Bitcoin is a peer-to-peer network and is supported by peer-to-peer trust. Take a look at what happened in India recently (Demonetis 500 and 1000 rupee notes). One night the Prime Minister came to live television and said "all our money is now worthless", and like magic, it is. Millions for millions of dollars evaporate just because of someone's words. Where is our gold?
When it comes to bitcoin, no one has such power. Fuck, Trump can keep on broadcasting TV and say "bitcoin sucks" and we might see a 10% drop and a quick rebound. When we give power to people - completely, without someone acting as an authority or a central god, that is when we have a real miracle. Bitcoin is a miracle in itself.
we can not compare bitcoin with money because they have very little in common.
Centralization
bitcoin is decentralized while money is centered.
That also means bitcoin is supported by people who use it and as long as people (peer) there bitcoin will have value. But most money is supported by the government and when the government screw up, the value of money goes down.
Supply and cover
there is a hat for bitcoin (21 million) and there will never be more than that. and it has a record for outstanding supply.
while there is no money lid. the government will print as much as they want, whenever they want. no one knows how much money is going around!
anonymity
Bitcoin is not anonymous, every transaction is stored in a public ledger (blockchain) and is open for everyone to see.
money transactions can be 100% anonymous if we use cash!
Topic: comparison of bitcoin with money (Read 87 times)
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