Post
Topic
Board Bitcoin Discussion
Re: I wrote an intro to bitcoins. Want you opinions on it.
by
deepceleron
on 11/11/2012, 12:12:18 UTC
Bitcoin is erroneously compared in the first paragraph with companies that transfer dollars. That is similar to saying "The Japanese Yen is like Western Union". Bitcoin is a currency of its own which gets its value from having a built-in transfer mechanism that allows people to send it to anyone in the world instantly without the need for, or interference by, a bank. In addition, Bitcoin's set rate of money creation is known, making it's value inflation-resistant; more can't just be printed by a government whenever they need to debase your savings to bail out their banking cronies.

If you are explaining Bitcoin to, and soliciting Bitcoin payment from, people who have never heard of it, the next thing you should address is how to get it. "So I just have to buy them?". "You might choose to do so. However, no. Do you just have to buy US Dollars? Anything you do that creates value can earn you Bitcoin: services, goods, even related money services (or as the authorities see it: prostitution, drugs, gambling and money laundering). Even running Internet services can earn you Bitcoin."

Investigating Bitcoin quickly makes people start to ponder what money actually is - like: Why does money have value? Why do we pay taxes to a government in their own currency, when they can just manufacture it themselves (Is it because inflation takes from the rich?) Is it really a "government backed" currency, or more a "government mandated" currency? - any private enterprise could take Bitcoin, but when you pay your taxes or parking tickets you must have some government-issued money to pay them.

Plus spell-check...