Post
Topic
Board Meta
Re: Default Trust Visualisation [Picture Heavy]
by
Quickseller
on 16/05/2015, 23:38:16 UTC
No. Bitcoin is a decentralized system where people do not need to trust a third party in order to send money to the third party. Either you need to trust the third party, or the third party needs to trust you if you are to send money to the third party.

Are you just not hearing yourself? In one sentence you say Bitcoin is a decentralized system where people do not need to trust a third party, then the very next sentence says "Either you need to trust the third party or the third party needs to trust you." Those statements are contradictory and is indicative of the fact that you don't understand how bitcoin works. I will touch more on that below.
Why don't you explain the below two things and I will bother responding to the rest of your post:

  • How does Bitcoin require you to trust a bank, or other similar third party when you are either holding onto your bitcoin or spending your bitcoin?
  • How is it possible to trade bitcoin for fiat without either party trusting the other party in any way whatsoever (nor them trusting any other person)?