What the fetch is Bitcoin? | The Fetch Blog // What's Happening in Your City

New blog post with @matholroyd: What the fetch is Bitcoin?

The biggest challenge with BitPiggy has been everything to do with the fiat money system. Since people buy from and sell Bitcoins to me with Australian dollars, I have one foot in the Bitcoin world and one in the fiat world. Everything, and I mean everything, is harder in the fiat world. Setting up bank accounts is a pain; managing them is pain; the information banks give you about transactions is terrible; the fees are way higher and your money loses value; banks can take days to process transactions; and finally bank accounts get hacked – apparently – routinely! This last point was a surprise to me – I thought by only accepting bank-to-bank payments from other Australian banks I would be safe, but boy was I wrong! I’ve had to return thousands of dollars of stolen money that was sent to me, for which the banks in some cases took weeks to notify me and promptly reversed th...

Full article: http://blog.thefetch.com/2012/09/09/what-the-fetch-is-bit...