WEBVTT 00:00:05.960 --> 00:00:15.720 Welcome to the Bitcoin Street Journal. Stay ahead 00:00:15.720 --> 00:00:17.800 of the game and keep your Bitcoin safe from the 00:00:17.800 --> 00:00:20.000 government and central banks by tuning in to 00:00:20.000 --> 00:00:22.879 our daily live Bitcoin market, updates featuring 00:00:22.879 --> 00:00:26.920 technical analysis, price updates, market capitalization, 00:00:27.339 --> 00:00:30.800 and supply updates. Don't miss a beat. Subscribe 00:00:30.800 --> 00:00:33.380 for daily Bitcoin news and stay updated on all 00:00:33.380 --> 00:00:36.450 things Bitcoin. In today's episode, we'll cover 00:00:36.450 --> 00:00:39.030 the advantages of Bitcoin as the true digital 00:00:39.030 --> 00:00:42.189 currency, its decentralization preventing control 00:00:42.189 --> 00:00:45.130 by rogue players and guaranteeing lasting value, 00:00:45.390 --> 00:00:47.850 usability, and scalability ensured by Lightning 00:00:47.850 --> 00:00:50.329 Network, the features of blockchain technology 00:00:50.329 --> 00:00:52.670 that enable peer -to -peer transactions worldwide 00:00:52.670 --> 00:00:55.450 and without central authority, and the rise of 00:00:55.450 --> 00:00:57.570 privacy coins and the introduction of privacy 00:00:57.570 --> 00:01:09.500 features in Bitcoin. Excitement around cryptocurrencies 00:01:09.500 --> 00:01:12.200 is at an all -time high, with many people looking 00:01:12.200 --> 00:01:15.120 for the next Bitcoin as a way to get rich quick. 00:01:15.879 --> 00:01:17.879 However, with little understanding of digital 00:01:17.879 --> 00:01:20.420 money, it's easy for newbie investors to fall 00:01:20.420 --> 00:01:23.620 prey to scams. In fact, out of the thousands 00:01:23.620 --> 00:01:25.439 of different cryptocurrencies currently on the 00:01:25.439 --> 00:01:28.500 market, only Bitcoin has potential as true digital 00:01:28.500 --> 00:01:31.780 currency. So how can you navigate the complex 00:01:31.780 --> 00:01:34.730 world of digital money? This user's guide to 00:01:34.730 --> 00:01:37.549 understanding Bitcoin, SH, asterisk, T -coins 00:01:37.549 --> 00:01:40.469 and privacy coins can help. When it comes to 00:01:40.469 --> 00:01:42.870 digital money, there are a few important features 00:01:42.870 --> 00:01:45.170 a cryptocurrency should have in order to compete 00:01:45.170 --> 00:01:48.109 with traditional money. For example, a limited 00:01:48.109 --> 00:01:50.730 supply of monetary units is necessary to avoid 00:01:50.730 --> 00:01:53.430 inflation and the devaluation of the currency 00:01:53.430 --> 00:01:56.189 itself. The paper money used around the world 00:01:56.189 --> 00:01:58.950 is fiat, meaning it's backed by nothing and can 00:01:58.950 --> 00:02:02.680 be printed into oblivion. Similarly, Coins based 00:02:02.680 --> 00:02:05.459 off an infinite system have no value and will 00:02:05.459 --> 00:02:08.580 eventually fall victim to inflation or hyperinflation. 00:02:09.120 --> 00:02:11.479 When researching cryptocurrencies, it's important 00:02:11.479 --> 00:02:14.219 to find out if there's a coin limit. Those coins 00:02:14.219 --> 00:02:16.659 with an infinite supply are simply extensions 00:02:16.659 --> 00:02:19.400 of the current fiat scheme and should be avoided. 00:02:19.860 --> 00:02:22.860 Instead, focus on Bitcoin and other coins with 00:02:22.860 --> 00:02:25.659 finite supplies to give yourself the best chance 00:02:25.659 --> 00:02:38.080 of success in the world of digital money. Wow, 00:02:38.319 --> 00:02:40.520 Bitcoin is pretty impressive, isn't it? I mean, 00:02:40.639 --> 00:02:43.360 think about it. The entire system is decentralized 00:02:43.360 --> 00:02:46.319 and thousands of servers all over the world are 00:02:46.319 --> 00:02:48.259 constantly running to maintain the blockchain. 