30 Sep '17, 3pm

The Satoshi Revolution by @WendyMcElroy1

The Satoshi Revolution by @WendyMcElroy1

Tucker then linked bitcoin not to a hard good but to a hard service which fills a deep need and has direct utility: the blockchain as a payment system. “Bitcoin is both a payment system and a money. The payment system is the source of [non-monetary] value, while the accounting unit merely expresses that value in terms of price. The unity of money and payment is its most unusual feature, and the one that most commentators have had trouble wrapping their heads around….This wedge between money and payment has always been with us, except for the case of physical proximity. If I give you a dollar for your pizza slice, there is no third party. But payment systems, third parties, and trust relationships become necessary once you leave geographic proximity. That’s when companies like Visa and institutions like banks become indispensable.”

Full article: https://news.bitcoin.com/the-satoshi-revolution-a-revolut...

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