lets talk about bitcoin

Let’s talk about Bitcoin [PMP #121]

Normally, I don't talk about investments or finance on my blog or podcast. But I find Bitcoin is such an interesting topic that I've wanted to explore for a while.

I am by no means a Bitcoin expert. I would describe my understanding as slightly above average. So, to do this topic justice, I've roped in my good friend, Denym Bird, who is one of the people that introduced me to this incredible technology. Since that time, he's now gone on to start Crypto Saver to help people buy Bitcoin using small weekly payments.

If you don't know anything about Bitcoin and want to learn more, this is the episode for you. Bitcoin excites me so much and I believe it could become the first universally adopted global currency. If this happens, it will cause a radical change in global economics and will take power away from governments and central banks. It could be one of the biggest technological advancements of our lifetime.

Listen to our chat here:

In our discussion, we cover the following:

  1. A brief history of money.
  2. What is Bitcoin? What do all these words like “blockchain”, “peer to peer”, “mining” and “decentralisation” mean?
  3. What are the benefits of bitcoin? How is it better than fiat currency?
  4. How is bitcoin different than other cryptocurrencies?
  5. What challenges does Bitcoin currently face?
  6. How do you buy Bitcoin? We explain wallets (private keys, digital and physical wallets) and exchanges.
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In case you're interested, I use the Blockchain online wallet to store my Bitcoin. And since recording this episode, I've also ordered a Lockbox which integrates with my online wallet, so I can store most of my Bitcoin offline nice and safe.