00:02:49.000 --> 00:02:51.759 Even if one computer turns off, the entire system 00:02:51.759 --> 00:02:54.780 remains untouched. If a country's Bitcoin servers 00:02:54.780 --> 00:02:57.500 are taken offline, it won't matter because the 00:02:57.500 --> 00:02:59.539 system is running in millions of other places, 00:02:59.680 --> 00:03:02.330 ready to take over. This is a major advantage 00:03:02.330 --> 00:03:04.830 of Bitcoin over centralized systems because it 00:03:04.830 --> 00:03:07.289 means that no rogue player or government can 00:03:07.289 --> 00:03:09.669 control it. And if a cryptocurrency is going 00:03:09.669 --> 00:03:12.949 to be used as true digital money, decentralization 00:03:12.949 --> 00:03:16.129 is key. It's the only way to ensure that scammers 00:03:16.129 --> 00:03:18.750 can't steal coins or governments can't manipulate 00:03:18.750 --> 00:03:21.349 the currency. Now let's talk about usability. 00:03:21.969 --> 00:03:24.169 People won't use technology that's confusing 00:03:24.169 --> 00:03:27.169 or difficult to use. Since cryptocurrencies are 00:03:27.169 --> 00:03:29.530 meant to be used as money, they have to be user 00:03:29.530 --> 00:03:32.080 -friendly. So any crypto worth its salt will 00:03:32.080 --> 00:03:34.620 have developers who focus on usability. That 00:03:34.620 --> 00:03:37.639 means fast, easy apps, website payment plugins, 00:03:37.860 --> 00:03:40.560 and easy transactional ability. But that's not 00:03:40.560 --> 00:03:43.639 all. A cryptocurrency also needs to be scalable. 00:03:44.360 --> 00:03:46.379 Think about payment processors like Venmo and 00:03:46.379 --> 00:03:49.120 PayPal. They can process payments within seconds, 00:03:49.199 --> 00:03:51.979 which is why they're so popular. For any cryptocurrency 00:03:51.979 --> 00:03:54.300 to compete with fiat money and payment processors 00:03:54.300 --> 00:03:57.310 like these, it needs to be scalable too. That 00:03:57.310 --> 00:03:59.409 means it must be able to process transactions 00:03:59.409 --> 00:04:02.110 extremely quickly, under three seconds or less. 00:04:02.509 --> 00:04:05.169 And guess what? Lightning Network is making scalability 00:04:05.169 --> 00:04:08.090 a non -issue for Bitcoin. Lightning makes Bitcoin 00:04:08.090 --> 00:04:11.490 transactions fast, convenient, and easy. So there 00:04:11.490 --> 00:04:15.469 you have it. Decentralization, usability, and 00:04:15.469 --> 00:04:17.970 scalability are all key factors in creating a 00:04:17.970 --> 00:04:20.709 valuable cryptocurrency. And it looks like Bitcoin 00:04:20.709 --> 00:04:23.290 has definitely got what it takes to make an impact 00:04:23.290 --> 00:04:35.379 in the world of digital money. Bitcoin, the OG 00:04:35.379 --> 00:04:38.839 of cryptocurrency. Bitcoin is widely recognized 00:04:38.839 --> 00:04:41.040 as the first digital currency that successfully 00:04:41.040 --> 00:04:43.699 operates through blockchain technology. It was 00:04:43.699 --> 00:04:47.019 released in 2009 by Satoshi Nakamoto, a pseudonymous 00:04:47.019 --> 00:04:50.819 cypherpunk. So how does Bitcoin work? The Bitcoin 00:04:50.819 --> 00:04:53.420 blockchain is essentially a chain of blocks with 00:04:53.420 --> 00:04:55.519 each block containing important data such as 00:04:55.519 --> 00:04:58.699 timestamps, digital signatures, and every single 00:04:58.699 --> 00:05:01.430 transaction