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Bitcoin Explained + Cryptocurrency 101 With Erik Voorhees

Author

Wes Schaeffer
March 08, 2021

  • Lots of cryptocurrencies

  • Some good, some really bad

  • Still diverse and complicated ecosystem now

  • Bitcoin is the first of the cryptocurrencies

  • Was the first block chain to ever exist

  • Digital currency, store of value, decentralized, distributed

  • It’s a form of immutable money

  • Peer-to-peer

  • It is destabilizing to banks the way the internet was destabilizing to shopping

  • Money is typically seen as a governmental item or tool

  • Money is just the thing that is most bartered for

  • Divisible, scarce

  • Governments usurped money

  • Bitcoin is digital money

  • Every cryptocurrency is built on a blockchain

❝

Money will be pulled away from the government, and it will change the world.”

Erik Voorhees on The Sales Podcast

  • Established, known to all parties, and cannot be changed

  • The supply is completely known

  • Fiat currencies tend towards zero

  • You are responsible for your money

  • Complete autonomy and responsibility in your own hands

  • There are lots of custodians but you have to trust them

Related Posts:

  • With fiat currencies, you never have real authority over them

  • Napster was a centralized company creating a peer-to-peer network and got shut down

  • Bitcoin is not a company; it’s just a peer-to-peer network

  • Anyone can run a node on their computer

  • They are in sync

  • All nodes are aware and record what happened

  • Torrents have never been shut down

  • KYC: Know Your Customer—financial intermediaries must take information from their customers

  • Bitcoin does not enforce financial reporting rules

  • ShapeShift is non-custodial

  • ShapeShift supports wallets

  • Coinbase, Binance, etc. are custodians

  • Governments do not like cryptocurrency as a general rule because it diminishes their own power

  • The longer something like cryptocurrencies exists, the more accepted they become and the harder it is to shut down

  • Bitcoin is open-sourced

  • Anyone can build their own cryptocurrencies

  • There are competitors to Bitcoin, but others like Ethereum, was created for different purposes

  • Some are scams

  • The cryptocurrency market is still in its early stages

  • NFTs are not cryptocurrencies, but they have a lot of similarities

  • All Bitcoins are fungible

  • All Ethereum units are fungible

  • Crypto-Kitties was the first NFT—Non-Fungible Token

  • Blockchain keeps the ledgers synchronized verified and accurate

  • Blocks are pages of that ledger

  • Many blocks form a chain

  • Social and economic implications for the world in the same way when electricity was brought to the world

  • Money will be pulled away from the government and it will change the world

  • Bitcoin is half as old as the Euro

Links Mentioned In The Sales Podcast