March 8: Crypto Summary
How to explain Bitcoin under 10 seconds. Steve Wozniak is a BTC hodler 🔥
gm to everyone playing the long game in crypto.
Markets
Here are today’s market moves:
Here's what you need to know:
How to explain Bitcoin in under 10 seconds
Have you ever mentioned Bitcoin to someone and they ask “Oh yeah I heard about that, what is Bitcoin anyway?”
And you kind of just pause and stutter as million thoughts flood your mind - history of money - gold standard - fiat - computers - mtgox - defi - miners - inflation - consensus mechanisms - market caps - bonds - yield - You could probably talk for hours about the economic possibilities.
Here are a few ways to tackle the question in a few seconds:
First answer:
Bitcoin is just a money sending system, like the VISA network, but owned by anyone and everyone. It’s open source software. Really good for instant settlements. You can trade it back to USD in one click, while banks take a few hours/days.
Second answer:
Bitcoin is like a digital dollar, but instead of the US government making more of it whenever they want, it’s made on orderly computers by anyone who runs the Bitcoin software. The more computers, the more strength the network has. It goes up in price because people find its digital value more and more worthwhile. There are only 21 million Bitcoins in existence.
Third answer:
Bitcoin is just digital money. Thing is it was always in the digital form unlike the dollar is, it was designed on computers using advanced security software with its continued computational integrity in mind.
Steve Wozniak is holding bags of Bitcoin and says “only one that's pure-gold mathematics.”
He also says that cryptos are not trustworthy as there are so many available in the market and that anyone can create a new one.
In an interview with Yahoo Finance last October:
“It seems like they're just collecting a bunch of money from people who want to invest at the very earliest stage, when it's worth pennies," said Wozniak, who also suggested that people often buy the coins simply because they're blinded by the potential windfalls and "Then they just fold."
In regards to the rest of the cryptocurrency market, Wozniak believed there were a few larger players that were acceptable to an economically conservative strategy but felt that Bitcoin is the "only one that's pure-gold mathematics."
Besides its "mathematical purity," Wozniak likes BTC because of the embedded "science, math, logic, and computer programming." It has a supply cap which is a big plus.
8 years ago, Newsweek falsely claimed to know Satoshi Nakamoto
In 2014, Newsweek claimed that they identified an Asian scientist, the person we all picture today in our mind to be Satoshi Nakamoto.
But the reality is we don't know shit about him. We don't know whether that's his real name, his looks, or anything else. Still, we have his work today. And that's meant to be like that. That's crypto.
All about privacy and anonymity.
Crypto is about not having to know the people in between of the transactions but still being able to trust them.
Check this out
So much noise in the crypto space. But let me tell you CryptoBrew is here to cut through all the noise in the crypto space and save you from stress.
Oh and check out this tweet on how to last long in the crypto game 👇
Did you hear?
Ukrainian boxer Wladimir Klitschko releases NFT collection to support the relief effort. All proceeds will be donated to the Ukraine Red Cross and UNICEF.
Snoop Dogg, who recently acquired Death Row Records and proclaimed it to be the first NFT record label, has purchase two Clone X and signed them to a record deal.
Crypto lingo of the day
Halving:
A feature written into Bitcoin’s code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved.
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