Did you miss the most important thing about BitCoin?

WHAT IS MONEY?

The majority of people don’t know what money is, and very smart programmers can just as easily be in that camp. However, if you know what money is; you can master BitCoin much faster than legions of folks who have far more technical knowledge than you. So let’s hand you that advantage as succinctly as we can, but first let’s give you what money is NOT: The vast majority of modern peoples will tell you money is based on faith — a collective agreement amongst sharing peoples to value something which has no value otherwise. They will tell you the US Dollar since the early 1970s (see: Nixon) has no asset backing it — thus is proof that money is faith-based. WRONG. A costly wrong. People who think money is based on faith; are doomed to eventually lose all their cash wealth. You won’t, because you’re here reading this and will know better…

Moneta: [Latin], plural monetas [1: see references at bottom]

1. coin

2. a place where coins are made; a MINT

3. a special name for the goddess Juno. The Romans made coins at the temple of Juno Moneta, whose structure took on the abbreviated name “Moneta” — which became synonymous with Roman coinage

This is the best most-efficient definition you will ever read for money. Money is/was coins — universally-valued metal-asset objects stamped, and thus authenticated, by a trusted entity. Money’s etymological forefather, “monetas”, is also quite simply a mint — the trusted entity. So is money a prized-metal coin, or is it a building that makes/stamps those coins?? It’s BOTH! BitCoin is no different. BitCoins are shares of ownership for the right to use the network of equiptment which processes computational transactions. Before stating specifically how money is both coins and mint, let’s tell a Great American Story to help you understand:

Wampumpeag: [Algonquaian Native American], shortened “wampum” [2]

1. a string of highly processed (white & purple-blue) seashell beads used as money by Native Americans.

entymology: said to be compounded from wab- “white” + -ompe- “string” + “plural” suffix -ag

Notice the Algonquian native American language is prevalent in fur-trading regions — fur being the #1 commodity of the 17th & 18th century Colonial America. (J.J. Astor, a NY pelt trader became the richest American by the War of 1812)

The colonists back then did not have printed currency, so their trade…