Bitcoin in a Nutshell
BITCOIN is simply cash, no more, no less. To try to ascribe other attributes to it, simply creates an inaccurate premise from which to analyze its value. BITCOIN, just like Cash is not reversible – you give someone your cash, that person has it – the only way to get it back is for the person to give it back to you (which is a separate transaction). Just like in accounting, there can be a ‘reversal’ transaction against one already posted, but there is no way to eliminate the original transaction – in the end there are two transactions.
In real live implementations, such as payments processing, there needs to more mechanisms in place – – – But that is not a flaw in BITCOIN. It does what it does very well, just does not do other functions one would like to have to do proper payment processing or any other similar solution; neither does cash. You need to design a full Blockchain solution.
Blockchain as a solution
BLOCKCHAIN – This is a new technology with no standards, and it is very very exciting, and in productive use. Blockchain is not going to go away, it is changing the thinking of ownership world-wide. Although many successful implementations to date are more along the lines of process improvement and crypto-currency, hundreds of organizations are developing thousands of ways to leverage this new world view. The new world view is; how ownership of assets are viewed, verified, and transferred. They will be done as an integral part of the Internet – “the internet of value” as Tapscott called it.
It is time to invest in this thinking, not a time to resist the inevitable.