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This doesn't really answer why bitcoin though. Because we already have money that we've been using for a good long time. The problem is that money now is issue
by dkarp 6y ago
This doesn't really answer why bitcoin though. Because we already have money that we've been using for a good long time.
The problem is that money now is issued by governments. Governments are on average only governing one country, although sometimes more as with the Euro. In other words, it is not universal, so if you want to exchange some money for goods and services then you need to find the right money for the country the service is in.
Globalisation means we often want goods and services from other countries. But then we always need to find the right money for that country or use some de facto universal money like USD. But then you're always exchanging money or letting the US government (who control USD) exert some control over you, even though you could be outside the US buying a good/service from a non-US entity.
Bitcoin gives you a universal money. Once you have it, you can exchange it for goods or services without caring about where the recipient is. And you don't have to worry that you've now created a universal money that is controlled by one non-universal entity like the USA.
At least that is the idea