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You missed a fourth requirement. - free of government influence That's where the real power of cryptocurrency comes in. No longer are you tied to the decisio
by JohnJamesRambo 8y ago
You missed a fourth requirement.
- free of government influence
That's where the real power of cryptocurrency comes in. No longer are you tied to the decisions of your government with regard to your money. Venezuela, etc. Governments can't just print money for wars if the populace keeps all their money in cryptocurrency, which is borderless.
- mamon 8y agoThat isn't requirement for most people. Furthermore, ordinary people consider "government influence" a good thing, because they trust their government more than some random piece of technology such as Bitcoin.
- PeterisP 8y agoQuite the contrary - for the majority of people and businesses doing online transactions, it's very important that the transactions are reversible and can be overriden by their legal system in case of a dispute. Things like CC chargebacks and the ability to reverse fraudulent transfers are highly valued by most users. There definitely are some markets where this isn't the case, but those are niche markets not similar to most of our economics. In order for cryptocurrency payments to be competitive, the full service has to include not only actual transfer of money but things like a reputable escrow service that answers to local contract law.