Bitcoin is much more than a typical online payment system. After all, we have plenty of those: PayPal, Venmo, and the like. Bitcoin and other privately used cryptocurrencies are cash for the internet.
Paper cash is an almost perfect way to pay someone. You don’t need an account. It doesn’t care who you are or what you’re buying. It’s a bearer instrument. I hand you a dollar. Now you have the dollar and I don’t. It’s instant and no one can interfere with the transaction. There is no trusting someone else to make sure the dollar gets to you. And best of all, it’s private. There is no record of that transaction whatsoever. It’s so private that there is an old joke in the cryptocurrency community: If cash were to be invented today, it would be illegal.
For all its benefits, however, paper cash is useless online. To pay someone over the internet, we have come to rely on a system of intermediaries to keep money moving. We put our money in a bank, direct that bank to send mo
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