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Episode 32 - How and Why Bitcoin Will Go Mainstream – The Best of Bitcoin, Part 1
There’s little doubt that one topic dominated financial headlines in 2017…and it took most investors by complete surprise. Bitcoin’s parabolic rise from $997 on January 1, 2017 to almost $20,000 this year has been nothing short of spectacular.
In part 1 of the Best of Bitcoin, you’ll hear from Wall Street Journal senior writer Paul Vigna, author of the Age of Cryptocurrency and the upcoming Truth Machine. Paul helps you understand the origins of Bitcoin and how the underlying decentralized blockchain technology running it has the power to reinvent traditional financial and social structures.
Porter interviews perma-bear David Tice who tells you why he thinks bitcoin is real, why it’s here to stay, and how it offers a complete paradigm shift for how businesses can operate. Tama Churchouse, editor of Crypto Capital and senior analyst at Stansberry Churchouse Research joins Buck and Porter to tell you exactly why Asia is the melting pot of crypto activity, how to get started in Bitcoin, which crypto assets to watch, and why learning the difference between Bitcoin, blockchain, and token function is crucial before investing in the crypto space.
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1:49 Buck explains the special nature of this end-of-year podcast and gets right into the No. 1 financial development that took almost everyone by surprise. The experts he and Porter are re-running for part one of this "Best of Bitcoin" segment will demystify three crucial questions: what the blockchain revolution will mean for you, why it's here to stay, and the best way for you to profit today.
9:40 Paul Vigna explains the most important feature of blockchain technology: the idea that you have an "open ledger" database that's maintained by a network of computers all running the exact same software that all make copies of any transaction made on any one of them. The end of financial privacy? Maybe – but here's why what you get in return is far more valuable.
12:25 Buck asks Paul why Bitcoin can't be counterfeited. Paul explains why Bitcoin's scarcity is a core feature of the currency, going back to creator Satoshi Nakamoto's 21 million Bitcoin limit and why if anyone tried to counterfeit Bitcoins, every other user would instantly know.
15:11 Paul explains the two major benefits of Bitcoin. "Bitcoin's entire existence in history is really a reaction to the existing monetary system and the existing financial system. It's designed to get around things its creator saw as problems."
18:25 Why does law enforcement love Bitcoin? Paul shares the story of how Bitcoin's radical transparency led them to the infamous drug dealer "Dread Pirate Roberts" and why it's not a good vehicle for committing crimes as many assume.
41:45 Buck wonders what happens to Bitcoin and other digital currencies when government gets antsy and decides to throw up roadblocks – or even ban it altogether. Porter explains the government's single biggest deterrent to standing in blockchain's way.
52:06 Porter asks cryptocurrency expert Tama Churchouse why, when Bitcoin is already un-hackable, impossible to counterfeit, and immune from central banking madness, more and more cryptocurrencies keep popping up. What do they have that Bitcoin doesn't?