How bitcoin works podcast definition

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WATCH RELATED VIDEO: How Cryptocurrency ACTUALLY works.

What is Cryptocurrency and how does it work?

Thank you again to all the doctors and health care professionals out there for taking care of us at this time. We are here for you and your family. If you have any questions about topics covered in this podcast or your financial plan, we are here to help. We explored cryptocurrencies as investment vehicles — are they currencies, are they investments?

We also discussed the latest news and developments — recent market activity and policy maker actions. And last but not least, how cryptocurrencies fit in MDs investment philosophy. Craig Maddock [] It's an interesting question. I don't think it's that relevant myself, Alex, but if you looked at, say, the Financial Consumer Agency of Canada or the Bank of Canada, you know, they'll say that it's electronic money.

The Bank of Canada would suggest that only bank notes or coins, minted coins, would be considered legal tender, so you know, official currency in Canada. But let's face it, you can make payments today using a wide variety of electronic means, you know, your credit card, debit card, PayPal, all those things which aren't legal tender, but they certainly work from a currency standpoint.

Can you actually do something with them and move the money around, buy stuff? That sort of thing. If I think of it as a decentralised payment system or storage system, like today, we think of banks as a place to store our money, perhaps, or a mattress, I guess, to the extent that you wanted a decentralised way to store your money, perhaps not as safe, but small amounts of money in a purse or a wallet.

So that kind of works. But if you then think of it as a digital format, you can do the same thing digitally now with cryptocurrencies. So, from that perspective, I don't think it's not a currency, kind of has some of the features that you'd expect to be able to buy and sell stuff. They're not that easy to use, I would say, compared to say standard currencies that people are used to.

There's like, what, a something official currencies around the world today? Do we actually need another one? To make things easier? Do we need several thousand other ones?

I'm not really sure what the problem they're trying to solve. But I think they're currencies to some degree. Maybe the more important thing is around the valuation or stability of the price. I think that's where, maybe as a currency, they fall flat, at least certain ones do.

There is some new ones that have been launched more recently, like stable coins, where they're actually pegged to something and they have got some stability of the price. I think that's a very interesting concept that maybe has some growth for the future. But the ones that are floating rate, and you don't know what the value is, I think those are very difficult to call a currency.

Dogecoin, you'd need like 15 Dogecoin to buy a bag of milk. So, I think this is where the problem comes in when you think of them as a currency — is with this fluctuating value that's not really what you expect of a currency. It's not very useful as a medium of exchange or a store of value because you don't know if it's going to go up or sadly go down significantly.

And if I can, kind of, in my mind, simplify that is that in most part of the world, are they illegal tender? And if we see currency as legal tender, and the answer would tend to be more toward the no than yes.

But are they a tool that allows someone to exchange something, to barter, to get something in return? And if that's your definition of currency, then Bitcoin and the others, you know, would probably fit that bill. But unlike the traditional currencies, I mean, their fundamentals and their valuation are a little bit more elusive. To me that's what I'm taking away from that question as to whether Bitcoin is a currency or not, it depends what your definition of currency is to start with.

Mark Fairbairn [] Yeah, I would just add to that there's, I guess, one nuance to using a cryptocurrency, which I guess, taxation wise, is more like a commodity. So if you purchase something with a cryptocurrency, it becomes a taxable transaction between what you effectively trade that cryptocurrency at, so what the purchase price versus whatever you acquired it at, which is not the case with the currency.

If you buy something with Canadian dollars or U. But you have to deduct what you acquired that Bitcoin at and put that on your tax return, which adds to the cost of the transaction.

Jean-Francois Bordeleau [] That would be like trading like a painting for something else, and you have to value it and tax it and that kind of stuff. But yea, I hadn't thought of that Mark. That's, that's a fair point. Mark Fairbairn [] Sure. I think the key merit, if you look at it, it's really this sort of way to facilitate transactions in a very decentralised network.

So, whatever your opinion on Bitcoin or the merits of the underlying valuation, the truth is, it's broadly accepted, there's futures on it. Hundreds of millions of dollars trade a day in it, and it happens on an entirely decentralised network that's not related to any established financial entities and their built-out network.

So, when you think through it from that standpoint, where you can facilitate cross border transactions, the transaction costs of doing so. The whole thing is, you know, meant to create this environment, the trust. The existing or the traditional financial system has a lot of clears and a lot of checks and balances within it to provide that element of safety. That slows stuff down and increases cost to doing it.

