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Degens like to speak of Satoshi Nakamoto, the pseudonymous father of Bitcoin, in almost god-like terms — or at least they have drunk the Kool-Aid. Nakamoto’s 2008What exactly does that mean? When you are buying coffee or something in a store or grocery where the cashier is in front of you, you pay that person the amount and you are given the item/s immediately. There is no other party to your transaction, just the buyer and the seller. Degens refer to this as peer-to-peer.
Yet if you use these banks or shopping sites, if these are not legit, degens say you can suffer from counterparty risk. That’s just a fancy way of saying that these trusted third parties cannot be trusted after all. Nakamoto wanted to find a way for people to transact peer to peer, like in the coffee shop, but not when they are physically near.
Granted there is still excess speculation in this space, so in reality, it’s a mix of a cash grab and a real desire to see a better world. It is a casino, but maybe with the entry of big institutions into the space starting with the Bitcoin ETFs, the price volatility will dampen a bit.'Bitcoin Rodney' Pushed Crypto With Jamie Foxx and Rick Ross. Now He's Under Arrest
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