Bitcoin Decoded with Jesse Cramer from The Best Interest - youramericanmoney
Author: Michelle
Description: Are you confused about bitcoin? Do you ask yourself what is bitcoin, how can you buy it and where can you spend it? This episodes shares the details.
Date: 2021-06-14T09:00:00+00:00

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# Bitcoin Decoded with Jesse Cramer from The Best Interest

posted on 14 June, 2021

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I’m a lifelong watcher of Star Trek. Dystopian novels such as 1984, The Hunger Games and Parable of the Sower rotate heavily on my reading list. Movies such as Gattaca, In Time, Blade Runner and The Minority Report make me think about changes in technology and how in many ways the future is now. So, when I decided to have a couple of conversations about Bitcoin and other crypto currencies, I had to acknowledge that things could easily “go left” if I didn’t exercise some caution while having the conversation. When I put out my “call for guests” to have the Bitcoin conversation I literally said “No douches” Jesse Cramer was a wonderful guest and I left this episode have a much deeper understanding of how bitcoin works without feeling like a fool.

*In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Please read my disclosure here.*

## Show Resource

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## Listen to the Show

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## Show Notes

- Jesse Cramer-The Best Interest Blog and Podcast

- He’s Not a Douche

- Shares how he got into it and why crypto was fascinating to him.

- He’s not a Bitcoin “Bull”

- 2017 he first hears about Bitcoin on a beach in Miami

- This occurs 6 months before the first “bull run” of Bitcoin when the value hit around $20,000

- You invest in what you know-His investing philosophy

- He decides to research and write a short blog post that ends up being 7,000 words.

- It takes time to explain Bitcoin.

- I ask the question “What the HELL is Bitcoin?”

- Put simply-it’s a software that uses a ledger called the Blockchain

- Jesse then breaks it down even more.

- The software tracks everyone’s Bitcoin and transactions.

- Blockchain takes up a lot of energy to maintain because adding new data=computer has to update and spend energy to do this.

- Bitcoin transactions and the Blockchain is decentralized-a key component of crypto.
  - Decentralization
  - Everyone has a copy of the Blockchain (Example: imagine everyone has access to the same Google Sheet)
  - Each transaction has to be updated on everyone’s spreadsheet
  - Crypto Prefix
  - Nodes
  - Miners=a person who maintains their own “node” of the Blockchain
  - The transactions have to be verified as “real” the computer uses its GPU to process the transaction=massive server places
  - Video of young guys with a Bitcoin facility

- No permission to download a version of the blockchain

- People are racing to be the first person to add legitimate transactions because Bitcoin will pay a percentage to the first person who verifies new transactions (a bounty)

## What is Bitcoin?

I’ll be honest, I still was confused about what Bitcoin actually is.

- How do I even buy a Bitcoin?

- How am getting this? Why? How am I spending Bitcoin?

- If countries don’t accept it as currency why on earth would we continue thinking about it?

- Where do I buy Bitcoin?
  - Through an exchange, similar to a stock exchange
  - Coinbase (now public)

- Why is crypto so appealing to people and why should it be on our radar?

- Jesse’s investing strategy
  - ER fund=cash
  - Index funds
  - 2%=Bitcoin and trading cards (acknowledging that there is a RISK)

- Bitcoin has a finite cap of availability built into the software.
  - No one knows who the founder is “Satoshi Nakamoto”
  - Cap=21 million Bitcoin
  - 18 million has already been minded as of June 2021
  - Mining=verifying transactions the rewards=Bitcoins
  - In the future no rewards
  - 2024 Bitcoin generation ends
    - 2140 is actually the end date

- Are we purchasing fractions of Bitcoin? What happens next?

- Bitcoins are divided into millionths=Satoshi’s

- The real question is-Is Bitcoin actually an investment?

- Will Bitcoin be the primary currency in the future? Are investors hedging on that possibility?

- I get my dystopian headspace. I worry about accessibility due to lack of education.

- The fragility of currency could make crypto attractive.

- $220 Million Dollar Guy (Stefan Thomas) who can’t open his Crypto Wallet.
  - The problems with decentralization and proof of ownership

- Real question “How do we get Aunt Ethel to buy into this?” *Credit cards is the example or *Apple Pay

- Apps such as Cash App acting as the middleman between a purchaser of the crypto

- Having a middleman goes against the spirit of Bitcoin which is a decentralized financial system.

- Ledger Nano S Wallet and Ledger pictured below

- Osprey Fund=Bitcoin Fund via Fidelity (do your own research)

- El Salvador has just recognized Bitcoin as a legal form currency

- Optimists view vs. Pessimists view of Bitcoin

- Paying taxes in cash as a tender. Money has value.

## Crypto a General Conversation

- Etherium, Doge, etc.

- Why should I choose one coin vs. the other?

- The names
  - Alt Coins
  - Meme Coins
  - Shit Coins
  - Scam Coins

- Ethereum-Vitalik Buterin (founder)

- Doge Coin-Creators started as a joke
  - Doge Meme

- Well known folks as validators even when it may not be valid (Elon Musk) where’s the logic?

- Tulip Mania

- Greater Fools Theory-There’s a greater fool coming along that will buy the item at a higher price. This creates a bubble and the bubble bursts when the fool stops wanting to buy.

## How We “Money” Has Changed

- I note that my financial transactions have completely changed.

- Why is crypto so appealing to people?
  - Lack of trust in centralized governments

- Jesse points out a monopoly that governments have…some food for thought.

- Definition of Specie=Money as coins

- What happens in Crypto stays in Crypto

- Jesse shares a funny story about talking about crypto

- It’s really hard to sound like you know what you’re talking about when talking about crypto

## Follow Jesse Cramer

- Blog: The Best Interest

- Podcast: The Best Interest

- Twitter: BestInterest_JC

## What’s an NFT-Outtake

- Jesse and I talk about what is an NFT

- Non-fungible token

- Why would someone buy one?

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#### Michelle

I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.

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