Today, The Future of Bitcoin was Determined in Lerwick, Scotland
Today I was in the village of Lerwick, Scotland (bay of clay), the largest city and main port of the Shetland Islands, a group of several hundred islands between the mainland of Scotland and Norway. These islands are home to some of the largest and longest standing fisheries along with Europe’s second-largest oil production plant. Lerwick is a wonderful return to a quieter time when like the theme to the TV Series Cheers proclaimed, “… Everyone knows your name…”
Let’s Go Shopping
My wife and I were shopping at a local store in Lerwick, Scotland; with family-operated values were a wonderful pleasure to experience. My grandparents operated the Wedderburn Store, in Wedderburn, Oregon where I was taught the values of customer service, a smile, a warm greeting, a clean store, fair prices that allowed profit, along with going the extra mile to make sure customers had a great experience and would be happy to return and shop again.
While paying for our purchases the mid-sixty-year-old proprietor and I had time to share some stories. As I went to retrieve the money out of my wallet, I thumbed through Dollars, Francs, and Euros before I got to the Pounds, I noticed her credit card machine and she mentioned she would accept all sorts of payments. I responded with “let me know when you accept Bitcoins, and I will use those instead of cash”.
She replied, “Oh, I don’t think that will last very long”. And, “Why not?”, I asked. She had indicated, … “it’s not anything here”, and then we discussed what money is or was. I reminded her of fifty years ago and how folks would react to a plastic card that would allow customers to buy merchandise and leave with their purchases.
She looked at me with that “Ah Ha, Knowing” type look what indicates “I Get This”. We then discussed that the paper money in my wallet, except for the British Pounds, that are backed by the Pound Sterling (https://en.wikipedia.org/wiki/Pound_sterling). “You know”, I said, “Nothing but faith backs the US Dollar”. I asked, “what is the value of Sterling (or gold) for that matter?” And she agreed, “Nothing” unless someone was willing to buy it.
And then her light went off … “She got it”! Cryptocurrencies are like all other forms of payment. They are valued and valuable because of the “Faith” of others that there will be a market for them to be used. She now understands that the transition to Bitcoin is nothing more than the previous historical transition from Physical Currency to Credit Cards.
Whether you use credit cards, debit cards, fiat currencies (Fiat Money) , checks, chickens (barter), or crypto, what is always paramount and needed is the faith from others that others will value what you provide.
Nothing more. Nothing less.
Now – Contemplate that and go enjoy the rest of your day.
Daniel frequently provides Media Content via Workshops, Podcasts and Printed Articles on topics like Bitcoin and Cryptocurrency, Wealth Preservation and Planning, Global Banking and many other high-level financial topics that serve and demonstrate the Value of our Global Network that should be of interest to those who need Private High-Wealth Services.
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