Banking without banks – cash with wings
Cash is something you physically possess. No one else is needed to exchange it for goods or services. You have it in your hand and you give it to the merchant. Money in a bank account, however, is not something you truly possess. When you want to use it, you need your bank to cooperate. Sending money over a long distance – whether as a cheque, a bag of gold or a bank transfer – has entailed trusting a third party for as long as money has existed, whether that third party is a courier, a credit card company or a bank. But in 2009 the rules changed. Bitcoin transfers need no third party. This is in its very nature: it is innately transmissible. Bitcoin is cash with a built-in teleport.