Ok, that's good that there is a ledger and some actual accountability. Thanks for helping me understand.
As far as paying while off the grid though...what would stop someone from writing down the same key and handing it to everyone he does business with. They wouldnt be able to verify until the grid is back up right?
Well, I did say that you could do that. And that's correct. But what you're talking about is effectively SHTF/End of the World/Apocalypse scenario, really. The resiliency of the internet and cell networks means that it would take more than a local outage to deal with it.
But if the power goes out or you need cash right now, bitcoin is not the currency to use. It relies on certain parts of civilization. But then again, a lot of things do too. So it's not really much different, if you think about it.
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