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View Diary: Please don't hate Bitcoin (57 comments)

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  •  Very true. (0+ / 0-)

    It's just a simple way to provide a mental framework.
    Bitcoin = Cash - physical limits.
    Whatever insecurity/problem you have with cash, the same insecurity/problem you have'll have with bitcoin.
    The only difference is that bitcoin (or cryptocurrency) provide is a way to not need to trust anyone else (whether it's a smart idea not to trust anyone else is a different question).

    As you stated. If you store cash in bank, the government provide some insurance to dispel certain level of distrust you have in the bank. Bitcoin doesn't have that mechanism if you want to depoist in a bitcoin bank (until a government decide to ensure bitcoin deposit, which might involve bank to spend money to comply with regulation, which might involve bank having to charge you transaction fee and... kind of defeat the purpose of bitcoin in the first place).

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