Bitcoin Explained | 10 Big Questions ANSWERED | What Is Bitcoin?

Bitcoin Explained | 10 Big Questions ANSWERED | What Is Bitcoin?

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Clark from RTS – Money Monday where we talk about how to break spending habits of the past, make more money in the present so you have freedom in your future.

THIS WEEK – CLEAR YOUR SCHEDULE – GRAB YOUR POPCORN OR BEER – We are going geeky with crypto. FIVE videos on cryptocurrency

I Don’t want to be the “Bitcoin guy” – there are lots of smarter people out there than me about it. BUT like you, I had lots of questions. I researched them and the answers led me to not only understand cryptocurrencies, but invest into three of them. I don’t have life savings in there, I think I have around $5k at time of this video – but here are the simple facts about bitcoin. Your top ten question about blockchain answered. Use these next time you’re at the holiday party and want to sound smart in the crypto discussion.


Q: what is bitcoin?
Unfair comparison: bitcoin is like stock trading. Stocks you OWN a piece of the company. Bitcoin you own asset (similar to gold)
Unfair to say: Bitcoin is a currency – far to volatile and risky to be one. It IS a stored value.
Think of it “GOLD 2.0” or “DIGITAL GOLD”

Q: What is blockchain and cryptocurrency?
“blockchain” is what cryptocurrency is built on
“blockchain” is a technology
In general, the technology has these characteristics:
Open source
Peer to Peer
Incorruptible – can’t cheat the system
Math-based computer algorithms

Q: why is it worth anything?
Bitcoin is REALLY good at storing value.
Why is anything worth anything? We’re not on gold standard anymore
Credit is just a form of trust – what our entire economy runs on

Q: is it a bubble? why so fast growth?
Impossible to time the market (warren buffet)
People have been saying that for years about stock market/ real estate in Seattle
Maybe an emotional market – why we see it going up like crazy (maybe FOMO)
Similar to compare it to internet bubble
Some experts say it could be stock market bigger bubble (potentially)
Many people are becoming educated about it
It’s becoming more mainstream (especially in developing countries – Africa)

Q: why is it safe if its digital?
EVERY currency can crash (Euro could crash, Dollar could crash)
BETTER that it’s digital – think gold: people can rob you take it off you
Don’t have ALL cash in banks – 10% on reserve and can loan the other 90% out.

Q: who made bitcoin?
Satoshi Nakamoto (although not confirmed)
Founded in 2009
Good documentary: Banking on Bitcoin

Q: what is mining?
How bitcoins are created
Uses a shit ton of electricity – GIANT server farms] Computers running solve complex math puzzles and equations
Can ONLY be 21 Million
Each can be split up to 8 decimal places

Q: Is it too late?
Never too late – is getting harder to make money
Early adopters are the winners
I remember seeing it at 8k and was about to buy – didn’t know enough at the time
Now, almost breaking $20k
Some speculate it could go to zero (although usually mainstream who have interest in keep traditional system)
Some speculate it could go all the way to 1M for a single bitcoin.

Q: How much should I invest? &
Q: How do I Invest?
Coinbase – invest starting with $100 get free $10
LOWER FEES if you buy w/ coin base and a bank account. Higher (and less at a time) if you use a credit card.
Watch the market for a week
Download app, put $100 into one of three.
then watch
I buy an hold

stop settling start living

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Earnings Disclaimer: Please always check with a professional before making any moves with your money. These videos are for educational purposes only. No official financial advice is being given. Never listen to anyone online who tells you to not check with a professional!

Affiliate Disclaimer: This description contains affiliate links. If you decide to purchase a product through one of them, I will receive a small commission. This is at no additional cost to you. I will only ever list products that I have personally used.

Go out there and crush this!