Currency is already electronic: there’s nothing backing U.S. dollars other than an electronic record at the Fed. What distinguishes bitcoin is that it’s not issued by a sovereign. It’s private currency, the “bit” part is marketing. Blockchain means the ledger is distributed.
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So what you have on net is a private currency with a distributed ledger. It’s competition for sovereigns and clearinghouses. It’s an “anarchists” currency, though anarchists fail to realize that governance is the natural result of people getting sick of anarchy.
End of conversation
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