Tuesday, November 21, 2017

Wendy McElroy on Bitcoin

The blockchain is an immutable, transparent ledger of every transaction that has occurred since the Genesis block. The distributed ledger is not only open to those who transact but also to anyone who takes the time to search it. No withholding can harm the user because nothing can be withheld. Bitcoin provides the same service as a competent and honest third party, as well as offering other advantages. It allows greater anonymity, with the individual user remaining in control; it enables micropayments and speedier transactions. Increasingly, however, users are joining exchanges that resemble traditional banks, including sharing customers’ personal data with the government. It is ironic. Bitcoin’s success as a substitute for trusted third parties seems to be leading it back into the embrace of the problem it was created to solve. - The Satoshi Revolution – Chapter 2: Satoshi’s White Paper Breaks Your Economic Chains (Part 5)

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