14 May 2021
Context - Bitcoin
Following on from yesterday’s discussion with Sandy regarding bitcoin, I set about demystifying my ignorance, at least to my satisfaction. For those reading this post, the sources I’ve used only provide me with sufficient knowledge to grasp the concept. Wikipedia and my husband are my go-to’s for an overview of the topic at hand. These sources are not bitcoin experts. The person I know who is a bitcoin expert keeps it shrouded in mystery, not intentionally. Jay (not his real name) probably isn’t patient enough to explain it to someone who might take a while to get it. 🤷🏻️ I get it! Not bitcoin, not yet.
So why do I use my husband? Firstly, he’s constantly researching information and keeping his knowledge of the world current, not confined to social media, but across various news sources, current affairs, history and other creditable sources. In a sense, he’s my walking Wikipedia; a good starting point. For you, as a reader, this means further research if it’s something you’re interested in, and I have provided a link in the references area.
Bitcoin Jargon
When delving into a new area, you’re bound to come across jargon – Bitcoin is no different. Here are the terms I’ve found and my interpretations applied. Remember, I’m new to this stuff and might be wrong. Links provided below in the References area:
Cryptocurrency – Cryptocurrency is a currency that is electronically encrypted and stored. Later, a cryptocurrency owner (bitcoin) can convert it into standard funds.
Blockchain – If you imagine 1 cent is a block, and 100 cents is a blockchain. However, unlike dollars that have defined denominations, blockchains appear to be unlimited. Each “block” has a value, and its value depends on what the market is willing to pay. Bitcoin seems a lot like shares.
Ledger – like anything financial, there needs to be a ledger to record the balance. Your bank’s statement is a ledger.
Decentralisation – hmm. Right. The best way to describe it is if you’ve been shopping and bought more than you can carry, which typically means organising delivery or a courier. Unless, of course, you can find someone heading in the same direction – for demonstration purposes, let’s say your neighbour. In this case, you ask if they can take some items home for you. You offer to pay them a small amount for fuel.
It’s a win-win. You win because you get your shopping without needing to organise a courier or delivery driver. Your neighbour wins because they get money for expending minimal energy and doing what they would have done anyway.
Now imagine this in terms of mathematical calculation effort. You store an app running in the background of your device for processing said calculation. The processing effort doesn’t impact your device, and you charge your device each day like usual, plus you’ve made money at the same time.
More Bitcoin Words
Cryptography – the process of “writing or solving code/s” is that mathematical calculation I referred to in the above paragraph. I wonder whether the code is The “Bitcoin”. Several codes might be Bitcoins, interesting.
Digital Money – this is the currency generated by an application and its energy use.
Proof of work – I’m guessing here, but I think this might be referring to evidence that the application has been in operation on your phone. Another guess is the application will have some reporting function built into it to prove it has been working.
Mining – this is the application’s process on your device, aka the work in finding the code or puzzle using your device’s energy, hence the word mining substituting for work. If you have the application on your device, then that makes you a miner.
Reward and fee – Presumably, the reward is the money (bitcoin) you get for the use of your device. Not sure where the fee comes in. Perhaps that’s the person who uses your device’s energy to process their code, making it their cost and your reward.
Final Comment on Bitcoin
Wow! That’s a lot of information to take in for one day. Oh, by the way, here’s a picture I got from Shutterstock that kind of highlights the Cryptocurrency process. I have concerns about the code which the cryptocurrency is trying to solve, but that’s a discussion to cover in another post – maybe tomorrow’s, we’ll see.
Now to the cards.
Today's Cards
The Cards - Analysis
Carry Over Cards
There was one card that carried over from yesterday; Morality moved from Others’ Views to the Now position.
Analysis
Cross
Morality is in the Now position, which is probably me trying to work out the right thing. The Now is influenced by Patience, and Clinging to the Past is in the Goal spot. Interestingly Clinging to the Past has come up; it was the challenge I faced yesterday (Day 133). Being in the Goal position, and based on today’s Context, the Goal was to leave Clinging to the Past in the past – my way of saying “challenge accepted!”.
In the Distant Past is the card of Success. The Osho book warns not to cling to the moment of Success for “it too shall pass” (p.88). Success has continued in a fashion in the Recent Past card of Harmony. Harmony is about the connection between following the heart and life, which is the connection I feel with both my sister and, in this case, Sandy.
The Future Energy spot holds Letting Go, which seems like the Goal is progressing nicely.
Base
My Feelings or Immediate Future position has the Completion card, which follows through on the Letting Go card in Future Energy. Woohoo!
The Views of Others has Inner Voice and indicates that my personal view (Harmony) is consistent with how others see me.
Inner Hopes & Fears has No-thingness, which was also present in this position on Day 131, for different reasons. Nonetheless, No-thingness is a blank slate full of potential. In light of today’s topic, I hope to be able to use bitcoin and without trepidation. The reverse is then true; I fear using it will have moral implications (ooh, maybe that’s where Morality fits in).
The Outcome position has the card of Flowering, suggesting that my knowledge on the topic has flourished and confidence attained.
References
- Osho, Osho Zen Tarot – The Transcendental Game of Zen, St Martin’s Press, ISBN 0-312-11733-7
Rosic, Ameer 2020, What is Bitcoin, BlockGeeks, Online, last viewed 14 May 2021
Euromoney, 2020, How does a transaction get into the blockchain?, Euromoney, Online, last viewed 14 May 2021
Weerasooriya, Nayomini, What is bitcoin?, Vapara (image BlockGeeks), Online, last viewed 14 May 2021
