https://blog.opensourcecurrency.org/tags/bitcoin/ Recent content in Bitcoin on Open Source Currency Hugo en-us Tue, 21 Jan 2014 21:08:52 +0100 https://blog.opensourcecurrency.org/2014/01/21/the-difference-between-bitcoin-and-opentransact/ Tue, 21 Jan 2014 21:08:52 +0100 https://blog.opensourcecurrency.org/2014/01/21/the-difference-between-bitcoin-and-opentransact/ <div class="embed-twitter"> <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> <p lang="en" dir="ltr">OK new subject: what the heck is bit coin?</p> <p>&mdash; William Shatner (@WilliamShatner) <a href="https://twitter.com/WilliamShatner/status/418962733208326144?ref_src=twsrc%5Etfw">January 3, 2014</a></p></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div> <p>Disclaimer: I am deliberately avoiding <a href="https://guan.dk/payments" title="Transaction fees">edge cases and other costs</a> of Bitcoin.</p> <p>Bitcoin (BTC) is a relatively new system and we often make sense of new systems by drawing on familiar experiences to describe them, so it is natural to draw on experience with dollars and gold to understand Bitcoin. Like an ounce of gold, the price of a bitcoin can be measured in dollars. As the price of a bitcoin skyrocketed in 2013, it became a famous asset like dollars or gold but the current price of a bitcoin does not have much to do with why it is useful. Over most recent interval ranges, bitcoins do not seem to offer any advantage as a store of wealth. So, what&rsquo;s curious about Bitcoin is that what it seems to be famous for is not why it is useful.</p>