A Bitcoin Story

While I was on a tour of duty in one of my employer’s sister company I had a conversation with an on-the-job trainee.

Me and a couple of my co-employees were having a hearty conversation when the trainee chimed in, that was the start of our conversation.

We talked about cars, working abroad and having a business. Eventually we talked about Bitcoin. Moving further here are some interesting parts of our conversation…

OJT: Sir, is Bitcoin a scam?

Me: No. People that were saying such claim do not fully understand what Bitcoin is.

To clear the cloud of scam on his head I gave him an analogy as to why some people’s perception on Bitcoin as a scam is wrong. Here is the analogy that I used…

Me: If John is going to use U.S. Dollar in scamming people, who would be the scam, John or US Dollar?

OJT: John

Me: If John is going to use Bitcoin in scamming people, who would be the scam, John or Bitcoin?

OJT: John

Me: You see, Bitcoin is only being used in scamming people. Bitcoin itself is not a scam, it is a revolutionary piece of technology.

I also gave him some insights on what Bitcoin really is and its purpose when it was created a decade ago.

Me: Bitcoin is a “Peer-to-Peer Electronic Cash System”. Peer-to-Peer means the transaction can be done between you and me without going through a bank or a money transfer institution like Western Union. If the transaction is going to only happen between you and me the fee would be very low or none at all.

Going further, he asked me some question…

OJT: Is it safe?

Me: Bitcoin and the underlying technology that it uses is very safe. In fact, technology experts said it cannot be hacked. You just have to be careful on who you are transacting with to avoid losing your money and do not give your private key to anyone.

OJT: Private Key? What is a Private Key?

Me: In order to transact within the Bitcoin system you will need a wallet. There are numerous wallets to choose from and can be downloaded on your mobile phone. When you create a wallet you’ll be presented with a private key to unlock your wallet. If someone got hold of that private they will be able to transfer your money wherever they want.

A Sad Story

Earlier this year I have heard that some of my co-employees on my employer’s another sister company were scammed.

I think they invested in a some kind of ponzi scheme. When the scheme bugged down they have never recovered their investment.

With all the news of scam people are still getting into scam investments because of the promise of large return of investment in just a short period of time.

A Story of Acceptance

Did you know that “Bitcoin” is now added to the official dictionary of Scrabble by Merriam-Webster?

Bitcoin being added into the vocabulary means that Bitcoin is slowly becoming a household term.

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