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I thought it was obvious how Bitcoin helped and didn't to explain... So it helps because it functions like cash: bitcoins are held digitally in your wallet and
by mrb 9y ago
I thought it was obvious how Bitcoin helped and didn't to explain... So it helps because it functions like cash: bitcoins are held digitally in your wallet and no one can stop you from transacting with them, unlike an account at a bank or payment processor that can be seized or frozen.
- qplex 9y agoIt's not at all that obvious. Bitcoin is _not_ like actual physical localized nation-state backed cash, nor does it function like one. In your list of examples Bitcoin is the hero that saves individuals from the oppression of a government or regulation, but sometimes it's the bad individuals (e.g. tax evasion) against a government and suddenly it's not so bad if there are ways to seize assets and close their accounts.
- braziliaagorist 9y agoWell, only if you think that tax evasion is a bad thing.. https://en.wikipedia.org/wiki/Civil_Disobedience_(Thoreau) https://en.wikipedia.org/wiki/Civil_Disobedience_(Thoreau)
- mrb 9y agoWrong. Bitcoin is literally digital cash: it is held in your wallet and transacted directly from wallet to wallet. There is no third-party intermediary (like a bank or credit card processor) whose authorization is needed to make a transaction. This is what makes it cash-like.
- qplex 9y ago>no third-party intermediary ... whose authorization is needed to make a transaction. This is what makes it cash-like. You need to get your transactions accepted to the ledger and you need to pay for that to happen as well (I guess whether the mining network is a third party is debatable). Not mentioning that people will most likely use some sort of intermediary for their digital wallet to begin with.