Bit Coins:  Are They New or Old?

Bit Coins: Are They New or Old?

If you look back over the history of humankind, we have always looked for a way to extrapolate or how to exchange things without using barter.  Barter is one of the most inefficient ways to do an exchange of goods and services.  Now, there are Bitcoins.

For the last 100-something years we have started to rely more and more on government currency.  It has been said that the government has been the only way you can print money.

The fact was that before the government printed money, banks printed money, other entities printed money, but essentially that all went away.  And it seemed like the world was going to live in this interesting status quo.


Well something changed, and that was Bitcoins. 


If you haven’t heard about Bitcoin, it has been going on for… a while.  How it works is that people have to mine it by various algorithms, which are available for public domain. In this new era of massive computing power, how do we go out and build a new currency not based, well, on paper which is what most of the world’s currency is? But create this new currency in the form of bits that fly across computer screens?


Bitcoin sounded like a novelty for a number of years,  and the fascinating thing is that most people don’t even know about it yet.  But even in its very early stages it looks like it could upset a lot of governments.


Recently, there has been lots of talk about how to regulate Bitcoins, what Bitcoins mean,  how things are going to take place in the marketplace.


The fascinating situation is what happens when you democratize money, and how you go around governments globally.  What does that do to upset the current power structure, and will that in fact stay in place.  We don’t know where this is going to end yet.  There is probably going to be a lot of bumps and bruises anytime you talk about new currencies or new means of economic trade.  You are probably going to see various people get into it who probably shouldn’t be into it at all.  But at the end of the day can you really stop, and I mean truly stop progress from being made?


Bitcoin may represent where we are going in the future.  Imagine a world where there is only one currency and it is Bitcoin.  A good friend of mine who is very fascinated about Bitcoins decided to find out if he and his business could take Bitcoins.  Just last year, at the very end they found a way on their website to accept Bitcoins.  Now there is some question about exchange, and there is some question about getting your true value, but at the end of the day what is going to happen is that Bitcoin is going to be a very disruptive factor.


Can governments put that genie back in the bottle?  We will have to see.  Many governments have tried to stop the onslaught of the internet.  Bitcoin seems like the next advancement in how commerce will be done.


Stay tuned because we will be talking more about Bitcoin.  I don’t know yet if it will be a long-term currency.  I wouldn’t go putting a lot of money into Bitcoin considering that Bitcoin currently resembles a bit like gold did a couple hundred years ago in which it cost more to mine it than it was actually worth.  If today that is the case, the people making money on Bitcoins are selling the machines and equipment that actually generate Bitcoins.  Not those who actually mine it. 


Do you think that Bitcoins are here to stay or is just a flash in the pan?  Please comment and let me know your thoughts.


(Photo Courtesy of Zcopley via Flickr Creative Commons)



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