Man I always thought of stuff in this way BUT I could never actually think of these 2 family examples even though this is actually how and why I've stored my modest inheritance valuein Bitcoin, away from extended family and only in the hands of one trusted member, until the day I decide.
No other option allows me do this without, as you say, trusting some other unknown and unknowable entity.
yep bitcoin has many benefits of utility
before bitcoin i was into share trading. and had all the headaches of banks wanting their cuts/commissions/taxes/duties paid and also having to explain my trades. when i wanted to exit and avoid further taxes i thought about putting funds into a trust or offshore.. this required more headaches and more meetings with bank managers and lawyers to create a bank contract and account that would work.. and all the costs and fee's related to this.. (more headaches)
yet with bitcoin. its a simple move funds to an address.. done
i can without anyone else. create multisig if i want a family trust of certain parties to agree on how funds should be spent. or i can create a way to encode the private key into keywords(seed) and put them into a will. all without involving third parties, where only the recipient knows what the secrets are
i didnt need to declare it or announce it as the funds were not 'cashed out' in local jurisdiction.
and thats just some examples of what bitcoin offers
Was doing a smattering of forex for a bit, and then I just did online currency exchange (p2p, as the exchanger), so like Localbitcoins but with a hell lot more different types of currencies, this was the mid-2000s and Asia was awash with all kinds, and then a little thing called e-gold which I actually thought was brilliant. Fees and commissions, never mind, but when the big bad US took to e-gold and me and thousands of others lost everything literally overnight, hit me so bad I ignored Bitcoin when it emerged years later.
Had I understood it better then, I'd have got into it sooner. Have to thank my circumstances for actually bothering to read into it in 2015, and then getting my own in 2016.
And yeah, so many practical, actual examples, which you really don't get with anything in its class.
