Bitcoin: A currency without a government?

Written by: Fleming. Team

During the presentation, he made the audience familiar with a controversial quote:

“Bitcoin is to legal tender as BitTorrents are to copyrights.” - Jon Matonis

Europe Finance


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Bitcoin Benefits for Consumers:

▪ Personal control of your assets (w/backup) ▪ Protection from identity theft ▪ Protection from financial surveillance

▪ Bypass certain payment blockades ▪ Unrestricted cross-border transactions ▪ Fixed supply of 21 million (no inflation)

▪ Protection from confiscation


Bitcoin Benefits for Merchants

▪ Extend acceptance to 60+ countries not reached by Visa, MasterCard, PayPal ▪ Provide a payment method for the unbanked

▪ Not subject to payments embargo ▪ No disallowed merchant category codes (MCCs) ▪ Eliminate chargeback and fraud risk

▪ Processing fees approaching zero ▪ Near immediacy of settlement


Attributes Similar to Paper Cash:

▪ Reasonable privacy (user-defined) ▪ Immediate settlement (bearer) ▪ Transaction irreversibility

▪ Minimal traceability ▪ Fungibility ▪ Selective disclosure of ownership

Jon Matonis is also one of the speakers at the BankInno 2016 - let's see if he has any surprises prepared for his presentation “Cryptocurrency issues: What is going to be the next digital currency?”

These are some other famous quotes about Bitcoin:

Bitcoin is the most important invention in the history of the world since the Internet. - Roger Ver

Every informed person needs to know about Bitcoin because it might be one of the world's most important developments. - Leon Louw

Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. - Nassim Taleb

I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]... is actually pretty cool. - Al Gore