Visa, Mastercard, and Paypal offer more than transactions though; they have "buyer protection", "seller protection", etc.
In theory, all you need is institutional trust and KYC, but as soon as you hit a situation like, "oh shit, someone stole my wallet (/ online identity)", you realize why the fees are there.
In theory, all you need is institutional trust and KYC, but as soon as you hit a situation like, "oh shit, someone stole my wallet (/ online identity)", you realize why the fees are there.