01 Apr '13, 9am

What The Rise Of Bitcoin Teaches Us About Money

What The Rise Of Bitcoin Teaches Us About Money

Decentralization could be both good and bad for Bitcoin. I think there’s a certain missing element of trust in an online money that has no oversight. One of the key ingredients that stabilizes and maintains the US payments system is the backing of laws that enforce and regulate the proper use of bank deposits. Banks can’t just issue deposits (loans) without working within the regulatory structure of US government law. And the users of bank deposits can’t use this payments system for things that the US government might deem inappropriate. When you legally exchange goods and services on the US payments system there is a certain level of trust derived from the fact that you have a legal system protecting your rights to use that system in a particular way. In other words, the government helps embed a certain element of trust within the system by ensuring that its users operate...

Full article: http://www.businessinsider.com/is-bitcoin-money-2013-4

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Bitcoin

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