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RE: Bitcoin: trust and kinda-religious faith / Buy eggs with IOTA: Adaptation continues and new information on project Qubic / Short interview with Tim Frey a big data analyst specialist

in #cryptocurrency6 years ago (edited)

Great and insightful post. Personally i think the whole ideology behind cryptocurrencies and the fiat money is basically "Trust". When all confidence and trust are lost, both cryptocurrencies and the fiat money will authomatically cease to exist. Satoshi, in his announcing the first release of bitcoin on the 09/01/2009, decleared bitcoin as an electronic cash system that uses peer-to-peer network to avoid double-spending. I think what this means is, for a transaction to take place there must be a consensus between the parties involved. However, when there is no trust between the parties, definitly, there would be no agreement. I'm also making a similar post on this, will be published on monday. Considering what the farmer did, i also think that payment with btc is a welcome development for local traders who are conversant with the internet. Thanks very much @danyelk for the mind broading post.

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