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OPLIN 4Cast #571: Bitcoin levels up…but will it make my son rich? (Probably not.)

Posted in 4cast, and cryptocurrency

This past week, my 13-year-old son came home and asked me a question. “Mom, what’s a BitCoin?”

I immediately became “Sherlock Holmes Mom.” “Where did you hear about that? And, why do you need know?”

“I’m mining them on my Chromebook,” he replied.

The geek part of me was a little bit proud, but the rest of me was doing this*:


If you, like my son, have no clue what Bitcoin actually is, here’s a really quick primer. And, you probably will also want to know even more about it, since this cryptocurrency is becoming accepted even at major retailers like Subway and Overstock. com.  It’s been in tech news for some time, but this past week marked a major milestone, where the value of Bitcoin skyrocked. Get ready: the cryptocurrency is coming.

  • 2017 is the year cryptocurrency joined the global financial system [The Verge] “This week, the value of a single bitcoin officially cleared $10,000, a new high point that’s over an order of magnitude greater than its price at the start of this year. Bitcoin has defied market expectations before, but in 2017, it didn’t just become more valuable. Bitcoin and other cryptocurrencies have become an acknowledged part of the financial system — albeit a nebulous one.”
  • Ladies and gentlemen, one bitcoin is now worth $10,000 [Mashable] “And it’s not only Bitcoin that’s growing. The market cap of all cryptocurrencies combined crossed the $300 billion threshold on Monday, with all 10 largest cryptocurrencies rising in value significantly. “
  • Bitcoin is hitting new highs—here’s why it might not be a bubble [Ars Technica] “Bitcoin’s recoveries haven’t been very surprising to long-time Bitcoin watchers. Over and over again, Bitcoin’s value has seen spectacular plunges only to recover the lost ground and rise to new heights. Bitcoin has seen at least three major Bitcoin “bubbles” over its seven-year life.”
  • Square Cash is letting some users buy and sell Bitcoin [TechCrunch] “The trial, which seems to only be available right now to a small number of users, lets you buy and sell bitcoin directly in the app.”

From the Ohio Web Library:

*I’m still wondering if I should do anything. He only earns them at a rate of something ridiculous, like .0000000001 bitcoin a month. Maybe this is a lesson in patience?