It's like sending a phyical check over chat network
well put, exactly right.
ecash doesn't have to become a chokepoint though. It may be prohibitively hard to get there, but having internet-native interoperable banks that use bitcoin as a backend will happen. They can either be financially regulated chokepoints, or wildcat banks out there in cyberspace. Mints have to be interoperable (there has to be a mint network) to be useful to their users (be able to redeem cash in many places) and reduce the likelihood of rug.
well put, exactly right.
ecash doesn't have to become a chokepoint though. It may be prohibitively hard to get there, but having internet-native interoperable banks that use bitcoin as a backend will happen. They can either be financially regulated chokepoints, or wildcat banks out there in cyberspace. Mints have to be interoperable (there has to be a mint network) to be useful to their users (be able to redeem cash in many places) and reduce the likelihood of rug.