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( 4 comments — Leave a comment )
scottks
Aug. 26th, 2014 03:35 am (UTC)
Hopefully, in the near future, counterfeit cash will become irrelevant. Bitcoin cannot be counterfeited.
polaris93
Aug. 26th, 2014 05:08 pm (UTC)
The problem with Bitcoin is that accessing it depends on having a functional Internet. In the future, the Internet -- and the nation's power-grid -- may fail, and if they do, there'll be no using Bitcoin unless and until the power is back on (EMP bombs, CMEs from the Sun, etc.). And that isn't all that improbable. In such case it would be nice to have a medium of exchange that wasn't affected by that. I recommend coins -- physical ones -- with milled edges, the latter preventing counterfeiting (those taking payment can see at once whether somebody has trimmed the coin for its metal, and if the coin is properly made. Coins are much harder to counterfeit than paper money. We're too damned dependent on our electronics. We need to remember what we used before we got to that state of affairs and have solutions such as real coins and so on stored for just such contingencies.
scottks
Aug. 26th, 2014 05:35 pm (UTC)
If we get bombed with an EMP, a lot of people think we go back to the stone age because nobody knows how to live in the 1800s. Bitcoin is math. It can live in your head, or on a piece of paper. You could bury the public and private keys of bitcoin on laminated pieces of paper, sealed in sprinkler pipe with ends capped, and never worry that someone with a metal detector could find it. Not so with coins.

Bitcoin networks could work via ham radio. We don't need the internet to make it work. I'm not worried.
polaris93
Aug. 26th, 2014 11:33 pm (UTC)
Well, we'll see. :-/
( 4 comments — Leave a comment )

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