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- 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
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