|submitted by spaceman77 to Bitcoin [link] [comments]|
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Posted on October 17, 2011 by irdial. Bitcoin is a very new technology, even though the concept that it brings to life is decades old. The double spending problem has been solved; this means that it is possible to use a digital certificate to stand in the place of money and be sure that no one else can spend that certificate other than you as Finally, whatever happens with Bitcoin, the individual wins. If Bitcoin becomes the de-facto way of spending money on the internet, displacing all other systems like Credit Cards and PayPal, the public wins, and the State loses. That is win. If Bitcoin fails because the State outlaws it, hatred for the State increases. That is win. On the other, bitcoin is a flaming nuisance, because big names are rather too free and too good at escaping from the cold hand, etc. Mt. Gox is the current attractor for this lightning storm. Bitcoin is the most portable ‘money’ ever created. It can be sent anywhere in the world in an instant. There is no other money like it in the world in this respect. Bitcoin is divisible. Each coin can be divided into one million equal parts. Bitcoin is consistent in value, if we accept that the value of a commodity is related to its supply. The G7 are starting to understand that Bitcoin is a threat to them, and that there is nothing they can do to stop its global mass adoption.
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