Obviously, you know the answer to your own question. You know exactly how Bitcoin differs from M-pesa. You are implying that Bitcoin is no better. Whatever. It is different. Bitcoin doesn't cure malaria. That doesn't mean that it has no benefits.
Hi. That's not an answer to my question though. Please see my reply to Pursuer above.
A bitcoin miner does not hold, loan, or transfer money. It validates transactions.
Please see my reply to Pursuer above.
The economics of Bitcoin mining are very different from the economics of mining of resources such and gold or oil or whatever.
That's exactly my point, i.e. Bitcoin is a
simulation of mining. So what is the point you're trying to make here?
You have a balance in an account at a bank, but you don't know if that balance actually exists or not. Bitcoin is verifiable by anyone. It is not the code that provide the proof. It is the data in the ledger.
My bank stores a number as an electromagnetic charge on a storage medium, so I already know my balance doesn't exist in any 'real' form. What would happen if you could flick a switch and turn off the electricity supply to your town or city? How 'real' would your balance (in Bitcoin or otherwise) be then?
Approach someone on the street, show them the ledger, and tell them it represents 'proof of trust'. Will they accept this at face value or will they ask for an explanation? Will your explanation be self-referential (i.e. the ledger exists, therefore it is 'proof of trust') or will you have to explain the code behind the ledger so that they understand how the ledger is created? Above and beyond even that, would they take your word for it? Trust is neither code nor data but a state that exists in the human mind.
You are implying that Bitcoin is the same as fiat because it supposedly doesn't provide a solution to a particular group of people. I would like to see the logic behind that.
No, I'm using a specific group of people as a test case in an attempt to get someone to explain what the practical benefits of Bitcoin are to those who do not currently use Bitcoin. It really doesn't matter if the people in question are in Tanzania or Texas. What is the incentive for choosing Bitcoin over fiat? What does Bitcoin offer that fiat doesn't? Next time you overhear someone moaning about money why don't you go over to them, explain how Bitcoin can solve their problems, and let me know what they say?
HS