What is Bitcoin?
Take a $5 bill out of your wallet. Now get a blank piece of paper and write on it “Bank of Champsee $20”. (Don’t worry, as the governor of the Bank of Champsee I give you full authorization to do that). Take both pieces of paper to your local coffee shop and order a coffee. When the cashier asks you to pay, hold out both notes and say, “Take either one and keep the change.” Which note did the cashier take? I’m going to go out on a limb and say it was probably the $5 bill and not the Bank of Champsee $20 bill. Why? An economist can give you a full answer to that, but fundamentally the coffee […]