Bitcoin is digital gold and the LightningNetwork uses cryptographically secured and trustless “IOU’s” as a medium of exchange backed by bitcoin, for efficiency. Like when paper money was backed by gold in 1844. But this time no one can suddenly take the gold away.

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Source and link to Reddit topic: Bitcoin is digital gold and the LightningNetwork uses cryptographically secured and trustless “IOU’s” as a medium of exchange backed by bitcoin, for efficiency. Like when paper money was backed by gold in 1844. But this time no one can suddenly take the gold away.

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March 25, 2018

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