Bitcoin is not a pyramid scheme or a miracle that will make you an overnight millionaire. Why should you care?

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Bitcoin is reviled as a dangerously volatile fad with an uncertain future, but also admired for the fabulous appreciation it has historically brought to its holders when they were “in the right place at the right time” (read: when they bought bitcoin years ago at a fraction of its current price).

Listen to the first episode of the Bitcoin and Blonde podcast and win a Trezor t-shirt. You can find the competition question further in the text.

It’s true that investment company portfolio managers remain wary of it and keep repeating that something so volatile should only be a small part of a portfolio. In addition, the historical fabulous profits from Bitcoin will (probably?) not be repeated, as the days of Bitcoin’s skyrocketing value are behind us.

But at the same time, bitcoin has become so established in society that you can pay with it on Alza, the US Securities and Exchange Commission (SEC) recently approved 11 spot exchange-traded funds (ETFs) tied to bitcoin, and if you look at the curve of the value of bitcoin, it is growing in the long term .

Podcast partner

The partner of the podcast is a Czech company Brains – a world leader in bitcoin mining innovation, supplying top software and hardware products worldwide since 2011.

Braiins also runs a non-profit publishing house that focuses on publishing Bitcoin literature. His portfolio already has over 10 books by both international and local authors. The aim is to support the local community and education.

Brains is currently looking for additional reinforcements for its 100-member team. If you are interested in the Rust programming language, embedded device development, hardware or Bitcoin, then check out Brains.com.

Why should you care about Bitcoin?

Bitcoin was created by a person or group of people under a pseudonym Satoshi Nakamoto. This cryptocurrency cannot be replicated in any way. You can only get it by mining it or getting it from someone who already owns it. In total, less than 21 million bitcoins are to be mined, which is the limit set in the code itself. Mining is gradually slowing down so that the last bitcoins should be mined in 2140 (but the vast majority should be “in the world” already around 2030).

Fiat currency is a national currency with forced circulation, created and regulated by official power. That is, Czech crown, euro, dollar, etc.

No one owns Bitcoin and no one can shut it down. It is a currency backed by mathematics, he says in the podcast Tomas Krausewho has been playing with bitcoins for years and also runs the website Bitcoinvkapse.cz.

According to him, we should be interested in bitcoin because current money (so-called fiat currency) has ceased to fulfill the function of a store of value, so in long-term savings we will lose a large part due to inflation.

It is precisely this pain that Bitcoin can solve, because it cannot be generated by anyone other than miners, and therefore this cryptocurrency is spared the constant depreciation of external interventions.

Competition with the company Trezor for t-shirts and three Trezor Safe 3 wallets

In each episode of the podcast, there is a competition for a T-shirt from Trezor.

After ten episodes have been broadcast, we will draw winners of five more t-shirts and three Trezor Safe 3 wallets from all correct answers.

Safe is a Czech manufacturer of the world’s first hardware wallet, a leader and innovator in the field of secure management of Bitcoin and other cryptocurrencies.

Competition question for this piece:

To what raw material does Tomáš compare other cryptocurrencies?

The answer will be heard in the podcast episode for this text. You can then answer here.

Competition rules can be found here. You can vote in this round until February 10, 2024

Any change in the Bitcoin program can only be made if an awful lot of people agree on it. Everyone who is interested in it, for example, node operators or miners. And of course none of them will go against their businessthinks Tomáš Krause.

At the same time, he points out in the podcast that bitcoins are not anonymous (we will talk about this in more detail in one of the next parts). Bitcoin is not a tool for terrorists, everything can be seen in those transactions if you know how to look for it, Tomáš refutes another myth, pointing out that you can find information on the Internet, for example, that Satoshi Nakamoto has more than a million bitcoins in his possession, and this volume has not changed in any way over the years. If he sold even a part of the currency, it will show in the transactions.

We explain

Inflation has been unusually high in recent years and the whole world has been struggling with it. The so-called the inflation target to which the central bank is trying to move is 2%. This is because the measurement of inflation often deviates it above the real state, as it cannot respond flexibly enough to the current purchasing preferences of consumers, e.g. during discounts. This is the so-called substitution bias.

In addition, with a positive inflation target, which serves as a kind of reserve, central banks try to eliminate the risk that the economy will fall into deflation and deflationary expectations, which bring with them a number of negative effects for the economy.

In the first part of our podcast, we also talk about other functions that bitcoin can offer. Why do we call it a bank in your pocket, which can be a godsend for some people? And why Bitcoin and not other cryptocurrencies?

In the next installments, we will cover things like how the entire Bitcoin system works, where you can buy it, and how to keep it safe so you don’t lose it.

You can find the Měšec.cz podcast on all major platforms – Spotify, Apple Podcasts and others. You can also follow our channel at YouTubewhere we will put individual episodes.

FIN24

But you can also listen to it here:

Do you like Bitcoin and blonde hair? You can simply support us. All you have to do is listen to us in next generation podcast apps like Fountain. What can he do? While listening to the podcast, they send microscopic amounts (eg 10 pennies per minute of listening) to the authors. Of course, in Bitcoin and via the Lightning Network. You can find a link to these podcast apps on the website bitcoinblondyna.cz. Thank you

The article is in Czech

Tags: Bitcoin pyramid scheme miracle overnight millionaire care

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