Bitcoin

… Money €™s gotten buggy. People who don €™t realize this might be in high finance €” indeed, we €™ve gotten very good at moving the revenues of entire generations within a precise number of femtoseconds €” but what if you €™re just trying to buy a smoothie?

Bitcoin is the Internet, applied to Money.

I walked into a Jamba Juice recently, and was informed in no uncertain terms that if I attempted to use anything larger than a $20 bill, or if my credit card was demagnetized, no smoothie for me. (I can €™t even imagine the blank look I €™d have gotten if I €™d tried to pay with a personal check.)

We do have credit cards. But credit cards change money from something anyone can give anyone (peer to peer) to something with a consumer class (client) and a merchant class (server). There are innovative startups that attempt to reverse that, and every time one of these systems pops up €” Square, Stripe, Venmo €” billions of dollars starts flowing through them.

We wouldn €™t get this sort of growth without pent-up demand. But even the new systems find themselves failing €” I love Paypal, but is there anyone who hasn €™t either had their account suspended, or knows someone who has? I €™ve certainly never had a $20 in my pocket go dark for 48 hours.

Bitcoin €™s got its issues. But it is not competing with perfection. 1

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  1. My favorite line: “Bitcoin €™s a dollar bill, with a teleporter built in.”

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