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I don't know much about bitcoin, so can someone explain me what's the point of having an exchange if there is no way of ... actually exchanging that money.
by ama729 13y ago
I don't know much about bitcoin, so can someone explain me what's the point of having an exchange if there is no way of ... actually exchanging that money.
- em3rgent0rdr 13y agoRead the description on their github. There is no need for exchanges as a central component. People who want goods or services essentially issue IOU's for bitcoins to the seller. Which is why you only deal with trusted people (either people you know or people who have acquired a reputation). Those IOU's can then change hands (but not on a fractional reserve basis).
- vrotaru 13y agoJust in case you can explain it quickly. What happens if the people you know and trust let your down? (It that's a phrase) The one who is last is holding the IOU is gonna support the loss ?
- eterm 13y agoWhy not just exchange IOUs of dollars?
- foobarqux 13y ago> Which is why you only deal with trusted people Which makes it far less useful than a conventional exchange.