Module 1: BASICS
Everything that you wanted to know about the BASICS of Cryptocurrencies and Digital Assets is contained here. These are what we feel EVERYONE needs to understand to move forward. Everything from Blockchain to DLT (not the same thing), Bitcoin and how it works plus Smart Contracts and oracles. Let's get started...
Estimated time to complete
1 hour 23 minutes
Difficulty Level
Basic
THE EASIEST WAY TO UNDERSTAND BITCOIN
Q: Who is Peter Van Valkenburgh?
A: He is the research director for an organization called "Coin Center"
Coin Center is a non-profit organization based in Washington D.C. that is focused on the policy issues facing cryptocurrency.
Why is this important? Van Valkenburgh is qualified to speak on these matters and therefore makes him a true and trustworthy advocate.
Video Time Stamp: 00:07 - 0:48
Q: According to Van Valkenburgh, what is Bitcoin?
A: Bitcoin is the first public blockchain network that allows you to send value directly to another person without any intermediate corporation(s) in between.
Bitcoin is available to all and is not owned by any one entity
Video Time Stamp: 02:05 - 03:01
Q: Does D.A.N. have the best add-in graphics?
A: Yes, of course
Time Stamp: Always
Q: Bitcoin is the first...?
A: Globally accessible public money
Time Stamp: 03:58-04:06
Q: Why should be embrace blockchains?
A: Van Valkenburgh draws many comparisons to the internet, email, telephones, cars, in an effort to show that not all "everyday" items were widely accepted.
Bitcoin is no exception.
Bitcoin is by no means perfect, but neither were the aforementioned inventions.
EXPLAINING BITCOIN WITH A ELEVATOR PITCH
Q: Why is the BITCOIN Elevator Pitch necessary?
So you don't sound too confusing and you SIMPLIFY the explanation so people can truly understand WHY Bitcoin is necessary.
Video Time Stamp: 00:01 - 2:24
Q: Why does the Dollar, Gold, Oil, Electricity & Bitcoin Have VALUE?
Dollar has value because it's backed by the U.S. Government.
Gold has value because people give it value and it's been around for THOUSANDS of years.
Oil & Electricity have value because of the utility they provide.
Bitcoin has value because people give it value (like gold) is finite & people use it as a means of exchange.
Video Time Stamp: 13:15 - 15:45
Q: Do you have to memorize the Elevator Pitch?
No, but it helps to have a SIMPLE explanation when talking to friends and family. Remember, you do NOT want to sound like the super technical guy in this video (you'll just be wasting your breath).
Q: WHO are you going to TEACH this to (TTP)?
A: REMEMBER: Like we talked about in the opening video at the top of the MEMBERS HOME page...DON'T FORGET to:
TTP (Tell Two People) and then to
LEARN One, DO One, TEACH One.
Video Time Stamp: MEMBER HOME PAGE VIDEO
TOP INVESTMENT OF THE LAST DECADE
Q: From 2010 - 2019 what was the TOP investment in ROI (Return On Investment)?
Bitcoin. At it's peak in December 2017 the ROI was 135,838%
Video Time Stamp: 01:53
Q: From 2010 - 2019 what was the SECOND best investment in ROI (Return On Investment)?
Ethereum. At it's peak in December 2017 it was 72,200%.
Video Time Stamp: 01:53
Q: WHO are you going to TEACH this to (TTP)?
A: REMEMBER: Like we talked about in the opening video at the top of the MEMBERS HOME page...DON'T FORGET to:
TTP (Tell Two People) and then to
LEARN One, DO One, TEACH One.
Video Time Stamp: MEMBER HOME PAGE VIDEO
WHY BITCOIN, BLOCKCHAIN & CRYPTOCURRENCY?
Q: What's the PRIMARY difference between Cryptocurrency (Bitcoin) & Fiat Cash?
A: Fiat Cash is Minted, Given Value and Controlled by the government.
Bitcoin and Cryptocurrencies are Minted, Given Value and Controlled By the People for the People.
Bitcoin and Cryptocurrencies are DECENTRALIZED and controlled by NO CENTRAL entity. The true power is when YOU have true access and self-custody these digital assets instead of having a centralized figure do it for you (i.e. Paypal)
Video Time Stamp: 03:05 - 4:00
2011 BITCOIN INVESTOR: BTC PAST, PRESENT & FUTURE
Q: What pushed Simon Dixon into Bitcoin so early?
