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Not really. We're all used to money we don't hold physically, money that only exists as data. We call it a bank account. We can manipulate that money -- use it
by gregjor 6y ago
Not really. We're all used to money we don't hold physically, money that only exists as data. We call it a bank account. We can manipulate that money -- use it to buy something, transfer it, invest it -- without ever physically handling it. The system has some friction and costs, but so does Bitcoin.
I can't remember the last time I physically converted a paycheck to cash. Instead I get a direct deposit and never see the cash unless I use an ATM. I also can't remember the last time I waited "three days" for a check to settle. I can deposit a paper check with my phone and the funds get credited to my account immediately.
While Bitcoin does represent a way to exchange funds that didn't exist in exactly that form before, it's hardly a novel idea. And blockchain is not a database, it's a ledger. Not the same thing.