Bitcoins: Widely known and widely misunderstood

Back in the 1980s, when I lived in Nairobi, foreign residents had a simple way of obtaining Kenyan shillings.

They’d write a check in, say, U.S. dollars on their U.S. bank accounts to the Indian man who owned the ice cream store down the block. He’d pay over shillings at the current black market rate. Then he’d mail the check to his brother in Toronto, who would deposit it in the merchant’s name in a Canadian bank account.