Special Episode Today all about Cryptoassets, blockchain, cryptocurrency and we’ll dive into a few like Bitcoin. Bitcoin is a cryptocurrency that was released in 2009 and has become the first currency of its kind in the modern age that does not need a central bank to function. It’s created a lot of buzz in the market and is a topic where there is loads of noise and if you don’t focus you can lose track of what you’re talking about.
We’ve got a cryptospecial over the next two weeks with today being the introduction to everything and then we’ll dive into our interviews with a guest that has a lot of knowledge on the topic. We split the podcast their interview up into 3 parts because there was just too much information for one episode.
Welcome Chainers to another edition of Chain of Wealth, as I mentioned before today isn’t an actual interview but rather a discussion between Katie and myself where we can explore the topic a bit, I’m a lot more technical on the topic and have done quite a bit of reading on it, and Katie has heard me muttering about this crypto, that crypto and so we decided to break down the topic so it’s super easy to understand.
[4:1] Timing of cryptocurrencies
· seems all of a sudden
· Bitcoin was almost at $20,000 in December 2017 and now it’s under $8,000.
[5:33] What is a cryptocurrency and where did they come from?
· 2009 Satoshi Nakamoto which is actually an alias for the inventor of Bitcoin
· The actual maker is unknown.
· Whitepaper in October 2008 entitled Bitcoin: A Peer-to-Peer Electronic Cash System.
[10:1] What is mining?
· The process of mining is solving mathematical problems to create the blockchain.
· It becomes substantially harder to mine as time goes on.
· People setup PCs to do this. Over time people discovered that graphic cards were better than CPUs to do this which even caused the share prices of AMD and Nvidea to go up.
· Requires a substantial amount of power to mine a coin these days
[15:31] Is bitcoin a currency or what is it?
· It is a new type of currency
· Used world wide
· Own a portion of a coin- you don’t have to own the whole thing