Beginner’s Guide #14: Bitcoin Things You Need to Know with Peter McCormack

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“Bitcoin has had a rollercoaster of a history, so many crazy things. It should not have survived, the things Bitcoin has gone through, and it’s still here… it speaks volumes for its immune system.”
— Peter McCormack

SHOW DESCRIPTION

Location: Skype
Date: Tuesday, 25th February
Project: What Bitcoin Did & Defiance
Role: Host

Welcome to the Beginner's Guide to Bitcoin.

Bitcoin can be intimidating for beginners. The protocol is complicated, the community can be aggressive and unforgiving, silly mistakes can lose you money, and it is easy to succumb to altcoin marketing. 

Bitcoin does though, offer you the opportunity to hold a new type of monetary asset, one which can't be seized by the government and is censorship resistance and It has the potential to change the way the world. 

The goal of What Bitcoin Did has always been about making things simple; there are no stupid questions, and the show is here to help beginners navigate this new world. To kick off 2020, we are launching a special series to help beginners understand Bitcoin. We will be looking at the basics from breaking down the protocol to explaining the economics and discussing the potential societal shift. 

Beginner’s Guide Part 14 - Bitcoin Things You Need to Know with Peter McCormack

The Bitcoin Beginner’s Guide is all about breaking down the complexities of Bitcoin and making them as simple as possible to understand. In the series, we’ve explored everything from why we need Bitcoin, the economics, the protocol and even privacy, but, what have we learned?

As a breakaway from the regular show structure, I decided to put myself in the hot seat and answer questions about Bitcoin. I wanted to challenge myself, see how much I have learned, and whether I can explain these complicated subjects accurately.

With the help of my producer Danny, we break down the key takeaways from the Beginner’s Guide series. We discuss Satoshi and the whitepaper, the 21 million hard cap, block rewards and size, mining, running a node and privacy.

TIMESTAMPS

00:05:35: Introductions
00:09:31: Bitcoin white paper
00:13:09: Satoshi’s message in the first block
00:16:20: The 21 million hard cap
00:19:58: How are coins created?
00:24:23: Bitcoin halving
00:25:53: Block subsidy in the future
00:29:08: Nodes
00:33:10: Why is the blockchain still small?
00:36:31: Wallets
00:43:06: Multi-sig wallets
00:44:24: Lightning network
00:47:17: Hard forks and soft forks
00:49:35: Bitcoin Cash and other forks
00:52:35: Bitcoin’s immutability
00:53:57: Is Bitcoin anonymous?
00:57:08: How can you get Bitcoins?
01:00:00: Beginners guide summary
01:04:07: Final comments

 

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If you enjoy The What Bitcoin Did Podcast you can help support the show my doing the following:

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

SPONSORS

 
 

SHOW NOTES

PodcastPeter McCormack