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Bitcoin is not competing with paper cash, it is competing with centralized digital currencies backed by states and huge payment networks, offering free confirme
by grey-area 8y ago
Bitcoin is not competing with paper cash, it is competing with centralized digital currencies backed by states and huge payment networks, offering free confirmed digital transfers in seconds around the globe. Bitcoin solves the wrong problems in a way which guarantees it cannot scale to a global payments system.
All currencies will be digital one day, paper money is certainly going to be phased out, as gold coinage was, but it won't be replaced by blockchains, but by systems which recognize trust is central to financial transactions.
- chrisco255 8y agoI don't know how familiar you are with Bitcoin's Lightning network, but it works. You can send satoshis in milliseconds. The term "trustless" doesn't imply that you don't trust the system. It's the idea that a "trusted" network can emerge from a system with a mix of trustworthy and non-trustworthy nodes.
- TheSpiceIsLife 8y agoAll national currencies, in the developed nations anyway, are already digital. I can hold my Australian dollar as cash money, but I don’t need to.