Also, the power going out only means that you can't exchange it. That true of credit cards.. yet people use those. If you have a mix of bitcoin in your own wallet and stored on exchanges, the exchanges haven't changed their legal relationship with you and you still have money.
It's like saying a bank is useful until the power goes out. I'm pretty sure a physical bank can't check your balance on their system without electricity. I guess I'm stupid to have a bank account now.
I guess I'm stupid to have a bank account now.
Well yes, but not for that reason :P
Speaking of which, I saw an interesting hardware wallet design the other day. It's a USB key with the public key to the wallet available whenever you plug it in. In order to access the private key you have to break the seal by snapping off part of the circuitboard. In theory you could exchange those without power, although some trust would still be involved.
I also assume bitcoin backed credit notes are going to get popular eventually.
McDonalds also has arguably produced an inflation proof currency: They hand out tokens worth one big mac.
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