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>What's the volume of Bitcoin traded outside of exchanges How could you ever know? A group of people could trade paper wallets with 1000s of Bitcoin trillions
by ashwagary 4y ago
>What's the volume of Bitcoin traded outside of exchanges
How could you ever know? A group of people could trade paper wallets with 1000s of Bitcoin trillions of times and no record of it would show up on chain.
- eru 4y agoWell, that's off-chain and requires trust. So it's arguably not bitcoin. (It requires trust, because how do you prevent double spending attacks? Someone can just print out the same paper wallet twice. You need to move the funds to an address you control to be sure.)
- ashwagary 4y ago>So it's arguably not bitcoin. It's always Bitcoin in any scenario we can think of since value never ever leaves the chain, only the person with control of the on-chain value changes. >Someone can just print out the same paper wallet twice. I used "paper wallet" as a simple place holder, many tamper resistant one time use solutions exist, like Opendime.