Bitcoin seems great and all, especially with its distributed nature and open source utility, but current money supplies and credit banking seem to work fine. Why fix the current system? The most important aspect of Bitcoin in comparison to the worlds banking systems is that it has the capacity to eliminate many forms of fraud, which is a huge problem with the current monetary paradigm. For instance, Bitcoin is a push system, whereas banking is a pull system. This is an important point. A push system refers to a banking or financial apparatus where money can only be pushed out from the account by the end user. Money cannot be withdrawn from the account or pulled by outside sources. Bitcoin is the push system, and credit systems are pull systems. The current cartelized banking scheme is not only set up so money can be pulled from accounts from third parties, but the credentials they store can accidentally fall into the hands of fraudsters and other criminals. Bitcoin bypasses this problem by not providing any private details. The only thing that is shared is the public key, which cannot be stolen or hacked easily (if it is taken, the criminal would have to have access to the private key to spend it, which is easily guarded with various forms of encryption). A credit card number with the current system can be stolen, hacked, or otherwise compromised without much of a struggle.
Merchants can benefit from using Bitcoin for many reasons, so it is in their interest to accept Bitcoin at point of sale. The number one salvation for merchants is that Bitcoin prevents chargebacks. In todays centralized accounting systems, if a customer merely makes a complaint about a transaction, regardless of its validity, a bank can reverse the transaction with the merchant. And in most situations, the merchant is responsible for chargebacks, and oftentimes they have to take a loss because of these problems. Bitcoin solves this issue, because transactions on the blockchain are permanent if a user spends coins with his key. There is no chargeback. Any difference of opinion is up to the judgment of the parties involved. The other reason why merchants should jump at the opportunity for accepting Bitcoin is that there are minimal fees with transactions, generally costing pennies or less, whereas the current credit systems could cost dollars for charges, which is why some businesses refuse to do credit/debit transactions of less than $5 dollars.
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FAQ | Bitcoin.com