Everyone seems to be wondering about Bitcoin. I’ve been asked about it several times over email and in person over the past few weeks.
I suspect, that’s because a broker is now accepting Bitcoin — and no surprise, the media is eating it up. In my mind, this is nothing more than a marketing ploy for being the “1st”. Smart to get some attention, but it really doesn’t amount to much in the grand scheme of things. They “accept” it — so what? Are people really paying them in Bitcoin? I severely doubt it.
Or, maybe the Bitcoin questions are because Marc Andreessen wrote an awesome article about Why Bitcoin Matters in the New York Times this past weekend. If you’re extremely curious about Bitcoin, go read it.
Or, maybe it’s because VC’s such as Fred Wilson (Union Square Ventures) is betting big on Bitcoin.
Or, maybe it’s because people like the co-founder of AirBnB are wondering whether they should accept Bitcoin.
Regardless, people are wondering about “Bitcoin”. What, exactly, is it & does it matter?
Watch this short video…
Here is a longer explanation…
Does It Matter?
I think we are still early in the evolution (& adoption) of Bitcoin. The benefits, as I see them are…
- Bitcoin as a technology protocol for building applications that transfer money. Micro-transfers specifically.
- No % of a transfer as a fee, like credit cards.
- A record of every single transaction, publicly available.
In summary, you likely don’t need to worry about it right now unless you plan on using it as a marketing ploy.
Did I mention…it likely never will go mainstream in the US.
Feel free to add any thoughts you may have in the comments.
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