tl;dr Unshackled movement of money!
Let me cite an analogy that would help you understand better.
If email was regulated and you could only send email between approved providers, would you accept? Well your answer might be sure! You’ll accept. You don’t see any reason not to as long as the system works.
What if I told you, that you can only send email to specific people and not everywhere one? I am sure you would reply no, that is not a good email system.
In fact this is how your money moves in the banking system today. It is as clunky and hurdle-ridden as the example cited above. Here is a bitter analogy of email when moved as money today:
You have an important email to send:
- You don’t know if you can even send it across.
- You will have to call your provider and find out if it is possible.
- In some cases you might have to go to the provider’s office and fill out some paperwork to send the email across.
- There is a charge to it.
- You don’t know ‘how many words/characters’ will be received on the other end.
- There is also a minimum number of words to send across.
- You also cannot tell your colleague when the email will arrive.
So the email arrives after 3.5 days.
- The recipient is furious that they have to go to email provider once to submit some documents.
or maybe not, no documents required, and the recipient gets a call, that an email has arrived for them.
Great! So what’s the problem?
No problem. They hand it over to you and it is a ‘Partial Message’ …
Well it turns out, the receiving email provider and also an “in-between” email service provider decided to take a cut!
This is the reality if email were ever treated like money. We’d be up in arms! Moving data has no issues, but moving value does.
Banking today is just like that. Only approved routes. Takes a long time to establish trust between two licensed parties, etc.
We need bitcoin not because of the anonymity factor, we need it because it is a better payment protocol.
We need a system where by anyone can communicate with anyone – which we already have – in the form of the internet. However, we also need a system where anyone can send money to anyone. Which we don’t have. This is where the bitcoin protocol sits in perfectly.
Unshackled movement of money.