The Dereck Tafuma Audio Experience

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A brief description of bitcoin.

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Bitcoin is such a revolutionary technology. It has captured the imagination of various demographics. It has both critics and evangelists. But there's also a group of sceptics who don't understand the technology and I know they don't understand it as soon as they claim that it's a pyramid scheme.

Bitcoin is not a pyramid scheme but it can be used by those who run pyramid schemes to run a pyramid scheme just like they do with fiat currency. In other words, they can run a pyramid scheme with the currency application of bitcoin which is the cryptocurrency.

But bitcoin is much more than a currency application. It has applications in any industry where trust is needed for record keeping. Money is just a spreadsheet of goings in and out. Bitcoin makes it impossible to manipulate that spreadsheet. The spreadsheet is decentralised and is updated by consensus. Bitcoin is the incentive for maintaining the integrity of the spreadsheet.

I can understand why the sceptics become suspicious. They

This is almost like an introductory episode in which I talk about the need to understand blockchain applications in your area of expertise. I also talk about the importance of understanding how cryptocurrencies work to avoid being swindled by pyramid schemes which take advantage of your ignorance. Everyone who hears about bitcoin believes they can make some money so it's important to understand how this is possible and how to watch out for pyramid schemes.