a-z tech jargon

The real meaning of… Bitcoin

A payment system invented by a person unknown who wants to come out one minute, then hide the next. That’s the way to inspire confidence in nervous users!

This mysterious electronic money entity draws parallels with the coinage system for no apparent reason. Under the Bitcoin system, credits are earned for solving a mathematical problem. You can’t put that in a Christmas cake or throw it in a tramp’s hat.

Bitcoin is currency that enjoys the benefits of the internet. Which means it’s being pioneered by a net of the usual early adopters, such as pornographers, criminals and FBI agents posing as pornographers and criminals. In that respect, Bitcoin is living up to one of its promises. At least two FBI men having gone to prison after going native, so it’s obviously good at conversions. Some Bitcoin vendors allow you to switch easily between currencies and commodities too, so there are some good uses.

They still don’t accept Bitcoin as payment for your tax contribution, which is probably why Starbucks hasn’t bothered to sign up to the scheme. Maybe Starbucks is waiting for someone to invent an IttyBitCoin in order to cater for its microscope public contribution.

Whose picture is on the Bitcoin? That’s a mystery. Satoshi Nakamoto is widely credited as the founder of the Bitcoin which makes him/her the default head of state, Bitcoin’s equivalent to the President or the Queen. So does the Bitcoin carry a picture of them? Well, that’s the problem, nobody really knows who he or she is.

As they say, great inventions have many parents, but failures are always orphans. Nobody seems to want to own up to Bitcoin, which doesn’t inspire confidence. Would you credit it? Not with money you can’t afford to lose, no.



Related reading:

The real meaning of… ‘As A Service’


If Craig Wright did create Bitcoin, what next?

VideoShot: The many names of Satoshi Nakamoto

Bitcoin anonymity advocates ignore a darker truth

Are we overdue a Bitcoin Unicorn?


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Nick Booth

Nick Booth worked in IT in the UK’s National Health Service, financial services and The Met Police, witnessing at first hand the disruptive effects of new technology. As a journalist and analyst, his mission is to stop history repeating itself.

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