#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.”
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LINKS FROM THE EPISODE
- Connect with Jimmy Song
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