Quote:
Originally Posted by epitome
At what point, if ever, does bitcoin become currency?
Or is it more of a way to track bartering? Would someone pay a designer in 500 bitcoin who would turn around and give it to their host to cover their monthly cost and so-on?
I take it there is no way to cash out for government currency? Or is there?
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This is how it works:
For each new transaction you can generate new unique address. If both clients use unique, only known to them addresses, you won't be able to track where exactly those bitcoins went after you've sent them, and with such you won't be able to trace any other transactions.
If whoever you send bitcoins and their receiving parties use single addresses, made publicly available, then these coins could be traced and know to whom they went.