Bitcoins & The Stone Money

Written by Pepe on April 6, 2014
image:
 
The billionaire Bill Gates was once asked about  his opinion of Bitcoins to which he replied that they are " a technological tour de force ." Exactly the words used by the former Google CEO, Eric Schmidt , referring to the cryptocurrency . The techies feel a fatal attraction to this coin that no one can explain how it works to a five year old. The news we get are very confusing sometimes it tell us that is a system for laundering money or that it is a bubble, but there must be something about Bitcoins that these extremely intelligent people see and are failing to communicate to us.

If we take the time to search in Google the word " Bitcoin " we get thousands of pages explaining that it is a decentralized system based on P2P networks using an efficient method of encryption, which is not very helpful if we want to understand how Bitcoins really work . Perhaps it is best to start at the beginning and ask ourselves: What is money? And to this end we will analyze the currency used in one of the islands of Micronesia.

Continue reading the full article here