Bitcoin in One Lesson
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SHOW DESCRIPTION
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.
TIMESTAMPS
00:04:20: Introductions
00:05:14: Why Bitcoin?
00:08:09: Problems with current financial system
00:15:05: Fiat is an experiment
00:20:09: Why Bitcoin is the soundest money in history
00:24:50: History of gold
00:25:59: What Bitcoin is used for
00:27:53: Trust with banks
00:29:41: History of Bitcoin
00:35:26: What makes Bitcoin unique
00:40:09: How does Bitcoin work
00:41:05: 21 million fixed supply
00:46:29: Rejection of Keynesian economics
00:48:59: Altcoins and Ethereum
00:55:35: When to invest in Bitcoin
00:57:07: Bitcoin’s immutability
00:58:38: Self-sovereignty
00:59:51: Wallet and private keys
01:03:14: How to buy Bitcoin
01:04:21: Operational security
01:08:30: Lightning
01:10:12: Bitcoin’s promising future
01:13:10: Importance of Bitcoin
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SHOW NOTES
Connect with the guests:
Mentioned in the show:
The cashless society is a con – and big finance is behind it
Venezuela’s Hyperinflation Drags On For A Near Record—36 Months
The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin
The Genesis Files: If Bitcoin Had a First Draft, Wei Dai’s B-Money Was It
The Genesis Files: Hashcash or How Adam Back Designed Bitcoin’s Motor Block
The Genesis Files: How David Chaum’s eCash Spawned a Cypherpunk Dream
Other relevant WBD podcasts:
WBD202: Beginner’s Guide #17: Fuck You, Bitcoin! with John Carvalho
WBD201: Beginner’s Guide #16: The Future of Bitcoin with Jeremy Welch
WBD197: Beginner’s Guide #14: Bitcoin Things You Need to Know with Peter McCormack
WBD196: Beginner’s Guide #13: The Lightning Network with Jack Mallers
WBD195: Beginner’s Guide #12: Bitcoin Privacy & OpSec with Jameson Lopp
WBD192 - Beginner’s Guide #11: Bitcoin and the Macroeconomy with Travis Kling
WBD191: Beginner’s Guide #10: Buying, Spending and Earning Bitcoin with Matt Odell
WBD190: Beginner’s Guide #9: Altcoins, A History of Failure with Nic Carter
WBD189: Beginner’s Guide #8: How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brit
WBD188: Beginner’s Guide #7: Bitcoin's Monetary Policy with Dan Held
WBD186: Beginner’s Guide #5: The History of Bitcoin with Marty Bent
WBD185: Beginner’s Guide #4: What is Bitcoin with Stephan Livera
WBD184: Beginner’s Guide #3: Bitcoin's Pre-History and the Cypherpunks with Aaron van Wirdum
WBD183: Beginner’s Guide #2: What Is Money with Parker Lewis
WBD182: Beginner’s Guide #1: Andreas M. Antonopoulos on Why We Need Bitcoin