A lot has been made of Bitcoin over the last year. First, the overly verbose definition:
“An electronically derived unit of value exchanged anonymously between two parties to a transaction. An electronic version of paper currency but digitally signed/encrypted instead of being physical.”
What?!? Imagine trading a bond or a stock but without it being backed by a company or an entity. It is traded between companies or individuals and is like using your debit card, and having an amount subtracted from your account. The only difference between bitcoin and federal reserve notes is that bitcoin is completely fabricated, unlike US currency which is….hmmm….perhaps they have more in common than I first thought.
The amazing part of the history is that bitcoin has been deemed currency and has been seized in some cases, and yet more and more entities are looking at taking bitcoin in exchange for services. This is particularly interesting when you look at how volatile the ”currency” has been.
We will see where it all ends up. It has given us a lot to talk about and some companies have made copper versions of ”bitcoin”. I’m waiting for the second rendition to come out , so we can see what a 2 bitcoin looks like.