Bitcoin is fascinating, but my issue with it is that it isn’t physical and this changes our perception of money and value.
I think it’s interesting to observe — at this point in time anyway — the trickles of new currencies that aren’t officially formalised by banks and institutions but which are becoming commonplace between entrepreneurs and individuals. I’m unsure of the status of how we transfer the currencies I outlined above to a more formal system, but from what I take from it is the desire of people to create totally personal currencies based on what they want/what the other person has to offer. It’s a rejection of the current and very formal monetary system which doesn’t work for the majority of people. People are seeking real impact from real people, not a faceless bank or institution.
I've been reading through the Bitcoin whitepaper with my 14 year old son, and telling him about my efforts to try to start a currency based on the mutual transaction of neighbourly favours (I called it favabank, remnants of which are still online). I abandoned the project when discovering Bitcoin and realising the naivety of my own project in comparison.
I was telling my son about my failed attempt to create a currency, then in all seriousness, my son asked me, accusingly "are you Satoshi?" - I'm very flattered.
I think it's really important for people to try to understand how money is created, how it works, and why Satoshi created Bitcoin, and how Bitcoin works (it's quite technical so it puts people off, but it is nowhere near as complex as the way fiat currency works). Once you understand how Bitcoin works then feel free to criticise it, but I've found that many of its most vocal critics haven't bothered to read and understand the whitepaper - they are criticising something they don't understand.
It's incredibly difficult to start a currency in the face of government ordained (fiat) currency, and this difficulty is what forced Satoshi's creativity in 'discovering' a very elegant answer.
Bitcoin is fascinating, but my issue with it is that it isn’t physical and this changes our perception of money and value.
I think it’s interesting to observe — at this point in time anyway — the trickles of new currencies that aren’t officially formalised by banks and institutions but which are becoming commonplace between entrepreneurs and individuals. I’m unsure of the status of how we transfer the currencies I outlined above to a more formal system, but from what I take from it is the desire of people to create totally personal currencies based on what they want/what the other person has to offer. It’s a rejection of the current and very formal monetary system which doesn’t work for the majority of people. People are seeking real impact from real people, not a faceless bank or institution.
I've been reading through the Bitcoin whitepaper with my 14 year old son, and telling him about my efforts to try to start a currency based on the mutual transaction of neighbourly favours (I called it favabank, remnants of which are still online). I abandoned the project when discovering Bitcoin and realising the naivety of my own project in comparison.
I was telling my son about my failed attempt to create a currency, then in all seriousness, my son asked me, accusingly "are you Satoshi?" - I'm very flattered.
I think it's really important for people to try to understand how money is created, how it works, and why Satoshi created Bitcoin, and how Bitcoin works (it's quite technical so it puts people off, but it is nowhere near as complex as the way fiat currency works). Once you understand how Bitcoin works then feel free to criticise it, but I've found that many of its most vocal critics haven't bothered to read and understand the whitepaper - they are criticising something they don't understand.
It's incredibly difficult to start a currency in the face of government ordained (fiat) currency, and this difficulty is what forced Satoshi's creativity in 'discovering' a very elegant answer.