So if there is some merit to crypto, I think, or at least from a technology standpoint, or innovation, the disruption, is that ability to sort of compress those — the distance between point A and point B in a transaction.

And I think that's, in some cases, were its found attractive. Now, you could argue that some of the attractiveness of that decentralised nature, or that, you know, lack of the middleman has led to perhaps more nefarious uses of it, but it is something that is positive.

Craig Maddock [] I'm a little bit less positive than Mark on this whole topic. I just, I've yet to come to some broad conclusion as to what the benefit of a, I'm going call it a decentralised cryptocurrency is.

I think the concept around you know, electronic money and the ability to move it around and it having kind of a tag on it, or that sort of a thing — I think maybe there's some novelty attached to that.

But I just don't think there's a problem with our current system, like I can buy and sell goods and services using electronic means now. I don't actually carry paper money anymore. So those payment systems move quite efficiently, like PayPal can move payments from wherever to wherever, I can use my credit card, money stored safely in my bank.

Aside from what Mark mentioned around, you know, the black market and people needing to move large amounts of money nefariously, as opposed to brown bags of cash, they're actually doing it electronically.

And I don't know why, as a society, we want to or need to facilitate that. Beyond that, I just have really hard time coming up with a use case that's actually sensible or rational for why we need another currency or why we need cryptocurrencies. Jean-Francois Bordeleau [ ] Yeah, Craig on that one, I think that's an important distinction that we also need to make around digital currency, whatever that might be versus cryptocurrency.

So, at that digital [currency] offered by a central bank, and we see some signs of that in China, versus crypto, which is, let's call them, those decentralised, non-central bank systems. And again, we saw those cases of ransomware over the last couple of weeks, and it just further reinforces the view and the current reality that crypto does tend to be used for things that may not be above board. Things that you may not want to be tracked and things like that.

So, for as long as you see those behaviours, that lack of legitimacy, I mean, it's going to cripple somewhat the case for crypto. As opposed to digital currency, which for me is a separate discussion.

Would you consider cryptocurrencies as investments? Do they represent a good or viable investment opportunity? Jean-Francois Bordeleau [ ] I mean, I'll just start with the basics. I mean, if you see investments as something that you put money in, that will either grow, shrink or do nothing.

Well by that very simple definition, sure, crypto can be an investment. But I mean, I think that the question that usually people are interested in is whether they're a good investment. And to me that the one factor that puts me a bit in the no camp is the lack of an ability to do proper valuations, really get a true meaningful value based on some sort of fundamentals.

I mean, the closest thing I can think of, but even then, you could say there's some fundamentals, would be gold, and things like that. But that would be my overly simplistic view of whether they are, quote-unquote, a good investment opportunity or not.

Craig Maddock [] Oh and I think you hit the nail on the head, JF, with the over simplistic view, because that's all, in my opinion, that's all you need. If you ask what are they good for? So what purpose are they solving? What return do they generate? What free cash flow do they spin off? What interest do they earn? The answer to all of those is zero, which therefore should tell you what they're worth. I loved the gold comment, because a lot of people have said, "oh, well, it's like, it's the digital gold.

And it of course used to support the financial system years ago in reserves, but it's no longer the case. Like there's no real rational reason for it to do so. But at least gold we can talk about its scarcity value, you can hardly call cryptocurrencies scarce.

People try to make the claim that Bitcoin is scarce because when the founder created it, they only made so many Bitcoins. But since then, how many cryptos have actually been launched?

Like thousands of them, there's no barriers to entry to create a new cryptocurrency, so they're not scarce at all. So, on that basis, there's not even scarcity value, like I just, there's zero way to put a value on this thing, aside from the greater fool theory. And if that's what you believe, from an investment standpoint, is your basis for making a decision, is that I'm going to buy this because I think some other idiot behind me is going to pay more for it.

Which let's face it, that's what all the meme stocks, that's what, to some degree, has happened to a lot of things, in particular cryptos. That's certainly not a sound investment decision.

That's pure speculation and hopes that, like I said, there's a fool greater than yourself. Mark Fairbairn [] From a portfolio utility standpoint, I mean, the behaviour of it right now is clearly a speculative behaviour.

What Is Cryptocurrency and Should I Invest in It?

Marrs Buch ist eine aufschlussreiche und informative Untersuchung der transformativen Kraft der Technologie in der Wirtschaft des Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK. In super-simple terms, a blockchain is a computer file for storing data. This decentralisation is one of the things that makes blockchain so transformative.

Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process Bitcoin uses blockchain technology as its transaction ledger.

S3 Ep67: Tax scams, carder busts and crypto capers [Podcast + Transcript]

A cryptocurrency is a medium of exchange, such as the rupee or the US dollar, but is digital in format and uses encryption techniques to both control the creation of monetary units and to verify the exchange of money. In traditional financial deals, where two parties are using fiat money, a third-party organisation — usually a central bank — assures that the money is genuine and the transaction is recorded. With cryptocurrencies, a chain of private computers — a network — is constantly working towards authenticating the transactions by solving complex cryptographic puzzles. For solving the puzzles, these systems are rewarded with cryptocurrencies. This process is called mining. Satoshi Nakamoto — the person or a group of people who is said to have conceptualised an accounting system in the aftermath of the financial crisis — had mooted an idea where the transactions and the value of money would be recorded digitally on a publicly available and open ledger that contains all the transactions ever made, albeit in an anonymous and encrypted form. This ledger is called the blockchain.

Blockchain Node Providers and How They Work

how bitcoin works podcast definition

Register Now. Mar 03, 12 min read. Deen Newman. Sergio De Simone. This technology allows data to be stored globally on thousands of servers, with any network user being able to see all the entries that appear at any time.

Iwa Salami and Erica Pimentel do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointments.

Bitcoin just got its first makeover in four years

Learn how our Personal CFO planning service and fee-only pricing model will help you make smarter financial decisions. Learn how we build and manage your investment portfolio to capture the long term growth and tax advantages of capital markets. Warren Buffett is considered a superstar investor and he is probably the most well-known How Do I Get a Podcast? There are two ways to can get the Dentist Money Show.

10 cryptocurrency terms people use every day

Baby Steps Millionaires available now! But what is cryptocurrency really? But the million-dollar crypto? Cryptocurrencies are digital assets people use as investments and for online purchases. Think of it this way: Cryptocurrency is kind of like swapping out your money in a new country. We value dollars and euros because we know we can purchase goods or services with them.

Andreas M. Antonopoulos (born in London) is a British-Greek Bitcoin According to his podcast, Antonopoulos is a consultant on.

Here are five problems with bitcoin that will cause it to fail eventually

We use cookies to allow us and selected partners to improve your experience and our advertising. By continuing to browse you consent to our use of cookies. You can understand more and change your cookies preferences here. Bitcoin is one of thousands of cryptocurrencies also referred to as 'digital' or 'virtual' currency that aren't controlled by any country, treasury or central bank.

The first bitcoin upgrade in four years has just been approved by miners around the world. It is a rare moment of consensus among stakeholders, and crypto experts tell CNBC it's a pretty big deal for the world's most popular cryptocurrency. The upgrade is called Taproot, and it's due to take effect in November. When it does, it will mean greater transaction privacy and efficiency — and crucially, it will unlock the potential for smart contracts, a key feature of its blockchain technology which eliminates middlemen from even the most complex transactions. Unlike bitcoin's upgrade — referred to as the "last civil war" because of the contentious ideological divide separating adherents — Taproot has near universal support, in part because these changes are fairly incremental improvements to the code. Bitcoin's makeover has to do with digital signatures, which you can think of as the fingerprint an individual leaves on every transaction they make.

Gerald Cotten was 30 when he died on his honeymoon in India in autumn

While authorities investigated, one online sleuth decided to dig deeper to find the money. The announcement followed news that Gerald Cotten, the company's year-old CEO, had reportedly died under peculiar circumstances the month before, while on his honeymoon in India. On the morning of Dec. That day he and his wife, Jennifer Robertson, checked into the luxury resort Oberoi Rajvilas in Jaipur and told staff he wasn't well. The hotel's general manager drove them to a nearby hospital and within 24 hours, Cotten was declared dead.

As the usage of Bitcoin, Ether, and other cryptocurrencies proliferates throughout the US economy, it may seem inevitable that a comprehensive regulatory regime will sprout up around these novel assets. Over the years, Congress has contemplated enacting such a wide-ranging cryptocurrency regulatory regime; its members have held hearings, solicited comments, and drafted dozens of bills on the subject. On November 15, , President Biden signed the Infrastructure Investment and Jobs Act the Act into law, appropriating billions of dollars for infrastructure improvements and other government projects.

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