Den Yellek on Nostr: My question is how can bitcoin be considered to be "A Peer-to-Peer Electronic Cash ...
My question is how can bitcoin be considered to be "A Peer-to-Peer Electronic Cash System" as it is called in the whitepaper? It seems to me that it is not peer to peer at least not in the way that peer to peer is usually described to people.
Bitcoin is often said to be P2P just like handing someone gold. But when I hand you gold there is truly no other party involved. It is simply me and you exchanging something. With bitcoin such a transaction is not possible. I can not hand you a bitcoin. Instead I must create a transaction and request a third party (a miner) includes it in a block in order for you to receive the bitcoin.
As such can bitcoin really be called peer to peer?
While the bitcoin may not pass through the custody of a third party it still requires one. The bitcoin does not go "through a financial institution" however it still does not simply require the consent of two peers.
What are your thoughts?
Bitcoin is often said to be P2P just like handing someone gold. But when I hand you gold there is truly no other party involved. It is simply me and you exchanging something. With bitcoin such a transaction is not possible. I can not hand you a bitcoin. Instead I must create a transaction and request a third party (a miner) includes it in a block in order for you to receive the bitcoin.
As such can bitcoin really be called peer to peer?
While the bitcoin may not pass through the custody of a third party it still requires one. The bitcoin does not go "through a financial institution" however it still does not simply require the consent of two peers.
What are your thoughts?