The key to Bitcoin’s success is the user’s trust in a global decentralized, open-source network. Let’s say a nation that has debased their currency for decades creates a new digital currency knock-off that they can control and manipulate. Why should a citizen trust them over the original blockchain? Not only will a nation have to sell a citizen on the idea of using and trusting cryptocurrencies, but also that they can manage it, after proving over generations that they can’t handle money to begin with.
Take something people don’t understand and add people the citizens don’t trust, putting their hands in the cookie jar. If a nation’s people are going to accept a new economic system, they’d want to have more input, not just make it more complicated. That would undermine what little trust people still have in “The system.” applying the failed fiat currency principles to digital currency is a losing formula when it comes to the public trust.
http://dcebrief.com/five-reasons-why-bitcoins-blockchain-is-superior-to-private-blockchains/
Topic: [2016-02-09] Reasons Why Bitcoin’s Blockchain is Superior to Private Blockchains (Read 251 times)
February 09, 2016, 11:00:04 AM
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