(no title)
mr_spothawk | 3 years ago
But you must open an account with a bank, and deposit money before they can process transactions for you.
There's no way to deposit money *into* bitcoin. Bitcoin is money.
> Each transaction has a set of associated addresses.
Yes, and you suggested addresses are the equivalent of accounts. They are not.
> Banks can facilitate transactions between arbitrary whole numbers of accounts also (off the top of my head: 1- paying interest; 2- payment; 3+- escrow)
Accounts, which hold money, are a tool of banks[0]. Bitcoin doesn't have accounts. Bitcoin is not a (limited) bank. It is a distributed digital cash system.
"Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network."[1]
0 - https://www.fdic.gov/about/learn/learning/banks.html 1 - https://bitcoin.org/en/
amalcon|3 years ago
I have not deposited money into my bank account in many years. I have, instead, had money transferred to my account from other accounts. This is not only possible in Bitcoin; without it, Bitcoin would be useless. It's quite possible to open an account at a traditional bank with a transfer from another account; for online and investment banks, this is usually the only way to do it.
> Yes, and you suggested addresses are the equivalent of accounts. They are not.
Still waiting for you to tell me how they are not. It seems obvious to me that they are functionally equivalent, and I have made a case for why. An address is an identifier associated with a transaction history and access control. An account number is an identifier associated with a transaction history and access control.
You have made no corresponding case for why they are not, apart from citing your belief and citing PR from bitcoin.org. The former is convincing of what you believe, but it is not convincing with respect to the functioning of Bitcoin or banks. The latter is convincing of what bitcoin.org wants me to believe, but it is not convincing with respect to the functioning of Bitcoin or banks.