What is Bitcoin? Bitcoin is to money what email is to a letter. What is a “letter”? Some of you have no idea how long-distance communication worked in the ancient times. If you could afford 10 to 50 cents every minute, you made a “long distance call” and talked to your friend. Yes, a phone call from Gallup to Window Rock or to Zuni was about 17 cents every single minute! For less important stuff like social media updates or whatnot, you would just send a letter because it was only 20 cents for a stamp and you could write pages and pages and include photos (imagine that)! For real, you used to have to hand write a note to a friend, then fold it and put it into an envelope, then go to the post office and buy a stamp and send your social media updates that way. So messed up. Then someone invented email. You should have heard us elderlies back in the day. “Where do you put the stamp?” “How does it get there if you don’t bring it to the post office?” “It can’t be any good if it’s free.” “When I get my photos developed, do I put them here, on the screen to email them?” “How many days will it take to arrive?” “I told Matilda that the email was in her mailbox, but she cannot find it!” That was messed up too, lol. But we got the hang of it. AOL CDs. That’s all I can say, I know you won’t understand. It was the olden days. So, um, bitcoin? 28
February 2022
Right. Bitcoin is digital money. Just like email is digital postal letters. Email was fast, cheap, could embed images, videos and web links... email was postal letters on steroids.
Bitcoin is also fast, cheap, can have contracts Bitcoin is money. See, bitcoin is to money what email was to mailing a letter to your friend. Bitcoin is just a new kind of money. Like email, you can’t touch it, but like email, it gets the job done. You can buy stuff with it from your friends or online or at the grocery store. You can get paid with it. It’s just a new kind of money.
Why is Bitcoin a good way to keep my money? Right now, each Bitcoin is worth about $40,000, but when Bitcoin first came into existence, a Bitcoin could be purchased for about 2 cents. How long will they keep going up in value? Well, there will only ever be 21 million coins. The code says so, and it cannot be changed. Unlike cash, more Bitcoin cannot be printed. Most good estimates believe that Bitcoin will stabilize at about $500k to $2M USD each in the late 2020’s. Inflation and economic crash cannot occur within the Bitcoin world like it can in other economic systems. Because of this, huge financial players like Amazon, VISA, Apple and Paypal are moving to Bitcoin, or making their own type of crypto currency. Entire countries like Singapore, South Korea, Japan and Italy accept bitcoin widely. In El Salvador Bitcoin is legal tender!
What if the internet goes off? Or the electricity? What if I lose my phone? Can I lose my bitcoin? The short answer is that bitcoin can be lost just like anything. Your bank account can be frozen for many reasons, ask any hemp grower. Or the fact that USD inflation took about 1/12th of the money out of your
