A while ago, a customer of my brother’s boat design Website, for which I handle orders, asked if we ever considered accepting bitcoin as payment. While Dave and I are aware of cryptocurrencies such as bitcoin, we’d never looked into them. What we learned upon researching did not encourage us to get involved; since then, I’ve meant to write about it here. Luckily for me, an old friend wrote a lot about it, and with his permission, I’m relying on his words to get my point across.
My friend, Tom Pittman VII, wrote about cryptocurrencies in response to a newspaper article about how Wenatchee, Washington has attracted “data miners” because of their low energy costs.
Tom’s essay appears below (with my edits, and with parenthetical comments or clarifications). He didn’t cite many of his sources; I’m assuming his assertions are accurate.
While definitely not a tangible currency, this is a fairly standard image of a bitcoin (Image: CoinDesk.com).
