Bitcoin Thieves Part 4: How Cryptocurrency Costs Users

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.6 • 1.7K Ratings

🗓️ 24 February 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

When miners add a new block to the cryptocurrency blockchain, they are rewarded with the transaction fees associated with that block. But where do those transaction fees come from? You. Today, Nicole explains. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hey guys, are you ready for some money rehab?
0:05.1	Wall Street has been completely upended by an unlikely player. Game stop.
0:09.8	Ian and should I have a 401k because I don't do it?
0:12.6	No, I know.
0:15.2	I think the whole world will revolve around you on your money.
0:17.6	What a dumb shit.
0:19.6	Charge for wasting our time.
0:23.8	I will take a check.
0:24.8	I don't want to get screwed.
0:26.8	You recognize her from entering on CNN, CNBC and Bloomberg.
0:31.2	The only financial expert you don't need a dictionary to understand.
0:35.4	The cold lap in.
0:37.4	So far on this cryptocurrency journey, we've been talking about the perspective of the miners.
0:42.4	But lap in, what about the users you might be asking?
0:46.4	I hear you.
0:47.4	Well, if you're getting paid in Bitcoin or buying something using Bitcoin,
0:52.0	your transaction will need to be verified by the network.
0:54.8	By now, we know this, but this process doesn't happen completely automatically.
0:59.8	It's actually more like posting a job on task rapid or upwork.
1:04.4	You let the network know you have a transaction that needs to be confirmed
1:07.8	and you detail how much money you'll give to the miner who gets it added to the blockchain.
1:12.4	Yep, it's to circle back to the fees.
	...

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