A: Coming to terms with the fact that there is no ethical way to create a sustainable banking system that didn't involve a Ponzi scheme. Dixon wanted to be a part of a financial world that worked for ALL its people, not just the ultra-rich.
Q: What was Simon's MISSION?
A: To provide the FREEDOM TO TRANSACT with your OWN money.
WHAT IS DLT, BLOCKCHAIN AND BITCOIN?
Q: Are Blockchain and DLT the same?
No. DLT (Distributed Ledger Technology) is the main description for Blockchain, Tempo & DAG. Although they are ALL based on Distributed Ledger Technology, they are obviously not all the same.
Video Time Stamp: 07:11 - 09:07
Q: What is the difference between a LEDGER and a DISTRIBUTED LEDGER?
A ledger is a BOOK or COMPUTER FILE for recording and totaling economic transactions. This usually is stored in ONE place.
A distributed ledger also records transactions BUT it is spread out through multiple (sometimes THOUSANDS) of computers or nodes.
Video Time Stamp: 2:11 - 6:08
Q: What are the ADVANTAGES of a DECENTRALIZED DISTRIBUTED LEDGER?
With a DECENTRALIZED DISTRIBUTED LEDGER (such as BITCOIN) it is:
- Immutable (NON-Changeable)
- Can't be LOST / DESTROYED
- CENSORSHIP RESISTANT
- UNHACKABLE
- TRUSTLESS
Video Time Stamp: 2:19 - 6:03
Q: What makes BITCOIN so great?
IMMUTABLE: (Can't change it so no FRAUD)
UN-HACKABLE: It's hard to hack ONE computer but IMPOSSIBLE to hack all 10,000 Bitcoin nodes.
TRUSTLESS & TRANSPARENT: (think Enron)
DIVISIBLE: 1 Bitcoin = 100,000,000 Satoshi's just like $1.00 = 100 pennies
EASILY PORTABLE: I can send Bitcoin to ANYONE, ANYWHERE in the world in a couple of minutes. Try doing that with cash or gold.
FINITE - There's ONLY 21 MILLION that will EVER be produced! We keep printing money and that NEVER ends well. This does CANNOT happen with Bitcoin.
Video Time Stamp: 9:09 - 11:23
SMART CONTRACTS & ORACLES
Q: How do Smart Contracts Save Money?
They ELIMINATE the middle man and and al costs involved. They also save time as they SELF-EXECUTE.
Video Time Stamp: 00:46 - 1:07
Q: Examples of Traditional Contracts that can be replaced with Smart Contracts?
Lending Money or Cryptocurrency Lending
Storing and Retrieving Medical Data / Records
Buying / Selling Real Estate
Process an Insurance Claim
Voting in an Election
Video Time Stamp: 1:11 - 2:03
Q: Name a problem with Smart Contracts and how to solve it?
Smart Contracts CANNOT access OFF-CHAIN data. That is reason an ORACLE must be used (Ex. Chainlink)
Video Time Stamp: 2:13 - 3:59
Q: What is a VULNERABILITY of Oracles?
If you only have ONE oracle pulling data, it can be hacked because it is ONE POINT OF FAILURE!
Video Time Stamp: 4:00 - 5:50
INFLATION
Q: What is INFLATION?
A:
In economics terms, inflation is a general increase in prices and the decline of the purchasing power of the dollar (USD)
Q: What is the M1 Money Supply?
A: Beginning in May 2020 it is currency that is outside of the U.S. Treasury, Federal Reserve Banks, and depository institutions.
Video Time Stamp: 04:05 - 05:12
Q: What is the CANTILLON EFFECT?
A: The change in relative prices resulting in a change in money supply. It is the uneven expansion of the amount of money.
Video Time Stamp: 05:14 - END
ABOUT
The Top cryptocurrency and digital asset news...in bite-sized pieces. Channel is for entertainment purposes only. I’m not a financial planner, or a financial analyst or anything to do with finances. I’m just a small business owner who firmly believes in cryptocurrency and digital assets.
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