Satoshi’s vision for Bitcoin was to build an economic vehicle that did not require a trusted agent. This is often called a ‘trustless’ system of payment. His justification for launching Bitcoin was that the trusted agents could no longer be trusted. Specifically, the trusted agents had become corrupt, and people needed a method of commerce that did not require third parties. What is lost on many people is that this new system still required trust.
For currency to work, we must believe in it, we must trust it has value, and we must trust the person …
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