Truth Is A Debit Card Quotes

With Bitcoin’s network of independent computers verifying everything collectively, transactions could now be instituted peer to peer, that is, from person to person. That’s a big change from our convoluted credit and debit card payments system, for example, which routes transactions through a long sequence of intermediaries—at least two banks, one or two payment processors, a card network manager (such as Visa or Mastercard), and a variety of other institutions, depending on where the transaction takes place. Each entity in that system maintains its own separate ledger, which it later must reconcile with every other entity’s independent records, a process that takes time, incurs costs, and carries risks. Whereas you might think that money is being instantly transferred when you swipe your card at a clothing store, in reality the whole process takes several days for the funds to make all those hops and finally settle in the storeowner’s account, a delay that creates risks and costs. With Bitcoin, the idea is that your transaction should take only ten to sixty minutes to fully clear (notwithstanding some current capacity bottlenecks that Bitcoin developers are working to resolve). You don’t have to rely on all those separate, trusted third parties to process it on your behalf.

I say, “It’s really really Bogart’s hat, I swear to god. Really. Just don’t tell my mom about this because I had to spend some serious money—like upwards of twenty-five grand I debited from her Visa card, which all goes to cancer research, all of it—and I had to get the hat just so that we might have a little piece of Bogie history, just so we might at least have that forever. Right?” I feel so awful, because the truth is that I bought the hat at the thrift store for four dollars and fifty cents.