> These four elements work together to enable trust. Take banking, for example. Financial institutions, merchants, and individuals are all concerned with their

> These four elements work together to enable trust. Take banking, for example. Financial institutions, merchants, and individuals are all concerned with their reputations, which prevents theft and fraud. The laws and regulations surrounding every aspect of banking keep everyone in line, including backstops that limit risks in the case of fraud. And there are lots of security systems in place, from anti-counterfeiting technologies to internet-security technologies. The problem isn't that banks and the government don't trust each other, it's that the people don't trust the banks and governments (see: crisis with the Bank of Cyprus). If there's one thing I trust, it's that a bitcoin that I 'own' will stay mine (barring oversight on my own part). I have less trust that money in the bank will stay my own.