Here’s how The Verge recently described the Bitcoin economy: Something which hasn’t exactly helped Bitcoin’s “cross over” appeal. large quantities of one’s drug of choice), uses Bitcoin for its currency. The black market marketplace known as Silk Road, which allows pretty much anyone to anonymously sell “alternative products” (i.e. In fact, it has really been relegated to the realm of the uber geeky, or seen as the currency of anarchists or crazy digital libertarians. How are Bitcoin computed in a cash and direct deposit world? Do Bitcoin-ers pay taxes? Can you 1099 a Bitcoin payment? Does the IRS look kindly upon Bitcoin transactions? Are Bitcoin similar in that they share a quantifiable exchange rate with other world currencies? Or is Bitcoin doomed to become the monetary backbone of black market back alleyways? I gave up on Bitcoins, but I still wonder if Automattic employees can choose to be paid in Bitcoins - and, if not, why not? I was trying to purchase something physical that was invented to be virtual and untraceable. I finally gave up and wanted to just buy some Bitcoins from somebody else - but the whole purchasing/exchange process seemed shady where my real money was being spent on a Bitcoin that had no, assumable, transferable value in an everyday, real world, exchange of goods.
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I tried to determine out how to “mine” Bitcoins of my own. I installed a Bitcoin wallet on my computer that timed out trying to connect to its server. Alas, I could not figure out how to even get started with Bitcoin. I thought Bitcoin was, perhaps, a better and friendlier PayPal. He’s been kind and generous to me during my tenure as a customer, so I carefully read his precise instructions and tried to earn some Bitcoins. Our goal is to enable people, not block them. Whatever the reason, we don’t think an individual blogger from Haiti, Ethiopia, or Kenya should have diminished access to the blogosphere because of payment issues they can’t control. Some are blocked for political reasons, some because of higher fraud rates, and some for other financial reasons. PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions. Today, that changes: you can now buy upgrades with bitcoins.
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And while anyone can start a free blog here, not everyone can access upgrades (like going ad-free or enabling custom design) because of limits on traditional payment networks. I first learned of Bitcoin in a Novemblog post from Automattic employee and WordPress Guruji Andy Skelton:Īt, our mission is making publishing democratic - accessible and easy for anyone, anywhere. Here’s how the TuboTax blog tried to explain the phenomenon in 2011 in a long and tortuous infographic:
Bitcoins are holograms, Bitcoins are nothing but bits and bytes in the internet ether and, sometimes, Bitcoins are actually made of metal you can hold in your hand.īitcoin is certainly confusing to even the tech savvy.
Bitcoin is a tertiary form of payment that is slowly taking over the backroads of the Internet. The realm of Bitcoin is one of confusion and the dark market.
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