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RE: Why i think BitCoin won't replace cash and cards

in #bitcoin8 years ago

Here's the thing about Bitcoin. Yes, the technology is complicated and very heady. Most people will never grasp how it works.

But how many people do you know who understand the technology behind email? Or websites? Or even Credit Cards?

Do you think every individual who swipes his mastercard knows that the magnetic stripe contains information which is read by a specialized computer and then is passed through a secure (or sometimes not so secure) channel to a computer at the merchant's bank, which then passes it to the MasterCard central processing network, which then passes it to the card holder's bank's computer, which then queries the card holder's account balance, makes some fraud detection decisions, and then returns an approval or denial which goes all the way back to the merchant's terminal in a matter of seconds? Of course not!

Point being that it's totally unimportant to the average user to understand how a technology works.. They only care that it DOES work, and it's easy to use. And there are plenty of mobile apps that make Bitcoin easy to use.

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