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Except that you wouldn't get much legal protection if someone runs off with your bitcoin. A bitcoin transaction is irreversible and unfreezable, so there is not
by bbcbasic 10y ago
Except that you wouldn't get much legal protection if someone runs off with your bitcoin. A bitcoin transaction is irreversible and unfreezable, so there is not a lot the bank or legal system can do to try and retrieve stolen funds. And there is less of a trace to who the thief is.
As a result you probably aren't going to get the government failure guarantees on bitcoin as you would for fiat. Let alone governments wont want you using a different currency that they can't print.
- reddytowns 10y agoNo one can "freeze" cash, either, which is what currency is. A number in a bank account can represent us dollars, bitcoin or whatever else. You're talking about two different things here. I agree with your point about government failure guarantees, however.
- bbcbasic 10y agoI was talking about money in a bank account (i.e. an electronic record of a bank's liability to it's customer), rather than cash.
- digler999 10y agoFWIW banks couldn't operate without at least one mode of "irreversible and unfreezable" currency transactions, aka fed wire transfers.