Tonight Bob Van Valzah dropped in for a long session on Bitcoin & Digital Currencies which turned into the second half of a six-part series on Digital Currencies. This episode covers:
- A quick review of Blockchain technology.
- What is a fiat currency?
- How do cryptocurrencies differ from traditional currencies?
- Money as a store of value.
- Commodity money, where a currency is backed by, and can be traded for precious metal.
- How fiat money derives its value.
- How governments manipulate the money supply to meet their own needs.
- We discussed the failings of the paper-based fiat currencies.
- How credit cards overcome some of these issues.
- The advantages of cryptocurrencies over paper-based fiat currencies.
- Physical Bitcoins produced as a stunt, and the issues with them.
- Using Bitcoin as a way to move money easily across borders.
- Advantages of bitcoin mining rate, as a counter to inflation and currency manipulation.
- Four year correction in Bitcoin production, with rate halving, 16M today with 21M by 2040.
- How Bitcoins are divisible into 100M pieces, called Satoshis.
More to come in part 5…
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