Bitcoin is a Level of Indirection
There’s a classic computer science aphorism by David Wheeler that goes like this:
All problems in computer science can be solved by another level of indirection.
In computer science, “indirection is the ability to reference something using a name, reference, or container instead of the value itself”. “Pointers” are the classic example of indirection in programming. In a sense, Bitcoin is a new level of indirection for payments on the Internet.
Obviously we can’t send physical cash over the Internet, so if someone in Azerbaijan wants to send money to someone in Zimbabwe they each need to have accounts with institutions that have compatible systems, whether that’s PayPal, credit cards, ACH, or some form of wire transfer. Hopefully there is some overlap of these institutions serving their respective countries, otherwise they simply can’t transact.
Bitcoin is a better means of...
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