Bitcoin Explained
In this episode, Shamus Madan explores the world of cryptocurrencies. He delves into the basics, the intricacies of Bitcoin, and its recent market trends. He also compares Bitcoin to the dot com bubble and Dogecoin, and discusses the risks and limitations of cryptocurrencies.
Key Points
- Bitcoin was the first cryptocurrency, created in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto, who vanished from public interaction in 2011.
- Bitcoin operates on a decentralized system where transactions are verified by miners, and there is a finite limit of 21 million Bitcoins that can ever be mined, with Nakamoto holding around 4.76% of that total.
- While Bitcoin presents a high-risk investment due to its volatility and speculative nature, it differs fundamentally from fiat money as it is not government-backed and thus lacks certain assurances like insurance on deposits.
Hello Everyone, and welcome to MBIT, I am your host Shamus Madan, and today we will be discussing what cryptocurrencies are, how they work, and how they could impact the future of currency.
When one hears the word cryptocurrency, the first thought of many is Bitcoin. And in today’s episode, we will be mainly discussing Bitcoin as not all cryptocurrencies work the same way.
Sources:
Frankenfield, Jake. “Bitcoin Exchange Definition.” Investopedia, Investopedia, 4 Mar. 2021, www.investopedia.com/terms/b/bitcoin-exchange.asp
“Bitcoin USD (BTC-USD) Stock Price, News, Quote and History.”: https://finance.yahoo.com/quote/BTC-USD/
“3 Reasons Why Bitcoin Has Doubled in Less than a Month - and Why Experts Think It Won: https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-performance-explanation-cryptocurrency-market-crash-token-investing-2021-1-1029945005
Chapters
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Transcript
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