TE13: Bitcoin, Part 4 of 6 Digital Currencies

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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