Description

:30  Intro

• Topic: Crypto For Common Folk part 2

4:00 Sponsors

• Cream City Marketing
  • www.creamcitymarketing.com
• Spearity

www.Spearity.com

8:00 Recap of last week and Intro to Mining

• crypto=decentralized currency
  • Combats inflation
  • Access to build wealth
  • Not controlled by people
• It is “incorruptible”
• How to get crypto?
  • 1. You can buy some → it is a tradable asset
  • 2. Sell Stuff → good for small business owners. Can sell goods and services for crypto

12:00 How to get crypto Cont….

• Buying crypto is like any other monetary exchange
  • 3. Mining

16: What is Mining?

• Mining:
  • Think about how a credit card gets processed (electronically)
    • Goes from the store to a central exchange who talks to the bank
    • Central exchange gets a process fee, bank gets % interest
    • Central exchange runs data service
      • All owned by one central exchange
      • What mining does is takes the central exchange model and multiplies it from a single model to a model for every single person.
    • *Gif of drawing 17:31*

20:00 Central Entities

• We can buy that equipment the central exchange which is called mining
  • Blockchain runs this central entity and makes it run smooth
  • No hacking
  • Mining comes down to the fact that it can be
• “Rather than one entity owning a thousand servers, you have a thousand people owning a single server” -B 20:54
  • Benefits:
    • No central bank
    • Eliminated real bank
    • Eliminated people in institutions managing
  • These transactions are less than 1%
    • They used to give 3 1/2% to the central exchange and then to the bank
    • So as a business owner you want the 1%

24: 00 Next Steps after Blockchain

• Wallets → like apple pay
• Store (went from cash, check, credit card, now bitcoin)
• Everyone is wanting to collect that 3 ½% and the bank is realizing they aren’t getting that anymore

28:Innovation

• Whole bunch of businesses and some have success and swallow up other businesses
  • Same idea now there is a BIG BANK
  • The BIG BANK owns the little box in the store
• Mining is one of these innovations
• Since these servers are spread out it is decentralized
  • Stores rates don’t go up
  • Don’t have to charge more

32:00 Fed Reserve

• Fed is in charge of money
• Diff. from federal government
• Federal reserve is not in charge of US government
• Money is not evil or good, it is just a tool -B
  • Depends on how you use it
  • And who is using it

36:Wrap-Up

• Send questions to info@Sketchyideasshow.com
• More crypto next episode

Full Show Notes Here