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To: mmichaels1970
Assuming you are correct, bitcoin is proving to be an effective "medium of exchange", allowing people to easily transfer payment for goods.

That is a significant invention indeed, because up to this very day I have to carry gold coins to the vendor if I want to buy something, as there is no conventional technology that would allow me to pay by giving the vendor some sort of a long, secure number over the telephone or the Internet... a number that a bank would issue, for example... too bad that they never do that :-)

The criterion of "easy transfer of payment for goods" is a very low bar. People all over the world do it every day, and the payment mechanism is the least of our problems. It's not like we have to look around for the nearest licensed moneychanger, with scales and a table, whenever we want to buy a gallon of gas, or a pizza. Bitcoin may *also* be easy enough (if you carry a computer with you, and if you don't mind waiting 15 minutes for six confirmations, and if you don't mind having no money back guarantee in case *anything* goes wrong) - but that doesn't make it *better* than other systems. A newcomer has to do something better, otherwise why to bother?

6 posted on 03/31/2014 5:06:11 PM PDT by Greysard
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To: Greysard

But a vendor exchanging coins for cash is no reason to disqualify the technology as fake. It is in fact a medium of exchange. A vendor also needs no contract with credit card companies, does not have to issue refunds due to fraudulent paypal complaints, etc. Whether it is truly as ground-breaking as it claims can be a valid debate. But its ability to act as a medium of exchange is without question.


9 posted on 03/31/2014 6:06:45 PM PDT by mmichaels1970
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