Welcome to the tech policy podcast, your source for policy, rants, rants, raves, diatribes, even monologues from Tech Freedom,

your Washington, D.C. advocate for the freedom to tinker and innovate.

I'm Evan Schwarzen-Swar, your host. On today's show, Bitcoin in the developing

world. Can Bitcoin help entrepreneurs get the funding they need? Can it help economic woes,

like hyperinflation? Joining me to discuss this is Caleb Watney. He's a graduate research fellow

at the Mercatus Center, a university-based

research center. Caleb, thank you so much for joining me.

Hi, Evan. Thanks so much for hiring me on today.

So over the past, you know, five or so years, Bitcoin has gone from a geeky novelty to a legitimate

currency. And while in the United States where we have, you know, established banking institutions, it might not be as necessary.

It's certainly helping out a lot of people in the developing world.

Let's start with the basics, though.

What the hell is Bitcoin?

Absolutely.

I think the easiest way to think about Bitcoin is as digital cash.

When you give $5 to your friend, you don't have to go through any third-party intermediary.

You just hand him the cash, and then he has it.

It works the same way with Bitcoin, but it allows us to transfer way over farther distances.

So, Evan, if I were to give you a Bitcoin, you could be in Australia and I could be in the

United States, and it would get to you instantly without going through any intermediary. And it's a lot more

safe and secure and fast. And yeah, I think, as you mentioned, it has a lot of potential in the

developing world. And who is in control of Bitcoin? Because obviously a government currency is managed by the

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