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First, you have a bunch of ideas that you're trying compose into an argument, you were not successful. Second, Bitcoin solves the problem of digital exchange b
by jakupovic 6y ago
First, you have a bunch of ideas that you're trying compose into an argument, you were not successful.
Second, Bitcoin solves the problem of digital exchange between non-trusting parties, this is a very hard problem that didn't have a solution before Bitcoin came around, that's why it exists and it's useful.
Above, you do weave U$ Dollar throughout, let's use it to explain Bitcoin. Currently the trust-less exchange is solved by holding assets which others trust. This means that if you have $100 you can show it other people and they can see that you have it and test that it is really $100. The reason $100 is $100 is because USA makes sure that is true. Now, non-US people are not the happiest that the US dollar is effectively the world currency. This has roots in WW*, Bretton Woods, etc., beside the point for our needs. The biggest problem is that US controls the dollar supply, just in the last year the supply has increased by ~25%, making everyone else'$ cheaper. If instead the world currency was Bitcoin or some other cryptocurrency, one entity would not control the supply, the supply would be controlled by algorithms, which are easier to understand than some old white men. To me the last point, about algorithms, is enough to make bitcoin useful. No matter how much we fight it the world is going digital, and why would money be an exception?