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How does a transaction like this provide security for both sides? Doesn't it require someone in a transaction like this to make the transfer first? Or is there
by magpi3 4y ago
How does a transaction like this provide security for both sides? Doesn't it require someone in a transaction like this to make the transfer first? Or is there some kind of digital contract that can be signed before the transaction takes place?
- TEP_Kim_Il_Sung 4y agoAny transaction requires a meeting of the minds, be it seashells, gold, pallets of cash on a C-130, or crypto.
- ericpauley 4y agoThe difference is that meeting minds with a publicly traded and regulated US company like Coinbase is (in theory) less risky than those.
- TEP_Kim_Il_Sung 4y agoTrading with my cousin is less risky than that, he's honourable, keeps his promises, and does not need to know your keys to trade. Also, his operation is not financed through extortion.
- timeon 4y agoIf you are going to trade just with your cousin then you do not even need currency at all. Just barter.
- TEP_Kim_Il_Sung 4y agoBarter is what all trade is. Some trade goods are just more versatile than others. We call those "money" (not to be confused with "currency", which is fiat).