Re: Bitcoins
Bitcoins
The concept really isn't difficult to understand.
Imagine you decide today to buy some Euros, cos you're going to go on holiday.
You walk into the travel agent or wherever, pay your UK sterling and get an amount of Euros in return. Simple.
Now imagine doing the same thing but instead of having the Euros in cash, they just sit in a special bank account that belongs to you, your Euro bank account.
So if you buy Euros, you go online, pay your UK sterling just like paying for anything on the internet and the balance in your Euro account rises by the appropriate amount.
Now imagine you want to buy a present on the internet and the website is asking say 50 Euros for it. You buy the product like any other using the website and when you get to the paying part you put in your Euro account details and the transaction is made. No different to paying in sterling.
All very simple so far.
Now imagine this for any currency at all. US Dollars, Zen, Rupees. You can buy any of these currencies any time you want but usually when we do it we get real cash notes.
Bitcoins are simply just another currency. They don't belong to any given country as such so can be a global common currency for everyone.
You buy bitcoins like buying any other currency but you don't get cash note. You just get your bitcoin account (like the Euro account) and then you can go and pay for things using your bitcoin account instead of your sterling account.
Like ALL currencies the value of bitcoins varies. The value of any Euros you have goes up and down, same for any US dollars, same for bitcoins.
The key point about bitcoins as a currency is that they are not under the control of the fraudulent banksters. Centralised banking is responsible for the world's fiscal debts and problems. They invent money out of thin air. They loan money that doesn't exist, and charge interest on it.
The banks don't like bitcoin because it is a clear rival to their currencies.
On that basis bitcoins and what they represent (a currency for the people, of the people) are the way forward.
Early days yet though