier to solve a dispute with them because you can find them but it is hard the other way around meaning when someone uses PayPal and charges back or stolen credit card and makes a payment.