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Board Beginners & Help
Re: What problem does Bitcoin solve?
by
punningclan
on 02/07/2012, 14:14:15 UTC
"Easily divisible."
Is this really a problem? If I have $1000 in my bank account, I can write checks for $700, $200, $118.27, etc....It's a feature of digital cash that physical cash doesn't have (I have to get someone to exchange it) but it doesn't seem to be a problem online.
I have 10BTC in my wallet.
I can spend 1.45743878, but you would just be able to spend 1.45.
Also, I never said it was a problem with the dollar. It is just a feature of Bitcoin which is benificial, and better than the dollar's division.

to be fair, having only 2 decimal places isn't an inherent feature of government currencies; it's simply the way banks and other institutions store amounts.

there's no reason why a pack of gum couldn't cost $0.4529839 if being paid for electronically.

i.e. the dollar's division is just as good as bitcoin's.


They'd have to rewrite every bit of banking POS and ATM software and you can't dissect a penny? If it had been possible it would probably have been done already since there are loads of things tiny payments are useful for. FIAT is all about your money becoming worthless, not more valuable so micro transactions are not something banks want or need.