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The thing is that for a national currency, multiple sources have to agree that "yes, this money is not in this account anymore" for money to actually move from
by pseudonym 14y ago
The thing is that for a national currency, multiple sources have to agree that "yes, this money is not in this account anymore" for money to actually move from point A to point B. If I write a check, I can send it to person B. I can then go and put a stop payment on it, which prevents them from cashing it. Or, if they got my checkbook somehow and wrote themselves a check, I can go to my bank and say "This was a fraudulent check" and go down the legal road. These are things that happen many, many times on any given day, and the same goes for things like debit and credit cards.
Bitcoin, on the other hand, by it's own proselytes, is an "anonymous crypto-currency" with "no chargebacks" and "no way to recover a lost wallet", as if any of those things is a benefit to any nation, any consumer, or any person who's ever had to access a "recover password" form.
Bitcoin has it's uses, and is fantastic under certain circumstances. But this is not one of them.