However, the system gets a lot of things right. MintChip is a massive
improvement over the existing bank and credit card-based model of
finance, as payment verification is based on Bitcoin’s digital signature
model rather than central providers. Bitcoin’s ease of use, lack of
significant transaction fees, irreversibility and other cash-like
properties are all present. The level of privacy is comparable to
Bitcoin since although transactions are stored in the chips the various MintChip devices would be purchasable without ID, and cheap enough for
individuals to purchase multiple “wallets” to further secure their
privacy. Also, if users are willing to accept unbacked currency, as
Bitcoin has shown people are, the system can even theoretically survive
without any trusted parties except the chip manufacturer. As for the
implementation, the Mint is making the system accessible Canada has announced that it will tax bitcoins in two ways. . . . .
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