Bitcoin Explained: Everything You Wanted to Know with Saifedean Ammous

Asking for explanations about Bitcoin is like asking how a rocket works; it's a bit complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or to exchange for other currencies. That makes sense. But things can get more complicated as we dig deeper into Bitcoin and blockchain. There is no need to get overwhelmed; we brought Saifedean Ammous, economist and author of “The Bitcoin Standard,” on the show to explain.

Saifedean, like many investors, was initially skeptical of Bitcoin. He thought it was just a fad that would pass in a few years. But after studying the history of money, the rise and fall of fiat currencies, and the standard on which Bitcoin was built, Saifedean changed his tune. Today, he is a strong supporter of this new “digital gold” and has spent years of his life warning others about the flaws of fiat currency and the opportunity behind Bitcoin itself.

In today's episode, Saifedean explains what Bitcoin is, how it works, why blockchain is necessary, and why saving money isn't enough in today's fiat inflationary environment. You'll also hear why "hard money" like Bitcoin beats "easy money" like the US dollar and why the latest cryptocurrency crash isn't as bad as mainstream economists think. So if you're thinking about acquiring some Bitcoin, this is the best place to start.

00:00 Introduction
02:46 Why hard money is important
11:40 a.m. Easy money, tough times
18:51 Fiat currency explained
27:09 Bitcoin explained
44:40 The Bitcoin-only blockchain
52:00 Bitcoin crash explained
56:25 Keep your keys!
59:24 Connect with Saifedean!
59:47 The new /"Digital gold/"

Show notes at:
https://www.biggerpockets.com/blog/money-371?utm_sourceyoutube&utm_mediumdescription&utm_campaignnone

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Bitcoin: the new face of banking:
https://www.biggerpockets.com/blog/2014-05-21-bitcoin-new-face-banking?utm_sourceyoutube&utm_mediumdescription&utm_campaignnone

Everyone is talking about cryptocurrencies. Should you invest?
https://www.biggerpockets.com/blog/invest-cryptocurrency?utm_sourceyoutube&utm_mediumdescription&utm_campaignnone

4 Reasons Why Cryptocurrencies and Blockchain Technology Are Poised to Transform Real Estate:
https://www.biggerpockets.com/blog/bitcoin-will-change-everything?utm_sourceyoutube&utm_mediumdescription&utm_campaignnone

Take Saifedean's books:
https://academy.saifedean.com/product-category/books/

Connect with Saifedean:
Twitter: @saifedean or https://twitter.com/saifedean
Website: https://www.saifedean.com/

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Episode 371

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