#8 – Jimmy Song — All about Bitcoin and why it will win!
#8 – Jimmy Song — All about Bitcoin and why it will win!
Jimmy Song is a Bitcoin developer, educator, and entrepreneur. He’s an open-source contributor to many different Bitcoin projects and is the author of Programming Bitcoin from O’Reilly, The Little Bitcoin Book, and Thank God for Bitcoin. Jimmy writes a weekly newsletter, Bitcoin Tech Talk, and has a podcast Bitcoin Fixes This
Show Notes and Highlights from the Episode are below.
Monetary System – How it was and what led to Bitcoin 02:47
Gold and the decoupling with the US Dollar 13:27
Inflation? Other options for your money 16:38
Bitcoin and blockchain – what’s the difference? 18:37
Merchant payments using Bitcoin 26:37
The US government and Crypto 33:25
NFT and DRM – Let’s make sense of it all 42:02
Good ways to accept crypto for your business 45:06
The lightening Network and micropayments 46:23
Youths owning bitcoin and best ways to hold it 50:29
Crypto software wallets vs hardware wallets 51:24
What really is Bitcoin anyway?
“So, the easiest way to think of Bitcoin is digital gold and the reason why I say that is because a lot of people are familiar with gold because it was money for thousands of years. The reason it was perfect money for thousands of years is that it stayed scarce number one. And second, it had many other properties that made it relatively easy to divide, relatively easy to transport, relatively easy to identify and recognize and things like that.”
DRM - NFT's
“Yeah. I get the DRM; it at least gives you a right to something, which is the right to listen to the song or read this book or watch this movie or whatever. And that, like, we can argue about whether or not that’s like a legitimate right that’s available to be sold or whatever, but regardless, at least we understand what it is.
Here’s the thing about NFT that’s insane. It’s not the bits on this, right. Supposedly like people’s art that sold for 65 million dollars or something like that. It’s like a five-gigabyte JPEG. So it’s a huge JPEG, but you can go and download it anytime you want. Press right-click, save as — it’s not the bits on disk clearly that you are buying as a buyer of the NFT. It is also not some copyright or digital right or anything like that. It’s not like, okay, now that I have this NFT, I have the right to make t-shirts with that NFT and sell it at a profit; that would be something valuable. It would be like a patent or copyright to a song or something like that in the market. Which people value for good reason because people like them. And you can commercialize them, make money off of them, and so on.
What it is, it’s literally just a ledger entry, and it doesn’t even point to anything. It’s a ledger entry made by the artists saying that it’s supposed to represent this piece of art. So it’s a ledger entry with a pointer to the actual piece of art.”
Hardware wallets vs. software wallets to store your coins
“Yeah, I would say hardware wallets are better in general. If you will use a software wallet, keep the device offline and never connect it to the internet. You’re not going to shoot yourself in the foot or expose yourself to malware and things like that, which internet-connected devices tend to have.”
This episode is brought to you by FUTURES TRADING COACH.
This episode is brought to you by Futures Trading Coach. Many people like the idea of day trading for main or supplemental income, and if you have a business and have a flexible schedule or can carve out a few hours in your day and are interested in day trading futures, stock, or even forex Futures trading coach offers a few different options that can help you. You can look over the shoulder and see into the mind of the futures trading methodology via the trading alert call room.
In the call room, you get live signals telling you exactly where to get in, the direction, and they even help you manage your trade if you need it. You also get market analysis and all your trading questions answered. But entry signals aren’t everything. You also learn everything you need to know about trade management, position-sizing, trading phycology profit-taking, targets, market reversals, and more! If you want to learn to be a consistent trader, Futures trading coach also offers a full mentorship academy where traders learn all about the markets, how they work, and how to get into trades using their 8 proven entry signals.
The methodology that Futures trading coach employs is based on price action, support, and resistance and the understanding of who is doing what in the markets, where they are doing it, and how you can take actionable trades with a very high level of consistency. Check out www.futurestradingcoach.com, and I will also leave the information on my site at https://rickmazur.life and in the show notes. It’s where I learned most of what I know about day trading, they have been around for over 20 years, and the owner, Sam is a really great person and a great mentor to have on your side. I highly recommend them, and you won’t be disappointed.
LINKS FROM THE EPISODE
- Connect with Jimmy Song
Scroll up and listen to the full episode right here on the site or use the subscribe/follow links at the very top of the page in the menu bar and listen to the show using your favorite podcast platform. Don’t forget, if you like the show and want to hear more please follow us and leave a rating and comment also. It will really help to spread the word!
If you would like to appear on the show as a guest, please use our booking form and someone will reach out to you as soon as possible with more information.
Thanks for checking out the show. Please leave a comment or reply below and let us know your thoughts! You can also let us know on Twitter as well @rickmaz1106