ever made on the blockchain. Each 00:05:01.430 --> 00:05:03.730 block depends on every previous block on the 00:05:03.730 --> 00:05:06.310 chain, and this makes it impossible to make any 00:05:06.310 --> 00:05:09.129 retroactive changes on the blockchain. It's a 00:05:09.129 --> 00:05:11.589 completely transparent and decentralized worldwide 00:05:11.589 --> 00:05:13.850 system that doesn't rely on centralized banks 00:05:13.850 --> 00:05:16.430 or governmental institutions to carry out transactions 00:05:16.430 --> 00:05:19.750 and cannot be defrauded. Bitcoin is often referred 00:05:19.750 --> 00:05:22.910 to as digital gold. It holds a secure store of 00:05:22.910 --> 00:05:25.649 value, enables peer -to -peer direct transactions 00:05:25.649 --> 00:05:28.569 worldwide, and helps people bypass the traditional 00:05:28.569 --> 00:05:32.069 banking system and inflation. In fact, it forms 00:05:32.069 --> 00:05:34.589 the basis of all other cryptocurrencies that 00:05:34.589 --> 00:05:37.550 have come after it. For an in -depth understanding 00:05:37.550 --> 00:05:40.490 of Bitcoin, you can read the Bitcoin white paper, 00:05:40.689 --> 00:05:43.069 written by Satoshi Nakamoto, available at bitcoin 00:05:43.069 --> 00:05:47.490 .org .Identifying Schach asterisk T coins. According 00:05:47.490 --> 00:05:50.750 to Bitcoin maximalists, Schach asterisk T coins 00:05:50.750 --> 00:05:52.910 refer to all other cryptocurrencies apart from 00:05:52.910 --> 00:05:55.389 Bitcoin. These coins are known to be more scam 00:05:55.389 --> 00:05:58.189 than currency and lack scarcity and decentralization. 00:05:58.720 --> 00:06:01.480 One example of a SH asterisk T coin gone wrong 00:06:01.480 --> 00:06:04.680 is the Squid Game coin created in 2021 by two 00:06:04.680 --> 00:06:07.240 crypto developers. It was based on the popular 00:06:07.240 --> 00:06:09.839 Netflix series Squid Game and investor money 00:06:09.839 --> 00:06:12.480 poured in, pushing the coin's price from zero 00:06:12.480 --> 00:06:16.240 to $2 ,800 within a matter of weeks. Unfortunately, 00:06:16.379 --> 00:06:18.540 the coin creators pulled the rug from underbuyers 00:06:18.540 --> 00:06:21.540 by disappearing with $3 .3 million within three 00:06:21.540 --> 00:06:24.300 weeks. It left investors with nothing but an 00:06:24.300 --> 00:06:28.209 empty pocketbook. Dogecoin. Another Shach asterisk 00:06:28.209 --> 00:06:31.569 T coin was created solely to humor its investors. 00:06:32.290 --> 00:06:35.110 It has an unlimited supply of coins, which makes 00:06:35.110 --> 00:06:37.970 it highly inflationary and no other discernible 00:06:37.970 --> 00:06:40.470 function apart from giving investors a good laugh. 00:06:41.069 --> 00:06:44.430 However, when famous billionaire Elon Musk endorsed 00:06:44.430 --> 00:06:48.110 it on Twitter, the coin's price shot up by 22 00:06:48.110 --> 00:06:52.110 % within 24 hours. This gave the coin some credibility 00:06:52.110 --> 00:06:54.649 in the market. and it's still being used as payment 00:06:54.649 --> 00:06:57.930 by small shops and online retailers. The downside 00:06:57.930 --> 00:07:01.189 of investing in SH asterisk T coins is that they 00:07:01.189 --> 00:07:04.509 can fall to zero at any moment. So if you're 00:07:04.509 --> 00:07:07.129 interested in cryptocurrencies, it's always best 00:07:07.129 --> 00:07:09.730 to conduct thorough research and consult experts 00:07:09.730 --> 00:07:21.350 before making any investments. Have you ever 00:07:21.350 --> 00:07:23.550 wondered if your cryptocurrency transactions 00:07:23.550 --> 00:07:27.589 are really