Wealth Formula by Buck Joffrey

073: What the heck is bitcoin?


Listen Later

“Can you explain what internet is?”

That’s the question Katie Couric asked her colleagues on the Today Show in 1994 as an equally confused Bryant Gumbel looked on.

Now don’t you wish you knew what the internet was back then? Don’t you wish you had enough foresight to see this seismic shift in not only technology but in our world? If you knew what you know now, what would you have done?

Of course the easy answer is “buy google or buy amazon!” But that’s not what I mean. If you knew what you know now, my guess is that you would learn everything you could about this new technology and how you could get a piece of the action.

That is where we are with blockchain technology. “Block-what?” you ask in your best Bryant Gumbel voice. Exactly. Few people understand blockchain but I AM CONVINCED that blockchain technology will become as ubiquitous as the “app”.

Most people are familiar with blockchain mostly by a currency built on that platform called bitcoin. However, currency is just the tip of the iceberg with blockchain.

Blockchain technology will fundamentally change the way we do business, make transactions, and interface with the world.

And with regard to currency, it can’t be stopped. Why? Because cryptocurrency lies at the confluence of a very unique place that brings libertarians clamoring for privacy, computer geeks, and anti-Wall Street/anti-central bank people all in one place. That is powerful.

Now listen, I know some of you out there are saying, “Buck, I can’t see it, touch it, or feel it so why should I care? After all, I should be focussing on tangible assets, right.” You’re right, but I’m not talking about investing in it. I’m asking you to recognize it for what is–the future.

Furthermore, cryptocurrencies are no less real than the American Dollar. In fact, bitcoins are limited in number, transacted directly from one person to another, and have a decentralized ledger that makes it virtually impossible to hack.

On the other hand, the US dollar can (and is) printed at will, often requires a third party to facilitate transactions and can easily be hacked or counterfeited.

In fact, I will go as far as to say that cryptocurrency shares more features with gold than it does the US dollar.

Now I can’t explain this all to you. First of all, I am no bitcoin or blockchain expert. However, I do know enough at this point to be absolutely convinced that blockchain technology and some kind of cryptocurrency will be commonplace in our daily lives a decade from now—probably even sooner.

With that in mind, this week’s Wealth Formula Podcast will try to help you get up to speed on this stuff. In fact, I guarantee that by the end of the podcast you will know more than 99 percent of people out there about this brave new world of blockchain.

Of course I’m not qualified to teach on this topic. That’s why I got one of the world’s pioneers in blockchain technology, Reeve Collins, to do it for me.

Don’t miss this episode!

...more
View all episodesView all episodes
Download on the App Store

Wealth Formula by Buck JoffreyBy Buck Joffrey

  • 4.7
  • 4.7
  • 4.7
  • 4.7
  • 4.7

4.7

403 ratings


More shows like Wealth Formula by Buck Joffrey

View all
The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action by The Real Estate Guys

The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action

714 Listeners

Creating Wealth Real Estate Investing with Jason Hartman by Jason Hartman

Creating Wealth Real Estate Investing with Jason Hartman

539 Listeners

BiggerPockets Real Estate Podcast by BiggerPockets

BiggerPockets Real Estate Podcast

16,810 Listeners

Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business by The Rich Dad Media Network

Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business

3,848 Listeners

Real Wealth Show: Real Estate Investing Podcast by Kathy Fettke / RealWealth

Real Wealth Show: Real Estate Investing Podcast

407 Listeners

Get Rich Education by Real Estate Investing with Keith Weinhold

Get Rich Education

611 Listeners

Passive Real Estate Investing by Real Estate Investing with Marco Santarelli, Investor and Entrepreneur.

Passive Real Estate Investing

981 Listeners

Main Street Business by Mark J Kohler and Mat Sorensen

Main Street Business

586 Listeners

Lifetime Cash Flow Through Real Estate Investing by Rod Khleif

Lifetime Cash Flow Through Real Estate Investing

1,406 Listeners

Tax Smart Real Estate Investors Podcast by Hall CPA

Tax Smart Real Estate Investors Podcast

419 Listeners

The WealthAbility Show with Tom Wheelwright, CPA by The Rich Dad Media Network

The WealthAbility Show with Tom Wheelwright, CPA

515 Listeners

Ken McElroy Show by Ken McElroy

Ken McElroy Show

716 Listeners

Rebel Capitalist News by George Gammon

Rebel Capitalist News

1,033 Listeners

The Lifestyle Investor - Investing, Passive Income, Wealth by Justin Donald

The Lifestyle Investor - Investing, Passive Income, Wealth

286 Listeners

PassivePockets: The Passive Real Estate Investing Show by PassivePockets, Jim Pfeifer, and Left Field Investors

PassivePockets: The Passive Real Estate Investing Show

131 Listeners