https://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&feed=atom&action=historyBitcoin as a medium of exchange - Revision history2024-03-29T10:49:20ZRevision history for this page on the wikiMediaWiki 1.30.0https://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=67340&oldid=prevBelcher: /* Bitcoin as a low-trust medium of exchange */ Add date note2020-03-04T18:10:30Z<p><span dir="auto"><span class="autocomment">Bitcoin as a low-trust medium of exchange: </span> Add date note</span></p>
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 18:10, 4 March 2020</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Low fee'''. [[Transaction fees]] can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. This property is traded off with being fast.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Low fee'''. [[Transaction fees]] can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. This property is traded off with being fast.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The '''fast''' and '''low fee''' properties usually cannot come together, there is a tradeoff between them. A fast transaction usually doesn't  have a low fee, a low fee transaction usually isn't fast. See the article on [[Transaction_fees#The_market_for_block_space|transaction fees]]. This tradeoff could be made better with technology that hasn't been created yet (see [[Lightning Network]]).</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The '''fast''' and '''low fee''' properties usually cannot come together, there is a tradeoff between them. A fast transaction usually doesn't  have a low fee, a low fee transaction usually isn't fast. See the article on [[Transaction_fees#The_market_for_block_space|transaction fees]]. This tradeoff could be made better with technology that hasn't been created yet <ins class="diffchange diffchange-inline">as of 2017 </ins>(see [[Lightning Network]]).</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>==Volatility==</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>==Volatility==</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=64823&oldid=prevBelcher: /* Bitcoin as a low-trust medium of exchange */ added hard to counterfeit as a feature2018-01-16T14:45:06Z<p><span dir="auto"><span class="autocomment">Bitcoin as a low-trust medium of exchange: </span> added hard to counterfeit as a feature</span></p>
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 14:45, 16 January 2018</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Irreversible Transactions|'''Irreversible''']]. Once a transaction is settled nobody can undo it, like cash. (but [[Irreversible_Transactions#Consumer_Protection|consumer protection]] is still possible.)</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Irreversible Transactions|'''Irreversible''']]. Once a transaction is settled nobody can undo it, like cash. (but [[Irreversible_Transactions#Consumer_Protection|consumer protection]] is still possible.)</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''ID-less'''. Does not require ID or registration to use. So can be used by privacy-conscious people, minors, computers, unbanked people, third-world residents, stateless people, etc</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''ID-less'''. Does not require ID or registration to use. So can be used by privacy-conscious people, minors, computers, unbanked people, third-world residents, stateless people, etc</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">* '''Hard to counterfeit'''. Wallet software (especially [[full node]] wallets) will always do cryptographic checks on incoming transactions. It's virtually impossible to get a fake bitcoin accepted.</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Worldwide/borderless'''. Works anywhere where the internet does.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Worldwide/borderless'''. Works anywhere where the internet does.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Anonymous'''. Does not reveal any ID to your counterparty, requires care see [[Anonymity]].</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Anonymous'''. Does not reveal any ID to your counterparty, requires care see [[Anonymity]].</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=64586&oldid=prevBelcher: /* Bitcoin as a money-like good */ word2017-12-16T01:40:51Z<p><span dir="auto"><span class="autocomment">Bitcoin as a money-like good: </span> word</span></p>
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 01:40, 16 December 2017</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l7" >Line 7:</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>These properties may not be exact, but in practice all of them are true. Bitcoins are divisible down to [[Satoshi_(unit)|0.00000001 bitcoin]] but sending amounts below 0.000002 btc (0.0002 USD) via a blockchain [[transaction]] is usually not practical. Wallet software recognizes every bitcoin the same as every other, so it's fungible, but bad privacy practices could in theory destroy this property if they become widespread. Some people use lightweight wallets which would [[Full_node#Economic_strength|accept counterfeit bitcoins as payment]]. Despite this bitcoin can function as a money-like good in practice today.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>These properties may not be exact, but in practice all of them are true. Bitcoins are divisible down to [[Satoshi_(unit)|0.00000001 bitcoin]] but sending amounts below 0.000002 btc (0.0002 USD) via a blockchain [[transaction]] is usually not practical. Wallet software recognizes every bitcoin the same as every other, so it's fungible, but bad privacy practices could in theory destroy this property if they become widespread. Some people use lightweight wallets which would [[Full_node#Economic_strength|accept counterfeit bitcoins as payment]]. Despite this bitcoin can function as a money-like good in practice today.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin is also reasonably widely accepted, it can be <del class="diffchange diffchange-inline">almost </del>bought and sold almost anywhere in the world especially in the developed world with a variety of methods. See the guide on [[Trading_bitcoins|buying and selling bitcoins]], for example some bitcoins could be transferred to a bitcoin debit card to spend them <del class="diffchange diffchange-inline">whereever </del>regular debit cards are accepted.