That's what bitcoin is, that's what bitcoin has been.
Turns out you can use Bitcoin for money, you can use it as a payment network, its incredibly convenient to pay with it. There's a lot of value there. Maybe money is just the first application of this.
There is shared list of transactions. So as we go forward you may start hearing that Bitcoin is not just a payment network, maybe a way for signing title for houses or cars. For me as for technology guy all this interesting things that happened.
What does that mean to write software for Bitcoin.
Many people ask a question: is a bitcoin finished? Software is never finished.
When there were 10 thousand people trading its not hard to write transaction that handles few transactions through the hour. It been hard to keep up, and Bitcoin supports thousands of transactions per day.
We want the system to just work.
Scepticism. Why we need one.
It is both a virtual currency, payment system, and its traded as a commodity.
What is the need is for this system?
The payment system we have today, they have been created back in very ancient days. I can send an email across the world and it arrives in 5-10 seconds. When you talk about banking accounts - why does it takes so much time to move that money across the world.
Bitcoin is fundamentally secure - its using best practices. As a payment system its much more efficient than the payment systems - its cheaper, faster, better and also doesn't care of your national boundaries, regulations setup at your border. I can send an email across the world, I don't have to go to post office to get a stamp, its quicker - I just send it.
Many regulators want to know where money comes from.
Regulatory and legal framework. Promoting the common good. Intermediaries are always looking to have 2% out of somebody's work. Is it possible to bypass all regulatory stuff. We've seen all those challenges play out on a regulatory sciene.
I make it myself in trouble. Personally I think regulations always about laying risks, costs and benefits. I'm not gonna tell regulators how to do their jobs, I think they're focused on a risks. Benefits of Bitcoin is a huge. Other people might disagree - most smart people who looked at bitcoin closely - they saw the value proposition. On a largest scale we're going to invent the Internet. We're going to see how government going to adapt this type of interaction. From your perspective - we don't know how it would look like.
China is prohibited Bitcoin. Consumer protection make sense - you should have some idea who you interacting with. That things make a lot of things. Trying to control Bitcoin - government of North Korea is pretty successful at controlling Bitcoin. For other countries it I'm not see that it even possible.
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