Bitcoin
I have heard of Bitcoin but I don’t really understand it.
I sounds like a pyramid/ponzi scheme at first glance where it can only keep going by recruiting more and more investors to pay off the original ones who want to cash in. Most people lose their money.
Bitcoin may be ponzi or it may be a genuine. Applying Occam’s Razor, the Duck test or balance of probability doesn’t help us yet; maybe it will in a couple of years.

What do we know about Britcoin?
It is a new currency like Dollars, Pounds or Euros.
It only exists online in computers. There are no paper or metal tokens.
You have to download an online ‘wallet’ where you store your Bitcoins.
At the moment one Bitcoin is worth about 300 pounds sterling but it is moving all of the time.
It can be split into smaller parts called ‘Satoshis’. There are 100,000,000 that’s onehundredmillion, Satoshis to a Bitcoin.
The maximum number of Bitcoins that will be created is 21 million.
It is estimated that it will take a hundred years to issue all 21 million Bitcoins.
The governing online program is written in open source software. No one owns it.
The source code for the program is not kept secret, anyone can view it.
All transactions are recorded on the ‘Blockchain’ forever.
It is totally transparent as the ‘Blockchain’ will show all transactions for all time.
It is anonymous as the giver and receiver are not known or recorded; it’s like paying in gold.
There is a small charge for making a transaction, it is to pay the people all over the world who enable the thing to run.
It is a world system and not based in any country because it is based online in every country.

The Bitcoin system/construct/bank/? was created by a man called “Satoshi Nakamoto”, except that he doesn’t exist and could be a group of people. We don’t know who they are.

Bitcoins or rather parts of Bitcoins are released every ten minutes by the program.

Mining; to get one you have to work out a computed puzzle using some guessing and if you are the first one to find it, it’s yours and everyone else has lost that one. This is called ‘mining’.

You can buy Bitcoin or earn Bitcoin by selling a service or product and being paid in Bitcoin.

I hope it is genuine because this is a government free, banking free, taxation free system to give us all back what we had originally when coins were made of gold and silver and were accepted by everyone everywhere. We were tricked into looking at paper banknotes as though they were gold and couldn’t be interfered with. Well we now know that all governments print more banknotes whenever they overspend the tax receipts and by doing that rob us all of value. Rob us of our money.
I haven’t got any Bitcoins at all and not even a ‘wallet’.