</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin is also reasonably widely accepted, it can be bought and sold almost anywhere in the world especially in the developed world with a variety of methods. See the guide on [[Trading_bitcoins|buying and selling bitcoins]], for example some bitcoins could be transferred to a bitcoin debit card to spend them <ins class="diffchange diffchange-inline">wherever </ins>regular debit cards are accepted.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin's value can be volatile, there is little mechanism for encouraging stability or avoiding bubbles, although [[Controlled supply|supply is pre-determined]]. This usually leads to commerce being denominated in USD or another more stable currency and only settled in bitcoin. Similar to how in certain less-stable countries dollars or euros are used and settlement happens in the local currency.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin's value can be volatile, there is little mechanism for encouraging stability or avoiding bubbles, although [[Controlled supply|supply is pre-determined]]. This usually leads to commerce being denominated in USD or another more stable currency and only settled in bitcoin. Similar to how in certain less-stable countries dollars or euros are used and settlement happens in the local currency.</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63884&oldid=prevBelcher: /* Bitcoin as a low-trust medium of exchange */ reworded the part about the tradeoff between fast and low fee2017-08-26T15:33:40Z<p><span dir="auto"><span class="autocomment">Bitcoin as a low-trust medium of exchange: </span> reworded the part about the tradeoff between fast and low fee</span></p>
<table class="diff diff-contentalign-left" data-mw="interface">
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 15:33, 26 August 2017</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Low fee'''. [[Transaction fees]] can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. This property is traded off with being fast.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Low fee'''. [[Transaction fees]] can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. This property is traded off with being fast.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>The '''fast''' and '''low fee''' properties <del class="diffchange diffchange-inline">are not fundamental to bitcoin</del>'<del class="diffchange diffchange-inline">s blockchain </del>[[<del class="diffchange diffchange-inline">transactions</del>]]. <del class="diffchange diffchange-inline">They </del>could be made better with technology that hasn't been created yet (see [[Lightning Network]])<del class="diffchange diffchange-inline">, bitcoin's fundamental value is the low requirement for trust and the censorship-resistance, irreversible transactions and permissionlessness that come with that</del>.</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>The '''fast''' and '''low fee''' properties <ins class="diffchange diffchange-inline">usually cannot come together, there is a tradeoff between them. A fast transaction usually doesn't  have a low fee, a low fee transaction usually isn</ins>'<ins class="diffchange diffchange-inline">t fast. See the article on </ins>[[<ins class="diffchange diffchange-inline">Transaction_fees#The_market_for_block_space|transaction fees</ins>]]. <ins class="diffchange diffchange-inline">This tradeoff </ins>could be made better with technology that hasn't been created yet (see [[Lightning Network]]).</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>==Volatility==</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>==Volatility==</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63862&oldid=prevBelcher: added timelock page as an example of a useful smart contract2017-08-20T16:40:31Z<p>added timelock page as an example of a useful smart contract</p>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Quick setup'''. You can start accepting bitcoins instantaneously, without setting up merchant accounts, buying credit card processing hardware, etc, because bitcoin wallets are simple items of software.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Quick setup'''. You can start accepting bitcoins instantaneously, without setting up merchant accounts, buying credit card processing hardware, etc, because bitcoin wallets are simple items of software.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Push system'''. Other internet mediums of exchange like credit cards are 'pull systems', where the receiver is given the sender's credentials and then they pull money into their account. (hopefully the correct amount!)</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Push system'''. Other internet mediums of exchange like credit cards are 'pull systems', where the receiver is given the sender's credentials and then they pull money into their account. (hopefully the correct amount!)</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>* '''Programmable'''. A web server can understand or create transactions automatically, for example to release escrow or automatically provide a good or service. Smart [[contracts]] can be written with the knowledge that they will be followed no matter what. This allows bitcoin to do things which other media of exchange cannot, such as [[multisignature]].</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>* '''Programmable'''. A web server can understand or create transactions automatically, for example to release escrow or automatically provide a good or service. Smart [[contracts]] can be written with the knowledge that they will be followed no matter what. This allows bitcoin to do things which other media of exchange cannot, such as [[multisignature<ins class="diffchange diffchange-inline">]] or [[timelock</ins>]].</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Fast'''. Transactions are broadcast through the peer-to-peer network in seconds and can become irreversible within an hour.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Fast'''. Transactions are broadcast through the peer-to-peer network in seconds and can become irreversible within an hour.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Low fee'''. [[Transaction fees]] can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. This property is traded off with being fast.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Low fee'''. [[Transaction fees]] can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. This property is traded off with being fast.</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63756&oldid=prevBelcher: /* See Also */ added link 'Bitcoin as an investment'2017-07-31T20:00:25Z<p><span dir="auto"><span class="autocomment">See Also: </span> added link 'Bitcoin as an investment'</span></p>
