Q: How does bitcoin work?
Q: Concretely, suppose I want to buy a car that is selling for $25,000. The dealer says he’ll take payment in dollars of bitcoin. OK, let’s say I’ll go with bitcoin. So where do I get it? I have to buy it, right? With dollars, yes? So why bother with the middle step and instead just plunk down $25K in dollars? I understand that if I buy bitcoin it may skyrocket in value, but it also may plummet in value. So my buying a car with bitcoin could be like Christmas… or like, say, February of 2008.
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