E37 – Introduction to Cryptocurrencies

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Special Episode Today all about Cryptoassets, blockchain, cryptocurrency and we鈥檒l 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鈥檚 created a lot of buzz in the market and is a topic where there is loads of noise and if you don鈥檛 focus you can lose track of what you鈥檙e talking about.

We鈥檝e got a cryptospecial over the next two weeks with today being the introduction to everything and then we鈥檒l 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鈥檛 an actual interview but rather a discussion between Katie and myself where we can explore the topic a bit, I鈥檓 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鈥檚 super easy to understand.

[3:32]聽Timing of cryptocurrencies
路聽聽聽聽聽 seems all of a sudden
路聽聽聽聽聽 Bitcoin was almost at $20,000 in December 2017 and now it鈥檚 under $8,000.

[5:4]聽What is a cryptocurrency and where did they come from?
路聽聽聽聽聽 2009 Satoshi Nakamoto which is actually an alias for the inventor of Bitcoin
路聽聽聽聽聽 The actual maker is unknown.
路聽聽聽聽聽 Whitepaper in October 2008 entitled Bitcoin: A Peer-to-Peer Electronic Cash System.

[9:32]聽What is mining?
路聽聽聽聽聽 The process of mining is solving mathematical problems to create the blockchain.
路聽聽聽聽聽 It becomes substantially harder to mine as time goes on.
路聽聽聽聽聽 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.
路聽聽聽聽聽 Requires a substantial amount of power to mine a coin these days

[15:2]聽Is bitcoin a currency or what is it?
路聽聽聽聽聽 It is a new type of currency
路聽聽聽聽聽 Used world wide
路聽聽聽聽聽 Own a portion of a coin- you don鈥檛 have to own the whole thing

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