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 20:00, 31 July 2017</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l39" >Line 39:</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>== See Also ==</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>== See Also ==</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">* [[Bitcoin as an investment]]</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Principles of Bitcoin]]</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Principles of Bitcoin]]</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Irreversible Transactions]]</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Irreversible Transactions]]</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63734&oldid=prevBelcher: /* Bitcoin as a low-trust medium of exchange */ added 'quick setup'2017-07-28T20:19:11Z<p><span dir="auto"><span class="autocomment">Bitcoin as a low-trust medium of exchange: </span> added 'quick setup'</span></p>
<table class="diff diff-contentalign-left" data-mw="interface">
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 20:19, 28 July 2017</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l24" >Line 24:</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Accountable'''. Publishing your public keys reveals all your transactions, anybody with those keys can see all your transfers on the blockchain record of all bitcoin transactions. (this may be useful for a charity, revealing to an auditor, as proof of reserves for a custodian)</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Accountable'''. Publishing your public keys reveals all your transactions, anybody with those keys can see all your transfers on the blockchain record of all bitcoin transactions. (this may be useful for a charity, revealing to an auditor, as proof of reserves for a custodian)</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Good uptime'''. Works 24 hours a day, 365 days per year.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Good uptime'''. Works 24 hours a day, 365 days per year.</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">* '''Quick setup'''. You can start accepting bitcoins instantaneously, without setting up merchant accounts, buying credit card processing hardware, etc, because bitcoin wallets are simple items of software.</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Push system'''. Other internet mediums of exchange like credit cards are 'pull systems', where the receiver is given the sender's credentials and then they pull money into their account. (hopefully the correct amount!)</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Push system'''. Other internet mediums of exchange like credit cards are 'pull systems', where the receiver is given the sender's credentials and then they pull money into their account. (hopefully the correct amount!)</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Programmable'''. A web server can understand or create transactions automatically, for example to release escrow or automatically provide a good or service. Smart [[contracts]] can be written with the knowledge that they will be followed no matter what. This allows bitcoin to do things which other media of exchange cannot, such as [[multisignature]].</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Programmable'''. A web server can understand or create transactions automatically, for example to release escrow or automatically provide a good or service. Smart [[contracts]] can be written with the knowledge that they will be followed no matter what. This allows bitcoin to do things which other media of exchange cannot, such as [[multisignature]].</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63728&oldid=prevBelcher: added bitcoin debit card example2017-07-28T13:47:45Z<p>added bitcoin debit card example</p>
<table class="diff diff-contentalign-left" data-mw="interface">
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 13:47, 28 July 2017</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l7" >Line 7:</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>These properties may not be exact, but in practice all of them are true. Bitcoins are divisible down to [[Satoshi_(unit)|0.00000001 bitcoin]] but sending amounts below 0.000002 btc (0.0002 USD) via a blockchain [[transaction]] is usually not practical. Wallet software recognizes every bitcoin the same as every other, so it's fungible, but bad privacy practices could in theory destroy this property if they become widespread. Some people use lightweight wallets which would [[Full_node#Economic_strength|accept counterfeit bitcoins as payment]]. Despite this bitcoin can function as a money-like good in practice today.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>These properties may not be exact, but in practice all of them are true. Bitcoins are divisible down to [[Satoshi_(unit)|0.00000001 bitcoin]] but sending amounts below 0.000002 btc (0.0002 USD) via a blockchain [[transaction]] is usually not practical. Wallet software recognizes every bitcoin the same as every other, so it's fungible, but bad privacy practices could in theory destroy this property if they become widespread. Some people use lightweight wallets which would [[Full_node#Economic_strength|accept counterfeit bitcoins as payment]]. Despite this bitcoin can function as a money-like good in practice today.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin is also reasonably widely accepted, it can be almost bought and sold almost anywhere in the world especially in the developed world with a variety of methods. See the guide on [[Trading_bitcoins|buying and selling bitcoins]].</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin is also reasonably widely accepted, it can be almost bought and sold almost anywhere in the world especially in the developed world with a variety of methods. See the guide on [[Trading_bitcoins|buying and selling bitcoins]]<ins class="diffchange diffchange-inline">, for example some bitcoins could be transferred to a bitcoin debit card to spend them whereever regular debit cards are accepted</ins>.