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RedGrittyBrick
  • Member for 10 years, 2 months
  • Last seen more than a week ago
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About

Once in a blue moon I put software at https://github.com/redgrittybrick/

  • Bitcoin wallets, unlike leather wallets, do not contain money, they contain keys.
  • Bitcoin addresses, unlike postal addresses, do not identify locations or people.
  • Bitcoin addresses, unlike network addresses, are not used or sent in the Bitcoin network.
  • Bitcoin "coins", unlike metal coins, are destroyed when used in transactions.
  • Bitcoin payments, unlike bank payments, cannot be cancelled or reversed.
  • Bitcoin miners, unlike gold miners, primarily sort transactions into order.

Bitcoin was invented so that a FIRST person could pay a SECOND person without involving a THIRD party who has to be trusted. If instead of a self-custodial wallet you have an account, you have a third-party providing that account. Any problems with an account should be solved by asking the account provider - the third party you chose to introduce into your finances and who you, presumably, trust.

What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.

- Satoshi Nakamoto.

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