Welcome to my Bitcoin information website. It is a work in progress. If you don't know what Bitcoin is, please see my What is Bitcoin? article.
I have been fascinated by Bitcoin for the past few years, and want to share what I've learned with those who are curious. Because Bitcoin is decentralized, there is no authoritative source of information that people can turn to. Bitcoin is not a company, it has no website. On the Internet and in the media, there is a lot of misinformation and uninformed opinions about Bitcoin. I hope to contribute some better information, for those seeking it. Please feel free to comment on my articles if you have any questions.
Talking about Bitcoin in Canada is challenging, because Canadians take money for granted. By "money" I mean that which is used to store value, act as a medium of exchange, and as a unit of account. Most people are probably not even familiar with these core features of money, and how it solves the problem of coincidence of wants, for example. Money in Canada has, so far, just worked. So people don't have to think about money itself, they just use it. This is what I mean when I say Canadians take money for granted. The same applies to other developed countries, with stable monetary systems. They may not realize it, but this is a luxury. Ask an Argentinian.
So why would Canadians be interested in a new form of money, such as bitcoin? The financial system in Canada appears to be stable, and the banking system seems to be pretty good, as far as banks go. They offer convenient features such as e-mailing money around, nearly instantly. But compared to Bitcoin, they are really terrible. To take a trivial example, if you want to send money outside of Canada, you will have to physically go to a branch, wait in line, produce documentation (giving up your privacy), and then -- if the bank approves -- pay them hefty fees ($45!), cross your fingers, and wait 5 to 12 business days. Once you use bitcoin, the absurdity of this process becomes apparent.
To send bitcoin anywhere, you open an app on your computer or smartphone, scan a QR code, click send, and you are done. No permission is required, and nobody can stop your transaction or seize your money. 10 minutes later, the funds are securely in the wallet of the recipient. For online transactions, especially in far-away places, bitcoin is far better than the established financial system. There is no need to divulge your name, address, or contact information to send funds. (Of course, if you need a physical item shipped, that will need to be communicated!) And there are no fees for rent-seeking third parties or exaggerated currency exchange rates to pay - just a small network fee of an amount of your choosing, usually less than $1.
Aside from saving time, money, privacy, and not needing permission to use your own money, there are much bigger reasons for Bitcoin. In many countries, banks and politicians are more corrupt, and steal from people without consequence. Here in the developed world, the stealing is on the down-low: inflation of the money supply. This results in dilution of purchasing power: $1 CAD buys 72% less in 2019 than it did in 1990. The USD is worth 96.4% less over the same period. Monetary inflation degrades money's ability to act as a store of value over time, discouraging saving, and encouraging high time preference. The bigger picture with Bitcoin is that it grants millions of people a way to save the fruits of their labour, safe from the greedy fingers of corrupt institutions and the menace of inflation. It gives billions of people who currently have no access to banking a way to save and to participate in the global economy.
I have started a collection: Bitcoin Learning Resources. Please e-mail me at bitcoin [at] netmojo (dot) ca, if you have questions.