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin's value can be volatile, there is little mechanism for encouraging stability or avoiding bubbles, although [[Controlled supply|supply is pre-determined]]. This usually leads to commerce being denominated in USD or another more stable currency and only settled in bitcoin. Similar to how in certain less-stable countries dollars or euros are used and settlement happens in the local currency.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin's value can be volatile, there is little mechanism for encouraging stability or avoiding bubbles, although [[Controlled supply|supply is pre-determined]]. This usually leads to commerce being denominated in USD or another more stable currency and only settled in bitcoin. Similar to how in certain less-stable countries dollars or euros are used and settlement happens in the local currency.</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63727&oldid=prevBelcher: added section on volatility2017-07-28T12:57:12Z<p>added section on volatility</p>
<table class="diff diff-contentalign-left" data-mw="interface">
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<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 12:57, 28 July 2017</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>The '''fast''' and '''low fee''' properties are not fundamental to bitcoin's blockchain [[transactions]]. They could be made better with technology that hasn't been created yet (see [[Lightning Network]]), bitcoin's fundamental value is the low requirement for trust and the censorship-resistance, irreversible transactions and permissionlessness that come with that.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>The '''fast''' and '''low fee''' properties are not fundamental to bitcoin's blockchain [[transactions]]. They could be made better with technology that hasn't been created yet (see [[Lightning Network]]), bitcoin's fundamental value is the low requirement for trust and the censorship-resistance, irreversible transactions and permissionlessness that come with that.</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">==Volatility==</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">Bitcoin's exchange rate is currently more unstable than many other currencies. It is hoped that as bitcoin becomes more widely used its volatility will drop. This has already happened when comparing the volatility between 2017 and 2010. See the site: http://btcvol.info/</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">Despite this, bitcoin's volatility can be mostly avoided when using bitcoin for commerce by buying the required amount of coins and then immediately spending them (for example, to donate to an organization without the payment being blocked, or paying for a VPN anonymously)</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>== See Also ==</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>== See Also ==</div></td></tr>
</table>Belcherhttps://tests.bitcoin.it/w/index.php?title=Bitcoin_as_a_medium_of_exchange&diff=63723&oldid=prevBelcher: /* Bitcoin as a low-trust medium of exchange */ added "or seize" to the 'unfreezable' point2017-07-26T18:43:47Z<p><span dir="auto"><span class="autocomment">Bitcoin as a low-trust medium of exchange: </span> added "or seize" to the 'unfreezable' point</span></p>
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<td colspan="2" style="background-color: white; color:black; text-align: center;">← Older revision</td>
<td colspan="2" style="background-color: white; color:black; text-align: center;">Revision as of 18:43, 26 July 2017</td>
</tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l15" >Line 15:</td>
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<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin also has these properties above and beyond the required ones for money. Almost all of them come from the low requirement for trust of bitcoin which separate it from almost any other medium of exchange. See [[Principles_of_Bitcoin#Low_trust]].</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Bitcoin also has these properties above and beyond the required ones for money. Almost all of them come from the low requirement for trust of bitcoin which separate it from almost any other medium of exchange. See [[Principles_of_Bitcoin#Low_trust]].</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>* '''Censorship resistant'''. Nobody can block or <del class="diffchange diffchange-inline">seize </del>a transfer of any amount.</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>* '''Censorship resistant'''. Nobody can block or <ins class="diffchange diffchange-inline">intercept </ins>a transfer of any amount.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Permissionless'''. No arbitrary gatekeepers can stop someone using it. The bitcoin software can be installed by anybody and used to send/receive.</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''Permissionless'''. No arbitrary gatekeepers can stop someone using it. The bitcoin software can be installed by anybody and used to send/receive.</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>* '''Un-freezable'''. Nobody can freeze your accounts.</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>* '''Un-freezable'''. Nobody can freeze <ins class="diffchange diffchange-inline">or seize </ins>your accounts.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Irreversible Transactions|'''Irreversible''']]. Once a transaction is settled nobody can undo it, like cash. (but [[Irreversible_Transactions#Consumer_Protection|consumer protection]] is still possible.)</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* [[Irreversible Transactions|'''Irreversible''']]. Once a transaction is settled nobody can undo it, like cash. (but [[Irreversible_Transactions#Consumer_Protection|consumer protection]] is still possible.)</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''ID-less'''. Does not require ID or registration to use. So can be used by privacy-conscious people, minors, computers, unbanked people, third-world residents, stateless people, etc</div></td><td class='diff-marker'> </td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>* '''ID-less'''. Does not require ID or registration to use. So can be used by privacy-conscious people, minors, computers, unbanked people, third-world residents, stateless people, etc</div></td></tr>
</table>Belcher