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Bitcoins: I Don't Get It

12/21/2017

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Do you know how bitcoins work? If so, please explain it to me.

Wikipedia knows what bitcoins are:

"Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009."

Okay, that was about as clear as mud. It goes on:

"Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin."

It must be just me. If there are upwards of five million people using bitcoins or something like it, I have to be the dumb one in the room.

To be honest, other than spending or making it, I don't give money a lot of thought. Wading into the weeds to learn how the "money sausage" is made and what makes a dollar worth a dollar can only lead to madness.

I do recall in school we were taught about the "gold standard," when money was backed by gold reserves. (How they determined the value of gold is a whole different kettle of fish. ) And dollar bills used to be "silver certificates," eligible to be traded for the equivalent amount of silver.

Of course, both have long since been abandoned, replaced by ... what? The answer, according to some, is "faith." We believe a dollar is worth a dollar, so belief becomes reality. If enough of us stopped believing that, the whole system might collapse and send us back to trading ears of corn for a pair of moccasins. 

Now we have bitcoin,  the "cryptocurrency" not tied to any nation; virtual money, as it were, to buy real goods and services. And the value of one bitcoin has skyrocketed. Did you see the recent story about former Dallas Cowboys running back Darren McFadden? He is apparently in a dispute with his former financial advisor over a soured bitcoin investment involving $3 million. The story claims if the $3 million had been used to purchase bitcoins, it would today be worth $237 million. Not a bad return.

Time will tell if bitcoins are just a flash in the virtual pan or how in the future we'll conduct business on an everyday basis. Either way, just don't ask me to explain it.


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  • Home
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      • Oliv Pit Athenian Grille
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        • Lady Bug Cupcakes
    • News >
      • 2019 North Palm Beach Fireworks Show
      • 2018 Palm Beach Holiday Boat Parade
      • Brightline >
        • Brightline Dino Train
        • Polar Express 2019
        • Breezin' on Brickell
        • Brightline Day Trips: Frost Science Museum
        • A Trip on Brightline
        • Brightline Select Service
        • Brightline Tasting Train
        • Brightline Train Unveiling
        • Brightline Topping Out
        • The Polar Express Train Ride
        • Richard Branson at Brightline
      • David Drebin
      • Downton Abbey Exhibit
      • The Lubben Brothers
      • History >
        • 25th Anniversary
        • 50th Anniversary
      • North Palm Beach Country Club
    • Weather
  • Cruise News
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    • Bahamas Paradise Cruise Line >
      • Grand Celebration Cruise
      • Grand Classica Inaugural Cruise
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      • Carnival Horizon >
        • Carnival Horizon Pig and Anchor
      • Carnival Liberty
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        • Carnival Sunrise Cruise to Bermuda
        • The Chef's Table on Carnival Sunrise
      • Carnival Studios >
        • Carnival Studios - Behind the Scenes Tour
      • Carnival Victory
      • Carnival Vista >
        • Carnival Vista Craft Beer
    • Crystal Serenity Holiday Cruise - The Beginning >
      • Crystal Serenity - Grand Turk
      • Crystal Serenity - St. Maarten
      • Crystal Serenity - Antigua Donkey Sanctuary
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      • Crystal Serenity - Barbados
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      • Crystal Serenity - Wrap Up
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      • Harmony of the Seas - Wonderland
      • Harmony of the Seas - The Ultimate Abyss
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      • Harmony of the Seas - 1887
      • Harmony of the Seas - Bionic Bar
      • Harmony of the Seas - Pre-Cruise Coverage
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      • History of Cunard
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      • MasterChef at Sea
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      • River Cruise in Germany -- Mainz and Koblenz
      • River Cruising in Germany - The Romantic Rhine
      • River Cruise in Germany - Heidelberg
      • River Cruising in Germany - Wurzburg
      • River Cruising in Germany - Bamberg
      • River Cruising in Germany - Nuremberg
      • River Cruising in Germany - Regensburg
    • SeaTrade Cruise Global 2019
    • Symphony of the Seas - Miami Inaugural Voyage >
      • Symphony of the Seas - Ultimate Family Suite
      • Symphony of the Seas - Showtime
      • Symphony of the Seas - Perfect Day at Coco Cay
      • Symphony of the Seas - Photo Gallery
  • Gigi in the 561
    • Gigi in the 561 - Interviews >
      • Gigi in the 561 - Rich Heiland
      • Gigi in the 561 - Susan Goldfein
      • Gigi in the 561 - Chris Costello
      • Gigi in the 561 - Jeff Koz
      • Gigi in the 561 - James E. Hibbard
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      • AtmosFX Digital Decorations
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      • Reindeer Games
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      • Life in the UK - Bath, England
      • Life in the UK - Croquet
      • Life in the UK - Music in Russia
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      • Key West
      • The Hemingway House and Museum
    • Joe Cartwright - Travel Writer >
      • Beartooth Highway
      • North Cascades National Park
      • A Visit to the Philippines
      • Grand Canyon National Park
      • Glacier National Park
      • Yellowstone National Park
      • Hiking in Bear Country
      • Crater Lake National Park
      • Albuquerque Balloon Fiesta
      • The Kerrville Folk Festival
      • Building Hope in the Rio Grande Valley
    • Island Destinations
    • Lake Okeechobee Picnic
    • October Odyssey >
      • Cartagena, Columbia
      • Panama Canal
      • Antigua, Guatemala
      • Cabo San Lucas
      • Birds and Bees Speakeasy in Los Angeles
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      • Coast Starlight
      • Napa Wine Tour
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      • Road Trip! -- The Painted Desert
      • Road Trip! - Sedona, Arizona
      • Road Trip! - Sedona Wineries
      • Road Trip! Tonto Natural Bridge State Park
      • Road Trip! - Mogollon Rim
      • Road Trip! - Verde Canyon Railroad
      • Road Trip! - Jerome, Arizona
      • Road Trip! - California
      • Road Trip! - Palm Springs Celebrity Tour
      • Road Trip! - Palm Springs Aerial Tramway
      • Road Trip! - Festival in Palm Springs
      • Road Trip! - Willcox, Arizona and Apple Annie's Orchard
      • Road Trip! Willcox Wineries
      • Road Trip! Chiricahua National Monument
      • Road Trip! Tombstone, Arizona
      • Tombstone, Part Two
      • Road Trip! - Epilogue
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      • Unknown Yellowstone - Summit Lake
      • Unknown Yellowstone - Shoshone Lake
      • Unknown Yellowstone - Grizzly Lake
      • Unknown Yellowstone - Riddle Lake
      • Unknown Yellowstone - Pelican Cone
      • Unknown Yellowstone - Mt. Washburn
      • Unknown Yellowstone - Specimen Ridge
      • Unknown Yellowstone - Avalanche Peak
      • Unknown Yellowstone - Divide Creek
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      • St. Thomas Food Tour
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