In a recent Bitcoin Magazine opinion piece, IT Writer Mark Rees slams college professor Mark Williams for dissing Bitcoin.
While Mark Rees makes some poignant points about how wrong anti-Bitcoin Mark Williams is, Rees is wasting his breath with such a lengthy article about a lowly finance teacher. Rees has a strong grasp of the big Bitcoin picture, while Williams embarrassingly does not understand the technology or economics of Bitcoin.
I understand Bitcoin thoroughly only because of my experience in computer programming, payment processing, economics and business. The real total cost of using credit cards and western union is a very high 5% to 10% or more. The cost of using Bitcoin can very easily stay under 1%. It does not take much brain power to figure out the value of Bitcoin. Bitcoin has already changed the lives of many thousands of individuals. When you begin add all of the other amazing international payment transmission, tracking, authentication and complex multi-layer programmable transaction capability of Bitcoin’s cryptographic ledger technology, the extreme value of Bitcoin becomes world-changing.
And by the way, with all this wonderfulness, given enough time, Bitcoin can and will eventually be worthless. But so will the U.S. dollar. The trick is to know when and what the signals will be.
Corey Chambers, The Bitcoin Blogs