I don't understand. Isn't the point of bitcoin that it doesn't need a central authority?
If Bitcoin has evolved to the point where you need to have currency exchanges that act just like banks... what's the point?
If Bitcoin has evolved to the point where you need to have currency exchanges that act just like banks... what's the point?
The hackers can still spend the money on something else provided the other party doesn't hold themselves to the same standards.
It's also public record where transactions travel on the blockchain, so if it was ever noted what address the funds entered, I imagine it could prove difficult to dilute the transactions enough that the ledger wouldn't be accepted as proof. But I'm just speculating on that last bit.
you can trade bitcoin to bitcoin just fine