Do you know what Bitcoins are? Before today, I thought I did but I was wrong. My mission to understand this new form of virtual currency started with an article on Bloomberg called “Bitcoin Buys Burgers to Beer as Shoppers Go Virtual.”
I had always assumed that Bitcoin was like Paypal. You put real currency into an account so that you can use it to buy things easily. It’s like an ATM card with a Mastercard or Visa logo. Only, it’s not.
Bitcoin is actually an entirely separate form of currency. It’s the digital equivalent of using Monopoly money to pay for your meal. It’s not minted or backed by any one country. And though we need to compare it to our native currency just to keep our brains on straight, it actually has no relationship to almighty dollar. . .or the Euro or the British Pound.