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Understanding Bitcoin with Phillip Ramsey and Bryan Dewhurst

Episode 60:

Are you curious about Bitcoin and cryptocurrency in general? Want to understand more about it?

Well, Bryan is the man you want to talk to! This episode is a duocast, but mainly it is Phillip interviewing Bryan about the promise and potential pitfalls of cryptocurrency, specifically Bitcoin.

Some background is necessary to understand this episode better: Bitcoin is banking. Bitcoin can bank without intermediaries. That’s what makes it so powerful. Bitcoin uses peer-to-peer technology to operate with no central authority. Managing transactions and the issuing of bitcoins is carried out collectively by the network. Transactions are verified and recorded in a public distributed ledger called a blockchain.

Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.

This is some serious geekery, but we are convinced Bitcoin and other cryptocurrencies are not going anywhere. You will do well to understand it and potentially dip a toe into cryptocurrency to see if it is an investment that makes sense for you.

What You Will Learn in this Episode:

  • What Bitcoin is and is not
  • The history of Bitcoin and why it was developed
  • How blockchain creates triple-ledger accounting
  • Understanding Bitcoin mining
  • How to buy Bitcoin and other cryptocurrencies
  • How cryptocurrency stacks up against the current banking system
  • What to consider when thinking about investing in Bitcoin
  • How “stable coins” fit into the cryptocurrency universe

Resources:

“To me, the three most important discoveries that have influenced business and economy would be accounting, oil, and fractional reserve banking. Fractional reserve banking and accounting are very interwoven in the Bitcoin blockchain.” – Bryan Dewhurst Click To Tweet “Since the Federal Reserve Act of 1913, our dollar has lost almost 99% of its value.” – Bryan Dewhurst Click To Tweet “Bitcoin was started in response to the 2009 financial crisis.” – Bryan Dewhurst Click To Tweet “There is too much inequality, injustice, and corruption that occur in our banking system. In creating Bitcoin, Satoshi Nakamoto calls forth a new financial network that evens the playing field for everyone in the world to have an equal right and… Click To Tweet “The global economic-financial construct is like a three-legged stool. You have banking, investments, and insurance. Those are the three legs needed for a functional financial system.” – Bryan Dewhurst Click To Tweet “There are thousands of cryptocurrencies, just like there are thousands of stocks.” – Bryan Dewhurst Click To Tweet “Bitcoin is unique because it's not owned by anybody. There's no CEO. It's an open-source project that enough people believe in.” – Bryan Dewhurst Click To Tweet “This, to me, is the value proposition of Bitcoin: Bitcoin can be purchased by anyone in the world, in any currency at any time from a cell phone, and sent to anyone else in the world almost instantaneously without an intermediary. Besides food, water,… Click To Tweet