Living One Week On Bitcoin Final Party Youtube Video

Forbes journalist Kashmir Hill has tried the experiment to live one week paying for everything only with bitcoins. The first blog post of this series is here, and it has links to the remaining posts (one for each day of the experiment). I have enjoyed reading this and recommend it.

Now she has posted a Youtube video on a final party, with some interviews of people involved in the Bitcoin network:

Actually, in the process of publishing this series, she got around 10 bitcoins in tips from readers. That is more than $1000. I asked how often other blog articles she wrote netted her over $1000 from readers in a couple of days. The answer was “0”, not unexpectedly.

She decided to give these bitcoins right back to the community by paying dinner for a Bitcoin meetup.

The most interesting thing I learned from her interviews was that Bitcoin payments are superior to cash for merchants. If you take cash, you need to count it, move it, and secure it. All that comes with costs. With Bitcoin, the counting and moving goes away, and the security issues can be handled easier than with cash. You could run a whole restaurant with no one on site knowing the private key of the Bitcoin address used for payments, so that anybody trying to get that information from staff by threatening them with a gun will be unable to do so.

I was aware of the fact that Bitcoin beats credit cards in cost and convenience. It also seems to beat cash.

 

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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