Key Features: Rabbit Hole Verifiable We tend to get a little freaked out by something new, and Bitcoin is no different. Let’s start with cash. Where did it come from? Don’t know. What was it used for before it got to me? Don’t know. Regardless of what you have been told, cash is still the most common transaction for criminal use – because there is no way to verify it. Then we move on to checks. The account number, your name and address, it’s all right there for everyone to see. A good forger – even a bad one – could pretend to be you. Then we move on to plastic. This was where things really got interesting – they charged a fee to the merchants… The merchants raised the cost of everything, we all end up paying more for everything. But this is about verifiability… Almost none of the on-line payments systems are verifying who YOU are. They’re verifying the funds are there. And that the person using it knows the right information. And the level of fraud is phenominal. Your Bitcoin cannot be spent unless YOU verify it. Period. It can’t be taken, stolen, moved, stopped, detoured unless YOU authorize it. Period. Back to 'Key Features' | Next Topic (Proof of Work) Register Log In
