The Business Fixer Blog by Wes Schaeffer, The Sales Whisperer®

Bitcoin Explained + Cryptocurrency 101 With Erik Voorhees

Written by Wes Schaeffer | Mar 09, 2021

Click here to download the episode. 


  • Lots of cryptocurrencies
  • Some good, some really bad
  • Still diverse and complicated ecosystem now
  • Bitcoin is the first of the cryptocurrencies
  • Was the first block chain to ever exist
  • Digital currency, store of value, decentralized, distributed
  • It's a form of immutable money

  • Peer-to-peer
  • It is destabilizing to banks the way the internet was destabilizing to shopping
  • Money is typically seen as a governmental item or tool
  • Money is just the thing that is most bartered for
  • Divisible, scarce
  • Governments usurped money
  • Bitcoin is digital money
  • Every cryptocurrency is built on a blockchain
Money will be pulled away from the government and it will change the world."
  • Established, known to all parties, and cannot be changed
  • The supply is completely known
  • Fiat currencies tend towards zero
  • You are responsible for your money
  • Complete autonomy and responsibility in your own hands
  • There are lots of custodians but you have to trust them 

Related Posts:

  • With fiat currencies you never have real authority over them
  • Napster was a centralized company creating a peer-to-peer network and got shut down
  • Bitcoin is not a company, it's just a peer-to-peer network
  • Anyone can run a node on their computer
  • They are in sync
  • All nodes are aware and record what happened
  • Torrents have never been shut down
  • KYC: Know Your Customer—financial intermediaries must take information from their customers
  • Bitcoin does not enforce financial reporting rules
  • ShapeShift is non-custodial
  • ShapeShift supports wallets
  • Coinbase, Binance, etc. are custodians
  • Governments do not like cryptocurrency as a general rule because it diminishes their own power
  • The longer something like cryptocurrencies exist, the more accepted they become and the harder it is to shut down
  • Bitcoin is open-sourced
  • Anyone can build their own cryptocurrencies
  • There are competitors to Bitcoin but others like Ethereum was created for different purposes
  • Some are scams
  • The cryptocurrency market is still in its early stages
  • NFTs are not cryptocurrencies but they have a lot of similarities
  • All Bitcoins are fungible
  • All Ethereum units are fungible
  • Crypto-Kitties was the first NFT—Non-Fungible Token
  • Blockchain keeps the ledgers synchronized and verified and accurate
  • Blocks are pages of that ledger
  • Many blocks form a chain
  • Social and economic implications for the world in the same way when electricity was brought to the world
  • Money will be pulled away from the government and it will change the world
  • Bitcoin is half as old as the Euro

Links Mentioned In The Sales Podcast