Does anyone really understand Bitcoin? I've been watching the reports both online and on the TV about this supposed revolutionary digital currency and get more confused with everything I see. It appears to go up and down in value as much as 40 percent in just a few days and is accepted for purchases nearly nowhere. Yet the appeal seems to be that it's completely digital.
Here's my problem. I already have digital money. I get my retirement deposited digitally every month. I can pay my bills digitally. I have credit cards and debit cards I can use to transfer funds or buy things digitally. I can even use them to get some of that dirty old cash to carry around if I want - even though I don't really need it anymore. I can put my cards on a phone if I want. I can make purchases digitally over the Internet and rarely ever use a checkbook anymore.
So what's the big deal with Bitcoin? I'm wondering if it's something someone dreamed up as a way to get real money from big-eyed but small-brained people that will one day shut down with people screaming abut being scammed. It wouldn't be the first time someone pulled a scam that bilked people of their money.