Bitcoin in One Lesson - WBD223
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 15 May 2020
⏱️ 78 minutes
🧾️ Download transcript
Summary
Location: Zoom Date: January to March 2020
Bitcoin can be intimidating for beginners. The protocol is complicated, the community can be unforgiving, silly mistakes can lose you money, and it is easy to succumb to altcoin marketing.
Bitcoin offers you the opportunity to hold a new type of monetary asset, one which can't be seized by the government and is censorship resistance, and it is changing the world.
Bitcoin is multifaceted. Some treat Bitcoin as a speculative tool for growing wealth, others as a way of avoiding financial censorship from traditional payment channels, and some use it as a way of claiming their monetary sovereignty and removing power from the banks and state.
On 31st October 2008, Bitcoin was introduced to the world by its pseudonymous creator, Satoshi Nakamoto. Bitcoin brought with it an alternative to the banking system, a way of truly controlling your finances and the opportunity to 'be your own bank'.
Being your own bank is incredibly powerful but is often a confusing and misused term. There are currently 1.7 billion people across the world who do not have access to proper banking services. Bitcoin can fix this by allowing users to hold, send and receive value.
Governments have a history of putting pressure on payment systems and censoring transactions. In 2010 Visa, Mastercard and PayPal all stopped allowing payments to WikiLeaks. Bitcoin fixed this.
Bitcoin's power is in its decentralised, censorship-resistant, neutral, permissionless network that allows you to transact globally without any intermediary or third party and with whoever you want for whatever reason you want. Bitcoin doesn't care.
We will soon be living in a cashless society, government-issued 'fiat' currency will become entirely digital, and we will wave goodbye to any remaining shreds of financial privacy that still exist. Some governments will look to create a cryptocurrency alternative; providing the perfect tool for increased financial surveillance and oppression and represents the antithesis of Bitcoin.
We may have to choose whether we use Bitcoin or a state-run digital currency. So, why should we choose Bitcoin?
In this episode, I have compiled various clips from my 17-part Beginner's Guide to Bitcoin with some of the leading experts in the space. As an introduction to Bitcoin, this guide covers essential Bitcoin topics from how it works to its monetary policy.
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Transcript
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| 0:00.0 | It shouldn't be easy to create a new money and |
| 0:04.3 | Bitcoin shouldn't have succeeded, you know, it's |
| 0:07.5 | succeeded against all odds. Like every digital cash prior to Bitcoin had failed miserably and the founders went to jail. |
| 0:18.0 | And then Satoshi comes along with his revolutionary idea and says, well, what if we decentralize everything and no one's in charge? |
| 0:24.0 | Hello there from Bedford UK, how are you all? |
| 0:27.0 | Welcome to the What Bitquined in podcast, which is brought to you by Krakhan, |
| 0:30.0 | the best place to buy, sell and trade Bitcoin. |
| 0:32.0 | I'm your host Petermore HHormack and today I've got |
| 0:34.9 | some of the biggest names in the industry together to explain Bitcoin in one lesson, but before |
| 0:39.7 | that I have a message from my amazing sponsors. Don't skip them. |
| 0:43.0 | It's the sponsors that allow me to do this. |
| 0:45.0 | So first up, we have the future of Bitcoin and Financial Services. |
| 0:48.0 | We have BlockFi, and a few days ago they announced the launch of their mobile app. |
| 0:52.0 | Have you downloaded it? Have you tried it? |
| 0:54.0 | They've done a pretty amazing job. |
| 0:56.0 | There is so much packed into the app. |
| 0:58.0 | It has a very quick and easy sign up. |
| 1:00.0 | You can get started in just a few minutes, |
| 1:02.0 | allowing you to earn interest, borrow |
| 1:03.6 | USDA and instantly access your portfolio. You can open a block-fite interest |
| 1:08.1 | account and earn money on your Bitcoin. I've been doing this now. It's got to be |
| 1:12.0 | getting close to a year. I'm a customer. I've got skin in the game. I do love this product. |
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