Cash By Any Other Name? Introducing… BitCoin

by Martin Russell on June 8, 2011



Okay – side topic time.

Calling this site Careful “CASH” is nice for the double ‘C’ sound, but CASH is such a loaded term.

Money, fiat currency, assets, cashflow, income, commissions, $US, Euros, my humble Australian dollar, gold (banker’s money), silver (the word for silver is money in many languages), and – until recently one I had never heard of …. bitcoins.

Yes, bits as coins. Electronic money – not just another type of money in electronic form like PayPal, or bank deposits, or Barter cards, or even the amazing digital gold systems.

Bitcoin IS THE FIRST TRULY Digital Cash.

Bitcoins are a very new topic (when I looked in May 2011 it didn’t even have a Wikipedia entry – it does now.)

But my brother is a tech geek and when he told me about this “Geek’s Gold” I immediately threw back – “It’s just digits and you can simply invent as many as you like.”

He said, “No – it has built-in scarcity. There will never be more than 21 million of them in existence.”

Then he described to me this amazing system that has all the advantages of gold as money (ie it’s scarce – unlike government money-printing, divisible – you can have any quantity you want unlike half a painting, fungible – every bit is just like any other unlike different qualities of diamonds, and durable – it doesn’t deteriorate like food or most other chemicals ) – PLUS it has extra advantages too.

Take a look:

So in honour of such a brilliant careful cash method I would like to announce that I have put in a “Tips Jar” on this site – but it can only be paid into with bitcoins.

  • If you already have bitcoins and have found something useful on this site then the Tips Jar is down on the right hand side.
  • If you already have some gold or silver, then you are ready to try bitcoins. I installed the software from bitcoin.org and used MtGox.com to fund my first bitcoins, and it was very easy to dip my toe in. Highly recommended.
  • If you don’t have gold or silver yet, then get educated about fiat currency – so you will know WHY you will look back and realize this was one of the most important posts you read in your financial lifetime.

So leave your comments, questions and feedback below.

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