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Comment Re:The same is true of the US dollar (Score 1) 438

The analogy isn't perfect because the Federal Reserve "creates" more money than is actually printed, so the dollar is really a "virtual" currency as well. But the point stands that the total amount of _commitments_ made in dollars exceeds the amount of dollars that "exist" by any central measure.

The physical (virtual?) Bitcoin example would be: if you have an account with a Bitcoin bank and you make a transfer to someone else who's using the same Bitcoin bank, they don't have to generate a Bitcoin transaction to honor that transaction.

The virtue of Bitcoin is that it allows anyone to perform transactions in a way that only banks can do with dollars, but this is not the only way to perform transactions with Bitcoins any more than it is with dollars.

Comment The same is true of the US dollar (Score 1, Informative) 438

There are more $100 bills than all other types of bills put together. The majority aren't even in the United States.

http://www.npr.org/blogs/money/2012/10/09/162568387/all-the-money-the-government-is-printing-this-year-in-one-graphic

As we all know, you don't have to possess a physical dollar bill to spend a dollar. There's no reason the same shouldn't be true of Bitcoins; you shouldn't need to "possess" a "real" Bitcoin in order to spend one.

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