Crypto Chronicles - Demystifying Digital Dough
First published
05/30/2023
Genres:
business
entrepreneurship
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Summary
Guest: Karl Jackson Welcome back to another Undeniable episode of the Undeniable Level Up Podcast. With you host, Jose Medina and Crystal Garcia. And today we are here to talk about Demystifying Digital Dough. What is this thing called Crypto. Wow, that rhymed didn't it! For some of our listeners who follow our professional development and self improvement discussions, you may be asking how discussion of Cryptocurrency is a relevant topic for us to discuss and to those listeners. I would say, financial health is one of the 8 wellness categories. And with everything that's going on with the dollar and Russia's and China's plan to move away from the Dollar Dollar Dollar Bill Yall, I think there is no better time to discuss Crypto than now. Now, I have some friends and associates who purport to understand Crypto and I'll be honest, I have a Crypto wallet with a little bit of Cryptocurrency, but I'd be lying if I told you that I totally understand everything about crypto. I know how to invest in it, but I have no idea how to spend it. If you're like me, then you have a lot of questions too. And here to help us demystify this Mystifying mullah is none other than Crypto Expert Karl Jackson. Hi Karl, and thank you for joining us on today's show to discuss the ins and out of Cryptocurrency. Jose and I met Karl about 1.5 years ago when he was working as a Tax Attorney. This guy is a Tax Wizard of the highest order, a financial genius and business structure master. And now a Cryptocurrency Colossus! Marc Kenigberg, the Founder fo BitcoinChaser says "Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential." Q: Do you agree with Marc? Are we still at the beginning of what Crypto will be? Where do you see Crypto in the next 5 years? This quote highlights the importance of understanding that Bitcoin and other cryptocurrencies are just the beginning of what blockchain technology can achieve. The potential applications of blockchain technology go far beyond digital currencies and could have a transformative effect on various industries. Q: How do you think the underlying blockchain technology will continue to evolve, and what impact will this have on the cryptocurrency landscape? Q: Can you discuss the potential for decentralized finance (DeFi) to disrupt traditional banking and financial systems? What are the key advantages and challenges of DeFi? Q: What role do you see cryptocurrencies playing in the global economy, particularly in developing countries where access to traditional banking infrastructure might be limited? Satoshi Makamoto, the mysterious and pseudonymous creator of Bitcoin stated that, "The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." This quote from the inventor of Bitcoin emphasizes the fundamental issue that cryptocurrencies aim to address – the trust required for traditional financial systems to function. By leveraging blockchain technology, cryptocurrencies aim to provide a more secure, transparent, and decentralized alternative to conventional currencies. Q: How do you think regulators and governments will respond to the growing influence of cryptocurrencies, and what effect will this have on the industry's future? Q: Security has always been a concern in the crypto space, with numerous high-profile hacks and breaches. How can individuals and businesses best protect their digital assets? Q: What are your thoughts on the increasing popularity of non-fungible tokens (NFTs) and their potential impact on various industries, including art, gaming, and intellectual property? Adam Draper, founder of Boost VC. Said, "The blockchain does one thing: It replaces third-party trust with a mathematical proof that something happened." Adam Draper's quote succinctly captures the essence of what blockchain technology offers – a decentralized, trustless system that relies on mathematical proofs and cryptography to ensure security and transparency. This shift from relying on third parties to mathematical proofs has the potential to revolutionize various aspects of our lives, from finance to supply chain management. Q: Scalability has been a long-standing challenge for many cryptocurrencies, particularly Bitcoin and Ethereum. How do you envision this issue being addressed in the future? Q: How do you see the relationship between centralized and decentralized exchanges evolving, and what does this mean for the accessibility and security of digital assets? Q: In your opinion, what are the most promising use cases for cryptocurrencies and blockchain technology beyond finance and investment? CTAIf you've been thinking about investing in Crypto, but the mysticism and newness of the digitally currency has kept you hesitant, then today's topic should have given you some much needed insight and education and a strong starting point. This is call to action is for those of you have interest, but just don't really know where to begin your journey and experience with Crypto. We are going to ask you to become a participant in Crypto Twitter. To do that, all you need Is a Twitter Account. If you don't have one, it is easy to sign up at Twitter.com. Use the search bar at the top of the Twitter interface to search for relevant hashtags like #cryptocurrency, #bitcoin, #ethereum, #blockchain, #DeFi, or other specific terms related to the crypto world. Browse through the search results and follow accounts that regularly post about cryptocurrencies, blockchain technology, and related topics. We will put some of the more popular accounts in the show notes to help you get started. @VitalikButerin (Ethereum co-founder)@SatoshiLite (Litecoin creator Charlie Lee)@aantonop (Andreas Antonopoulos, a well-known crypto educator and author)@cz_binance (Changpeng Zhao, Binance CEO)Some additional keywords that are useful to look up when getting started and all of which are discussed in this podcast include:CryptocurrencyBitcoinEthereumBlockchainDeFi (Decentralized Finance)Crypto WalletAltcoinSatoshi NakamotoSmart ContractsCryptocurrency MiningProof of WorkProof of StakeNFT (Non-Fungible Tokens)ICO (Initial Coin Offering)Token vs CoinDigital AssetCryptocurrency ExchangeDEX (Decentralized Exchange)Crypto TradingCrypto InvestmentCryptocurrency Market CapStablecoinCrypto RegulationsCryptographyCrypto SecurityCrypto TaxesDAO (Decentralized Autonom...
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