Quote from: Possum577 on May 17, 2015, 06:09:58 AM

How does bitcoin fit into the standard definition and traditional role of money? how might it change money? Are you going to have subsequent commentary that extend beyond this introduction? Have you linked this up with any of the other money supply and currency use discussions going on in this forum?

It would be nice to get a healthy, educated debate going on the key challenges facing bitcoin and "money".

Cryptocurrencies differ from other currencies and electronic means of payment like WebMoney.Decentralization. Cryptocurrencies have no actual Central issue (as is typical of any world currency) and belong to no one except their actual ultimate owners. Any interested person can independently produce a production (mining) of cryptocurrencies. Transparency of calculations. All cryptocurrency transactions are stored in a database forever, so if you want you can track any transaction any payment to the moment of generation of these payment marks. The degree of participation in the system. Each person is free to choose to what extent he will participate in the system: a cryptocurrency mining, or just buy them from other participants, or not to Transact with cryptocurrencies. All of this is voluntary. The lack of centralized control. There is no such regulatory body which could block wallet in bitcoin or cancel some operation.