4 ms·

Bitcoin solves what is called the double spending problem without a central authority. Any other existing digital cash system, including the present-day fiat cu

Bitcoin solves what is called the double spending problem without a central authority. Any other existing digital cash system, including the present-day fiat currencies and payment infrastructure relying on them as well as other digital currencies, require a central authority to maintain and dictate the true history of a monetary ledger, to make sure that the same units of money are not spent twice. Bitcoin instead decentralizes the bookkeeping and uses a proof-of-work system to maintain consensus between independent bookkeepers about the true history of the ledger.

wil421 4y ago
If someone steals from my bank account I’m getting that money back. Yes I’ve been scammed a couple times and had money withdrawn from an ATM in countries I’ve never been. Within 24 hours my money was back in my BoA checking. All my bank deposits are insured by the FDIC. Not to mention my $dollars (or even €/£) have not lost a huge amount of value and fluctuated like a rabid dog. Blockchain doesn’t help at all and most banks keep pretty good records.
- tempera 4y ago
  Banks have an unpredictable money issuance policy. While Bitcoin's policy is know for the next 100 years. That will allow unseen before economic growth for entities going on to the Bitcoin Standard, with proper planning. After the first pioneers show to the world how it's done, it will become obvious to anyone that Bitcoin is the most advanced money we have as a civilization.
imtringued 4y ago
Ok but money has two sides. There are those who have it and those who accept it. What Bitcoin does is effectively provide a very expensive paper ledger but money is a social relationship between humans. There aren't enough people negotiating contracts denominated in Bitcoin. It is a very loose relationship that can be ended at any time.

4 ms·

Bitcoin solves what is called the double spending problem without a central authority. Any other existing digital cash system, including the present-day fiat cu

by tempera 4y ago

wil421 4y ago
If someone steals from my bank account I’m getting that money back. Yes I’ve been scammed a couple times and had money withdrawn from an ATM in countries I’ve never been. Within 24 hours my money was back in my BoA checking. All my bank deposits are insured by the FDIC. Not to mention my $dollars (or even €/£) have not lost a huge amount of value and fluctuated like a rabid dog. Blockchain doesn’t help at all and most banks keep pretty good records.
- tempera 4y ago
  Banks have an unpredictable money issuance policy. While Bitcoin's policy is know for the next 100 years. That will allow unseen before economic growth for entities going on to the Bitcoin Standard, with proper planning. After the first pioneers show to the world how it's done, it will become obvious to anyone that Bitcoin is the most advanced money we have as a civilization.
imtringued 4y ago
Ok but money has two sides. There are those who have it and those who accept it. What Bitcoin does is effectively provide a very expensive paper ledger but money is a social relationship between humans. There aren't enough people negotiating contracts denominated in Bitcoin. It is a very loose relationship that can be ended at any time.