The USD doesn't provide these protections either. Customers will flock to the first exchange that implements cryptographic proof of ownership. Where is your e

The USD doesn't provide these protections either. Customers will flock to the first exchange that implements cryptographic proof of ownership. Where is your evidence that a current requires backing by a central authority. Gold has often functioned as a true currency without a central authority. We moved away from gold because it's not as easy to carry or divide as cash. Bitcoin has all of the desirable properties of gold and the desirable properties of cash.