Bitcoin Explained

INTERESTING THOUGHT – EVERYTHING HAS A VALUE BASED ON CONFIDENCE – LOSE THE CONFIDENCE AND IT IS WORTH NOTHING

How Crypto Currency works... an analogy in Layman’s terms.


Not long ago a merchant found a lot of monkeys that lived near a certain Village .

One day he came to the Village saying he wanted to buy these monkeys !

He announced that he would buy the monkeys at $100 each.

The Villagers thought that this man must be crazy - How can somebody buy Stray Monkeys at $100 each ?

Still some People caught some monkeys and gave it to this merchant and he gave $100 for each monkey.

This News spread like wildfire and People caught monkeys and sold them to the merchant.

After a few days, the merchant announced that he will buy monkeys at $200 each.

The lazy villagers also ran around to catch the remaining monkeys!

They sold the remaining monkeys at $200 each.

The merchant then announced that he will buy monkeys for $500 each!

The villagers start to lose sleep!.....They caught six or seven monkeys, which was all that was left and got $500 each.

The Villagers were waiting anxiously for the next announcement.

Then the merchant announced that he is going on Holiday for a week, but when he returns, he will buy monkeys at $1000 each!

He also said that his employee will be in charge, and would take care of the monkeys he bought pending his return.

The Merchant went on holiday!

The Villagers were frantic and very sad as there were no more monkeys left for them to sell it at $1000 each as was promised by the Merchant.

Then the Merchant’s Employee contacted them and told them that he would secretly sell them some monkeys at $700 each.

The news spread like wildfire. As the Merchant promised on his return that he would buy monkeys at $1000 each, they would achieve a $300 profit for each monkey.

The next day The Villagers queued up near the Monkey Cage.

The Employee sold all the monkeys at $700 each. The Rich bought monkeys in large lots. The poor borrowed money from money lenders and bought the rest of the monkeys!

The Villagers took care of their monkeys & waited for the Merchant to return!

However nobody came ! ..... Then they ran to Find the Employee ....However he was not to be found!

The Villagers then realized that they have been duped buying the useless Stray monkeys at $700each, and were now unable to sell them!

This Monkey Business is now known as Bitcoin !

It will make a-lot of People bankrupt and a very few People filthy rich in this kind of Monkey Business.

Bitcoin and Paypal

PayPal customers in the UK will now be able to use the platform to buy, hold and sell cryptocurrency, with investments starting at £1.

But PayPal payments can still not be made in Bitcoin, for example, directly.

Instead, the cryptocurrency will have to be sold for traditional currency and its value then used to make a cash purchase.

PayPal is initially working with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

But the currencies cannot be sent to friends or family or transferred to or from of any other digital wallet.

Entry point
PayPal launched its cryptocurrency service in the US, in October, hoping to make them more accessible to a wider audience.

But they remain volatile in value and unregulated - meaning investments are not protected by the authorities, if something goes wrong

"The tokens and coins have been around for a while but you had to be a relatively sophisticated user to be able to access that," a PayPal spokesman told CNBC.

"Having that on a platform like ours makes a really good entry point."  READ MORE

Just Me and My Thoughts

My thoughts appear out of nowhere or that is what they seem to be doing and yet I know that these thoughts must come from somewhere.  The generation of these thoughts is better in the morning for some reason and so it is in the morning that I have trained myself to write and reflect.  Upon reflection, I formulate ideas and once the idea hatches, my mind begins to control my consciousness openly and I put pen to paper and write...  or, in this case, I put fingers to keyboard and type...  however, I can actually write faster than I type and errors are easily scratched out, whereas with the keyboard, one must find and use the backspace key that I use all the time...

Nonetheless, I write in a notebook with a pen in hand, usually black and usually fine point as medium points smear...  and I write on blogs using a computer...  actually a laptop since the keyboard on a tablet is too small for my fat fingers.

And... mornings are the best for me as I drink coffee but also in the afternoons do I write my thoughts as I really have nothing else to do with my life now that I am retired...  although, I have taught some evening college classes in the past and have agreed to teach another one in the spring of 2021...  this class I taught many times before so I just need to update my syllabus a little and I am good to go...  Personal Financial Planning changes very little over the years...  and, as I think about it, I will be adding BITCOIN and CRYPTO CURRENCY to my list of topics.