Create more content, from your Transcripts

Original podcast: https://anchor.fm/alexx-simmons


The Birth of Bitcoin and Crypto

Outline:

1. Introduction to crypto

2. What Bitcoin actually is

3. The Beginnings of Crypto and Inflation

4. Where Bitcoin is right now

5. Crypto’s Relationship with the Government

6. Crypto Wallets

7. What I use to buy Crypto

8. Conclusion

Intro:

In this blog I am going to look at the basics of crypto for beginners. The aim is to use this blog to answer some of the common questions that people ask when it comes to crypto. I'll start by introducing myself and why I am a fan of cryptocurrency, I'll then look at what a cryptocurrency is and how it is created, I'll then go over the most common questions about why you should invest in cryptocurrency, I'll go over a few of the most popular cryptocurrencies and what is expected of them in the coming years, and finally I'll give my conclusive opinion on crypto as a whole.

I have been jumping back and forth in crypto for a while. I have made some decent money in the process. It's not an easy enterprise though, and I am by no means an expert. I just know how to do my research and am willing to take risks, and that has paid off. I want to share with you all of my knowledge and experiences with crypto and hopefully help you all along the way.

What Bitcoin actually is

Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or a group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is the largest of its kind in terms of total market value.

The Beginnings of Crypto and Inflation

I am very invested in Cardona. I'm looking at Ethereum right now. but I think I can go back to the beginnings of crypto and at the moment I would argue that the majority of people know what it is and how to use it. It's something you may not be aware of, a kind of currency that's digital.   

The reason crypto was invented in the first place is the fear of inflation of our cash. Fiat is the abbreviation for money we use every day. US Dollar, Yen, Pound, etc. I believe that Fiat is supported by resources.

If you are a rich person and don't have a bag of gold coins with you, prick right. The dollar, well, it's not what it once was on the gold standard. What I mean by that is that in the nineteenth century, and I think in the early twentieth century, the dollar was larger than it is today. It was a certificate and it was difficult at the time to carry large amounts of cash, so it was gold.

Every time you have one of these certificates, it has a value and you can take it to the bank and they can exchange it for what it is worth. So if the government thinks it can print more allowances, it doesn't have to worry about who pays for it and what's going on. The banks are the rich, smart guys who created these certificates, and they are the first version of current currency we see in our lives working.

They are willing to pay more for the currency, and the economy works because this type of trade is right. In short, when inflation gets bad, the government prints more money than people can consume. This reduces the value of the currency, because if you have more money, it will not be as valuable until people find out what it is for. This is why inflation is getting worse than it already is. Oftentimes, this type of scenario happens when the government has low control over the economy. This makes it so that the government is willing to print more money, which increases inflation. One of the best ways to avoid inflation is to have a strong economy, which can be done by increasing trade with other countries. The more countries that are involved, the more the currency will be worth! By trading with specific currencies, you can increase the value of your currency, which will prevent inflation.

When they run out of currency, and they do not like what they see, they decide to create a decentralised currency so that the regulations imposed on it do not change the number that people can make in the future.