BTC238: Bitcoin 101 w/ Michael Schmid (Bitcoin Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 11 June 2025

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

Michael and Preston explore Bitcoin's foundational principles, covering digital scarcity, mining incentives, node infrastructure, and the importance of self-custody versus third-party management. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 12:13 - How Bitcoin prevents government-led currency debasement 19:14 - Why block reorganizations occur and how they're resolved 23:11 - The mechanics of block creation and transaction verification 28:55 - What makes Bitcoin a secure and decentralized timekeeper 31:13 - The economic incentives behind Bitcoin mining 33:54- The role of transaction fees as block subsidies decline 37:01 - How Bitcoin's security model addresses hack concerns 41:05 - How self-custody empowers users and mitigates risks 50:02 - Differences between running a node and mining 1:00:04 - Innovations in node infrastructure from the 256 Foundation Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Michael’s X Account. Website: Nakamoto Heating Solutions. Website: 256 foundation. Check out all the books mentioned and discussed in our podcast episodes⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠. Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠:⁠ SimpleMining Hardblock AnchorWatch Unchained Vanta Human Rights Foundation Fundrise reMarkable Onramp Netsuite Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.7	Hey everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals podcast.
0:06.8	On this week's show, I have the incredibly talented Michael Schmidt with me to help
0:11.2	break down Bitcoin in the simplest terms possible.
0:14.2	We cover the basics, how Bitcoin works, what mining is, how the network stays secure,
0:19.5	and why self-custody matters, all explained in a way
0:22.7	that's approachable for anyone new to the space, and I suspect there's a lot of new people to this
0:27.7	space. So, if you have a friend, if you have a family member that's just figuring this stuff out,
0:32.4	this is the episode to share with them. It's the perfect place for you to start. And with all
0:37.2	of that said,
0:38.1	let's just go ahead and jump right into the interview with the insightful and very knowledgeable
0:42.2	Mr. Michael Schmidt.
0:47.6	Celebrating 10 years. You are listening to Bitcoin Fundamentals by the Investors Podcast Network.
0:54.3	Now for your host, Preston Pish.
1:01.6	Hey, everyone.
1:06.4	Welcome to the show.
1:07.2	I'm here with Michael and I'm excited to do this because we don't go back to the basics
1:12.2	very often and we probably need to do it more often.
1:15.3	So welcome to the show and really excited to have this conversation with you, Michael.
1:19.4	Thank you, Preston.
1:20.4	Yes, I love to explain Bekind and go back because I think we sometimes spend a little
1:25.1	bit too much time on like the really hard technical things.
	...

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