> Bitcoin is a peer-to-peer decentralized value transfer protocol. It is the Internet of money. It is the marriage of total transparency with absolute privacy. I can send you 10 cents or 10,000 dollars in a text message, an email, or a QR code. Wealth can be coded into a drawing, a song, a radio transmission, or simply written onto a piece of paper. Money is now a content type. The medium is not the message. Bitcoin as a store of value transforms tangibility into thin air. Using Bitcoin, you can send any almost amount of money anywhere in the world almost instantly, for a transaction fee of a few pennies. No other monetary in the system in world allows for this.

Congratulations, you managed to pack an amazing number of falsehoods and absurdities in a single paragraph...  About three or four in each sentence...


+ Bitcoin is not "peer to peer".  For each remittance, the sender must interact and wait for the consensus of hundreds of nodes and miners.  The remittance is unilateral; the recipient  need not even know about the transfer.

+ Bitcoin is not "decentralized".  The "ownership" of all bitcoins and all bitcoin transfers are recorded in ***one*** global ledger. Maintenance of  that ledger is dominated by less than a dozen private companies, that could block any account or any transfer indefinitely.

+ The bitcoin protocol does not transfer value, it transfer bitcoins between acconts.  The value of bitcoin is not pegged to anything, and could collapse to zero at any time.

+ Bitcoin is not "the internet of money".  It is quite unlike the internet, as the internet  is now or as it was in any epoch,  in almost any aspect one considers. 

+ Bitcoin does not have "total transparency".  Quite the opposite, the blockchain is almost competely opaque.  No one can get any useful statistics about the bitcoin economy, because, with very few exceptions, no one can identify the purpose or geographic location of the transactions. It is impossible to tell whether two addresses belong to the same person, or whether a transaction is one person reshuffling his coins, a payment, a theft, a deposit into an exchange, etc..  "Transparency" in other contexts usually means that clients and citizens can know what the managers and governments are doing with their money; but the blockchain is worse than banks in that regard.  It suffices to say that, after one year, there is still no clue about  what happened to the 660'000 coins that were supposed to be in MtGOX.  

+ On the other hand, bitcoin cannot guarantee privacy.  In that respect too, it is much worse than banks.  By analyzing the blockchain and other sources, anyone in the world can discover a lot of private information about the purchases of thousands of people, which he coudl never get from banks.  If he can identify the recipient or sender of one payment, he can usually connect dozens of other