anonymous? Contrary to popular belief, 00:07:28.129 --> 00:07:30.649 Bitcoin and most other cryptocurrencies are not 00:07:30.649 --> 00:07:33.990 truly anonymous. If a coin's transactions are 00:07:33.990 --> 00:07:36.769 visible on its blockchain, it's considered a 00:07:36.769 --> 00:07:39.889 transparent coin, or in some circles, surveillance 00:07:39.889 --> 00:07:42.889 coins. This means that the entire transaction 00:07:42.889 --> 00:07:46.069 history, wallets, and amount of coins are visible 00:07:46.069 --> 00:07:48.860 at any given time. While this is a great tool 00:07:48.860 --> 00:07:51.339 for government spending transparency, it can 00:07:51.339 --> 00:07:53.500 also be quickly turned into a massive surveillance 00:07:53.500 --> 00:07:57.060 apparatus that invades personal privacy. To maintain 00:07:57.060 --> 00:07:59.500 user anonymity, privacy coins have come into 00:07:59.500 --> 00:08:02.639 the picture. They protect user identity by obfuscating 00:08:02.639 --> 00:08:05.660 wallet addresses and transactions, enabling personal 00:08:05.660 --> 00:08:07.800 freedom and autonomy in a surveillance state. 00:08:08.660 --> 00:08:10.779 Privacy coin advocates argue that these coins 00:08:10.779 --> 00:08:13.379 are essential to the crypto space. As without 00:08:13.379 --> 00:08:15.889 them, Users are vulnerable to corrupt governments, 00:08:16.069 --> 00:08:19.110 institutions, and bad actors. However, many Bitcoin 00:08:19.110 --> 00:08:21.949 -only developers or devs are working on making 00:08:21.949 --> 00:08:24.850 Bitcoin transactions private without using SH 00:08:24.850 --> 00:08:27.949 asterisk T coins. One solution developed are 00:08:27.949 --> 00:08:31.449 coin mixers, which allow Bitcoin users to obfuscate 00:08:31.449 --> 00:08:34.909 identifying data and wallet addresses, anonymizing 00:08:34.909 --> 00:08:37.870 transaction information. While privacy coins 00:08:37.870 --> 00:08:40.509 provide a solution to user anonymity concerns 00:08:40.509 --> 00:08:43.240 in the short run, Privacy features are being 00:08:43.240 --> 00:08:46.299 built for Bitcoin, making privacy coins unnecessary 00:08:46.299 --> 00:08:49.059 in the long run. Keep in mind that a coin should 00:08:49.059 --> 00:08:52.419 have a finite supply, be decentralized, usable 00:08:52.419 --> 00:08:54.960 and scalable to have real potential as digital 00:08:54.960 --> 00:08:58.299 currency. If a coin lacks these features, it's 00:08:58.299 --> 00:09:01.399 worthless at best and a scam at worst. Before 00:09:01.399 --> 00:09:04.100 investing in any cryptocurrency, it's crucial 00:09:04.100 --> 00:09:07.000 to research and analyze the coin first. Don't 00:09:07.000 --> 00:09:09.320 just blindly throw money at the next Dogecoin 00:09:09.320 --> 00:09:12.299 or other trendy coin. Enter the realm of digital 00:09:12.299 --> 00:09:24.419 money with responsibility and awareness. In today's 00:09:24.419 --> 00:09:26.600 episode, we covered the true potential of Bitcoin 00:09:26.600 --> 00:09:29.600 as a decentralized finite currency with lasting 00:09:29.600 --> 00:09:32.879 value while exposing potential scams and esh 00:09:32.879 --> 00:09:36.720 asterisk T coins lacking both scarcity and purpose. 00:09:37.149 --> 00:09:40.070 We also discussed scalability solutions and the 00:09:40.070 --> 00:09:42.529 importance of privacy for users with privacy 00:09:42.529 --> 00:09:44.870 features being built for Bitcoin. Thanks for 00:09:44.870 --> 00:09:46.750 listening to today's episode. I'll see you guys 00:09:46.750 --> 00:09:49.169 at the next one and don't forget to subscribe.