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The Role of Bitcoin In A Digital Cash Society

TheMerkle-Bitcoin

Whenever #consumers and enterprises think about #digitalcash , the discussion will ultimately turn to #Bitcoin . More and more people are starting to realize the #limitationsofBitcoin anonymity, which makes it more appealing as a #replacementforcash and traditional payment methods.

.....there are far more limitations than most people take into account. Generating a Bitcoin address will not require personal information, unlike opening a bank account. But that is only as far as the anonymity goes, as every transaction on the network is publicly available for everyone to see.....

..... as the individual user is in full control of their funds at all times. Although this is the major selling point for diehard Bitcoin aficionados, everyday consumers are disconcerted by the fact that losing the private key associated with their address results in a loss of funds. If someone loses their bank card, it can be replaced quite easily. Online banking passwords can be reset, as well as plastic card pin codes.

There is a particular tradeoff to be made between full financial control and little anonymity, compared to hand-holding and no transparency whatsoever. For some unknown reason, most of the consumers seem to prefer the latter....


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