|
| For transactions it's not really much better than using payments with a credit card or cash in most situations inside the United States.
But America is not the whole world. If the only other choice was trading in Rubles or Yuan bitcoin would look a lot better.
One advantage is that it is easy to prove and verify you own bitcoin making it useful as collateral.
The biggest advantage is that no one can change the rules regardless of who made it.The issuance rate into the future is known and not subject to political pressure. No trust is needed in a institution to act in the best interest of the holder. It's not so much about moving value across space but into the future.
At first glance bitcoin seems something of a joke not to be taken seriously. No one can be blamed for not fully trusting some technology that is brand new to them. When the idea is stood side by side and compared to free floating paper currencies the best of which are worth less than 5% of purchasing power a centaury ago it doesn't look so bad.
I also don't think bitcoin is necessarily the best thing for society long term. Ideally a system of paper money could be argued to be better but human nature is not really able to resist the temptation to abuse it. Gold backed currency with all its problems probably would be the most "fair" for everyone. Bitcoin is just more powerful because of the incentives it puts on people along with the capped supply.
Edited by turbo diesal 12/27/2024 07:28
| |
|
Bitcoin question
