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this post was submitted on 24 Aug 2023
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For a start, bitcoin is revolutionary. It solves all the problems with the banking system.
For example, people's card details get stolen all the time. Bitcoin had solved this by using a new public key for each transaction.
When something is purchased using a credit/debit card, you are effectively using the same public key for every transaction. So what is happening is replay attacks. This type of scam is inevitable because the banking system is insecure by nature. It's built on a foundation of insecurity.
Bitcoin fixes all that. Bitcoin or similar is necessary for money-based economies to continue to work in the future.
Bitcoin and crypto are more than this. This is just one of the important innovations bitcoin makes.
I think it’s so exciting because those blockchains solve a lot of problems and are a land of possibility.
Yes block chains predate bitcoin and are very useful. Git uses them. A currency is a perfect use case for a block chain. You need to robustly store balances and transactions so they can't be tampered with.
I would say it's insane to have a currency which is not block chain based. Too easy to fiddle your finances.