True stories with a twist!

UnknownWhat is Bitcoin? What is it, why are people talking about it? Why is the value of Bitcoin so far above other speculative investments? Or is it? Nobody seems to know. The most experienced financial people I have met don’t really understand the concept of Bitcoin, yet I see articles about it in financial sections of the newspapers. Somebody knows something, but are not making themselves very clear.

Bitcoin cannot be touched, carried, or seen. It is a virtual currency that can be used in trades or in purchases.

By whom? Why? How? Who sells it? Who accepts it? Who thinks it’s currency?      images

No matter how much I read about it I still don’t understand what it is, how it can be worth anything, how anyone can buy anything with it, or who accepts it as payment when it does not exist. It sounds more like a Jerry Seinfeld episode on his “show about nothing” than a means of exchange.

If anyone can shed some light on this strange concept of money please write in. But please don’t try to sell me any Bitcoin; I’m having enough trouble keeping my checkbook balanced!

Comments on: "THE BITCOIN DILEMMA" (19)

  1. I read your comments just to see if I could figure out what Bitcoin really was. Still have no clue other than that it is imaginary. Could I buy imaginary things with it? Wonder if Obamacare will accept it as payment!

  2. I’m in the same place Ronnie. I don’t have a clue what this is about, and I’ve even tried to find out. I will just have to deal with the money I can see and feel for now.

  3. I heard about it for the first time a few months ago, and tried to do some research. It’s either the invention of someone far smarter than me, or far more devious. I keep wondering if it’s one of those things that will just pop and vanish as quickly as it appeared, leaving a few millionaires behind, and a lot of unhappy people.

  4. Never heard of it…

  5. My 28-year-pld son said I did not need to know about it and said stay away from it. My husband has not read much about it. So have two opinions. I don’t think this helps.

  6. I too don’t understand it. Nice post. If you get your questions answered, please share!

    • We spent a good deal of time at the Thanksgiving Dinner table discussing Bitcoin. All I understand is that it is virtual currency, not dollars you put in your wallet. Coin as concept: I prefer the real thing!

  7. I outsourced the balancing of my checkbook to my wife years ago. I get my allowance and don’t worry about anything other than having enough money for a latte on Saturdays. I suspect that in the coming years bitcoin will be exposed as a giant fraud and everyone holding a bitcoin will be arrested by the Russians as terrorists…

    Well, time to go get my latte.

  8. LOL! I mean about balancing your checkbook. I never heard of a Bitcoin but will be watching for further enlightenment. Like an imaginary friend maybe?

  9. It is odd isn’t it how Bitcoin seems to have appeared — and yet still seems so invisible!

  10. Like you, Ronnie, I’m clueless. I heard a story about it on Bitcoin. My financial skills are also limited to balancing my checkbook. But I’ve heard that checks might become the next dinosaur to vanish from the earth’s surface. 😉

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