Aren't you supposed to throw in the past performance disclaimer? Ok so I keep my money out of the hands of the big banks. Who do I turn to is something happens to my money? If you look in your account tomorrow and notice a discrepancy, what is the process?
Question about the block reward. Couldn't the algorithm randomly choose 2-3 miners to solve the block and whoever verifies it first wins as opposed to everyone constantly trying to do it?
I'm sure what you mean by "something happens". Discrepancies are almost always because of human error, like a bank teller who enters in the wrong SWIFT code for a wire transfer. There are no third-party humans involved in bitcoin transfers.
So if you make a mistake there is no way to correct it? Misplaced decimal etc. It's happened to me. Transferred 25k when I meant to move 2500. Phone call to the bank solved the problem.
LOL; You get old you don't see the small print. Made an assumption and was wrong. It happens more often than I'd like.
Thanks for the response. I don't think I explained what I was getting at well enough. I don't mean that Bitcoin would replace the US Dollar. I just meant that as a currency that would be used for exchange in goods and services, that with a finite supply of Bitcoin, it would all end up eventually in the hands of a few. Those few would be the ones who garnered the most demand for their goods and services payable in Bitcoin.