View Single Post
Old 04-10-2013, 03:38 AM   #41
elsid13
Lost In Space
 
elsid13's Avatar
 
Bóg, Honor, Ojczyzna

Join Date: Apr 2004
Location: DC
Posts: 19,887
Default

Quote:
Originally Posted by Arkie View Post
All of that is tied to US dollars or some other government's fiat. It still has to go through a central bank. Bitcoin is completely decentralized. It can't be manipulated or counterfeited. It's more divisible. In fact, one bitcoin would have to be worth $1 million for it's smallest unit to equal our penny. It's easier to exchange online, and it can eventually be just as easy to exchange in physical form as our paper money.
You might want to go reread history and look at the banking crises of the 1800s to understand why there is central bank. Bitcoin follows that model pretty closely.
elsid13 is offline   Reply With Quote