Hello, Bitcoin

(Please note, because of the time that has passed since I wrote this article, it may no longer reflect my current views or the most accurate and complete information available on this subject.)

Bitcoin, bitcoin coin, physical bitcoin, bitcoin photoWhen I first read about Bitcoin, the open source peer-to-peer digital currency, I thought it was just another in a long line of attempts to create an online alternative to the dollar that would probably not see wide adoption.

Then I watched "End of the Road: How Money Became Worthless," and started to understand more about fiat currency and the dangers that come with depending on it.  After a friend explained a little more about how Bitcoin works and how it was designed to transcend many of our current challenges with fiat money, I went back and took another look.

I liked what I saw enough to buy in to Bitcoin via Coinbase, a Bitcoin wallet service that made it really easy to get started. That was when the price was wandering around between $50 and $100 USD.  Today, it's hovering around $350 USD per Bitcoin.

Detractors say "it'll never work, don't bother." Bitcoin advocates say "just wait until it's trading at $10,000 USD or more per Bitcoin."  Hardcore Bitcoin investors say "stop paying attention to the USD equivalent and start paying attention to the benefits of currency that has no central authority."

We'll see.  Bitcoin, you've got my attention.

One thought on “Hello, Bitcoin

  1. on the human race projected onto the bitcoin race

    If the network agreed to it then the coins could be mined with little power being used but then how would they be distributed…

    Instead we have a war and lots of power is being wasted as the same amount of coins are going to be made .

    .eg

    1000 coins are produced in a certain time if abc amount of electricity is used to mine them

    1000 coins are produced in a certain time if 5000 times abc amount of electricity is used to mine them

    some absurdity here…

Leave a Reply

Your email address will not be published. Required fields are marked *