This statement simply says, you do not require a middleman to send money to anyone! If you own the private key, you own the money and no one else does! I am not sure what do you mean by "Central Bank" here! On a funnier side, if you are a miner, you can call yourself a central bank!
This statement simply says, you do not require a middleman to send money to anyone! If you own the private key, you own the money and no one else does! I am not sure what do you mean by "Central Bank" here! On a funnier side, if you are a miner, you can call yourself a central bank!
By a central bank I mean authority of printing money, ie issuing banknotes.
But yeah miners are central bank for Bitcoin, if we consider BTC as a currency. which is what I'm questioning in fact. Today I can't buy a bottle of milk with BTC because fees will be worth 4 bottles of milk. (I can do but it's totally a waste)
Why not! It's very much spendable provided there is another party ready to take it! You won't need a mediator like bank here and you can directly send the bitcoin to anyone's account id. As sim0le as that! I am not sure why you even have such questions!
But this vision is a Forex trading one. I'm doing a projection where cryptocurrencies completely replace fiat.
In a pure cryptocurrency world, I think there's bitcoin as a universal reference, and there're currencies which are backed by bitcoin.
And as long as it's solidly backed by Bitcoin (no overissue, no BTC escape), that coin will always have value.