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Understanding Bitcoins.

February 25, 2014

Imagine a future textbook used in an economics course called Understanding Bitcoins. It is coming soon. Backtrack to February 2014 and ask yourself, “What the heck is a bitcoin?” Why do people have to complicate things? For a minute I thought that I got it and someone said, “It’s a virtual coin.” So I imagine them disappearing like the Canadian penny… and someone else said, “Bitcoins are more solid than gold.” May be it’s time to simplify things, which is always my job since I started this blog, as some of you have noticed. I love the Law of parsimony as much as I love Aristotle the Greek philosopher who defined the language we use today.

A bitcoin is an electronic credit card, that’s it!

Get ready. The year is 2020. You want to buy a car. You swipe your self-registered bitcard (cost $10) and “pay” for your new car with your electronic money registered logarithmically on the internet (The bitcoin system have already started to replace the physical financial system in 2012 because electronic credit cannot be readily abused!).

 

Do you want to get rich? Buy bitcoins before you have to pay for them with bitcoins. The cost of bitcoins is going up because they will have million uses in the future. Be careful. Be careful. Be careful. Know what you are doing as the new system stabilizes itself.

 

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