No bank or goverment can control it. It is the benefit of being able to send money to anyone around the world while maintaining ownership of your money as if it were cash in hand.
And therefore no recourse if you are robbed, scammed, etc. Try going to your local, or even federal authorities and explain to them that you lost the digital equivalent of $10000 and they won’t do a thing.
Banks or governments as opposed to who though? There’s a reason we usually want those publicly owned and regulated institutions to handle our transactions. Obviously, it depends what country you live in, and what currency you’re talking about. But I don’t think Bitcoin or any other cryptocurrency actually solves the problem it purports to.
Ideally, no one controls it. It’s just exists as a medium for exchange.
There are both good and bad points to currency have value that can be adjusted by gov’ts; crypto currency solves one set of problems, but has it’s own, inherent issues.
You’re not really selling it for me, which I guess is the point aye? 😂
What I imagine as ideal is an open-source and transparent bank and payment system that issues its own currency backed by ties to its investment portfolio that is properly regulated by its host country. i.e. you would use their currency to trade among others on the platform according to the percentage value of their portfolio that you own as measured by the currency to which you which to convert your holdings for a given purchase. You could select different tiers of risk if you’d like your “savings” to grow in value over time but experience potential dips or even loss of value if there is major market stability.
I am not an expert on such things, but this at least has real links to tangible asset worth, and isn’t based on the artificial scarcity of an increasingly unsolvable math problem.
No bank or goverment can control it. It is the benefit of being able to send money to anyone around the world while maintaining ownership of your money as if it were cash in hand.
Until some guy in LA hires a bunch of moonlighting police officers to steel your laptop
Anti-inflationary to keep cash in BTC as opposed to sitting in an account at a bank
To an extent cryptos only value is it can be turned into currency.
And therefore no recourse if you are robbed, scammed, etc. Try going to your local, or even federal authorities and explain to them that you lost the digital equivalent of $10000 and they won’t do a thing.
You can opt in to an arbitrator before sending the money.
And that helps you how in the event of a theft?
Banks or governments as opposed to who though? There’s a reason we usually want those publicly owned and regulated institutions to handle our transactions. Obviously, it depends what country you live in, and what currency you’re talking about. But I don’t think Bitcoin or any other cryptocurrency actually solves the problem it purports to.
Ideally, no one controls it. It’s just exists as a medium for exchange.
There are both good and bad points to currency have value that can be adjusted by gov’ts; crypto currency solves one set of problems, but has it’s own, inherent issues.
You’re not really selling it for me, which I guess is the point aye? 😂
What I imagine as ideal is an open-source and transparent bank and payment system that issues its own currency backed by ties to its investment portfolio that is properly regulated by its host country. i.e. you would use their currency to trade among others on the platform according to the percentage value of their portfolio that you own as measured by the currency to which you which to convert your holdings for a given purchase. You could select different tiers of risk if you’d like your “savings” to grow in value over time but experience potential dips or even loss of value if there is major market stability.
I am not an expert on such things, but this at least has real links to tangible asset worth, and isn’t based on the artificial scarcity of an increasingly unsolvable math problem.