In the news again, Bitcoin. This time HMRC have decided not to charge VAT on transactions. Seems reasonable.
Made me think about coins. In our house when I get in I empty my pockets onto the kitchen worktop (near the radio). The next morning the pile of coins is substantially smaller, reduced by demands for bus fares and miscellaneous youthful expenses.
The kids no longer need dinner money. We pay that directly into an account each of them has at school and each day a relevant amount is debited at the point of sale. Not good to admit perhap but I have no idea how much cash they burn through in this way. I’m sure someone has a handle on it (will that be the usual lobster thermidor or are we going for the steak and chips today son?).
We also pay their pocket money by direct debit into their bank accounts.
What made me think about all this was the Bitcoin news. Initially I wondered about what if I had to pay the kids pocket money etc in Bitcoin. Based on current performances the value of this pocket money would swing wildly. You can almost hear the dinner lady say “sorry son it’s got to be corned beef fritters today – Bitcoin has plummeted”.
Of course if Bitcoin is to have long term viability it must settle down a bit but it would mean the end of the pile of coins by the radio. The whole virtual currency thing doesn’t have to be based on Bitcoin. It could be pounds sterling/Euros etc. It’s just that the system doesn’t seem to have worked out how to make a success of it yet. Remember my dabbling in the O2 Wallet?
I’m going to buy a Bitcoin in the near future. Just need to get my act together. I might also have a word with the headmaster and see if I can get the school to accept it. You never know. It could generate enough profit to fund the new science/mathematics/music1 block. Or not. I doubt whether school charges VAT on school dinners anyway.
I’ll just have to work out how to give the kids a bit of a Bitcoin each. Stay tuned.
Other Bitcoin related posts:
Bitcoin Bet of Bubble Bursting?
Bitcoin currency crash due to problems at MtGox (sounds familiar)
1 delete as appropriate – I dunno which new block they need, your guess is as good as mine.
