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Topic
Board Beginners & Help
Re: Hi! BitCoin Fully Decentralized Hard Asset Backed Bank!
by
laffenlarry
on 06/04/2013, 07:16:16 UTC
You're getting farther away.

Let's see - Think of Bitcoin as a "Payment Clearing System" rather than a currency; as it's not a currency; a currency would be something of real value (a tangible, fungible, real thing).

I would not sell you a pound of potatoes for .01 bitcoins; but i will for $1.00; or something of similar value; or somethign attached to that thing of value; and i may accept 'payment, transactions, or process them out, in the form of a bitcoin' but the bitcoin is pretty worthless beyond that.

And sure, we may keep a few "odd bitcoins as a float to provide a liquidable reserve from which to make exchanges from' but it's more like writing a cheque (with a bitcoin cheque) than it as currency.