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Bitcoin technology allows something that has never before been possible in human history: Two individuals, that never meet in person, can trade with each other
by jamoes 14y ago
Bitcoin technology allows something that has never before been possible in human history: Two individuals, that never meet in person, can trade with each other without placing any trust in a third party. The implications of this are far-reaching, and will fundamentally shape how governments and businesses operate.
- khuey 14y agoThat's a fascinating point. It has me wondering if this is a solution in search of a problem though. When I do business with someone online, typically I trust the third party more than I trust the counterparty. That's definitely the case when I use my American Express card to buy something from a merchant I've never used before. It's why Ebay and Amazon Marketplace succeeded. They broker the transactions and ensure you don't get screwed in exchange for a cut of the value.
- smsm42 14y agoSo far I see absolutely zero effects of these fundamental changes. In fact, even finding a way to get bitcoins - without trusting one of those "exchanges" that constantly are getting hacked - looks non-trivial at best, and looks next to impossible to do it anonymously. As for using it for some common activity except selling/buying controlled substances and such - forget about it. When I am able to pay with Bitcoins on Amazon - then we'd be talking.
- quasque 14y agoNot really. They still must rely on the Bitcoin peer to peer network, the code behind the Bitcoin clients, and the stability of the Internet. There is still a third party, it's just distributed more widely.