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A decentralized blockchain has no middlemen, the trust is put in the network to be honest.
by fidelramos 1y ago
A decentralized blockchain has no middlemen, the trust is put in the network to be honest.
- 0dayz 1y agoThe same can be said to a degree about cash. Since we don't actually need visa or mastercard, but they make it damn convenient to buy stuff. Similarly blockchain got their equivalent of this.
- fidelramos 1y agoRight, that's why the whitepaper is titled "Bitcoin: A Peer-to-Peer Electronic Cash System". The idea is to bring many of cash payments features to the digital world, which are not possible with payment systems with intermediaries: uncensorability (nobody can keep you from transferring cash); non-reversability (no chargebacks, escrow systems are optional); low fees (contentious because BTC decided not to scale on-chain, but that was Satoshi Nakamoto's idea.