This week in the world of cryptocurrency there were many stories involving scams… particularly SIM card swapping hacks. Ben and Bethany discuss the importance of security and how to stay safe from one of these hacks. Some scammers have resorted to bullying and threatening people in order to steal their crypto. As technology continues to advance, where will low level criminals who resort to violence find ways to steal crypto from people? Along with SIM card swapping, there is also a new scam on YouTube where YouTubers buy accounts with high subscriber numbers and then try to get viewers to send them crypto in order to receive a larger amount. Even though it seems like these scams could not possibly work, they must be working because scammers continue to use those methods. Make sure to stay safe and up to date on all of the latest security measures. When it comes to “being your own bank”, users are also responsible for the security!
Cryptocurrency is changing the world. In this episode, Ben & Bethany look at the consequences of the recent Libra hearings for Facebook on Capitol Hill. There have been numerous effects that have reverberated across the globe. One of those consequences is that now, China has decided to go all-in on blockchain. This means that there is a good chance we will see the United States also ease up on crypto & Bitcoin regulation. Along with the Chinese blockchain story, Ben & Bethany also look at the current reach and impact of a blockchain education. There are countless stories going on around the world that have huge implications for the blockchain space. Today we look at stories from the UK & France along with the Decentralize America Tour.
The Future of Cryptocurrency The future of cryptocurrency is very bright, but there are many roadblocks. Imagine a future where all of our devices communicate to streamline our lives. This is what blockchain will enable. However, the future of cryptocurrency in America remains murky as stifling regulation is hurting creation, invention & innovation. We may see many blockchain companies in America move overseas where innovation & technology are more valued. The future of the BitBoy Crypto podcast is also bright as next week the podcast moves into its regular news discussion format.
Crypto Resources One of the most common acronyms in cryptocurrency is DYOR which stands for Do Your Own Research. While YouTubers & other people in blockchain preach this idea, it seems like most people would prefer to simply watch 5 YouTube videos and then do what they say. But doing your own research is actually much deeper than that. To truly research, one must learn to take advantage of the many resources in the crypto & bitcoin space. Three resources discussed on this podcast are both crypto & mainstream news outlets, coin research sites, & trading/charting websites.
Crypto Around the World In this episode, Ben & Bethany explore what is happening around the world when it comes to cryptocurrency by giving an overview of what is happening in each continent around the world. In North America, the United States is leading the charge which was detailed in the last episode. In South America, many countries are either in crisis or heading to a crisis. In countries like Venezuela, Argentina, & Ecuador Bitcoin is being sold at a premium because people are using it to buy food. In Africa, could we see the first major country institute cryptocurrency as their national reserve currency? The continent is ripe for change and exploding technologically. In Australia, there is a battle going on internally with the government as some government departments are looking to work with different cryptocurrencies including Power Ledger while Australian regulatory body AUSTRAC is fighting to keep unregulated cryptocurrencies from making a dent in the economy. In Antartica, there are penguins. Polar bears do not live in Antarctica confirmed. Asia is leading the charge across the world as many countries are extremely bullish on crypto including Japan, Singapore, China, & more. In Europe, there has been a large push to move toward a cashless society which is simply a way to ensure that no one has privacy in their transactions. Russia & the Middle East are also playing a big role in crypto around the world.
Cryptocurrency in America Today’s episode is broken down into three different categories. The 3 categories for crypto in America are the media, government, & the future. The mainstream news media seems to run stories that show the craziness & wild side of cryptocurrency. The media also drives the narrative that cryptocurrency is attached to the dark web. The narrative is that Bitcoin cannot be traced and is only used for illegal activities. When it comes to the government, there are many different aspects. The first role the American government is playing in cryptocurrency is through congress & the senate. These two governing bodies are working to stop Facebook’s Libra coin because they are afraid of it. They are also using mafia like tactics in order to accomplish this. The second aspect is through regulatory bodies like the Securities & Exchange Commission (SEC). The SEC has levied several fines toward crypto projects already. Because of stifling regulation, the future of cryptocurrency in America is unknown. There is the potential for American blockchain companies to move overseas to form a new Silicon Valley.
Why is Crypto News Important? Many times people assume that unless the price of crypto is going up that there is not big news going on. However, there are always brand new developments in cryptocurrency that are extremely interesting. Behind the scenes, big things are happening. The groundwork for a new future is being laid right now. When you take some of the bigger picture stories & start unraveling them, you will see how many important things are happening right now. Cryptocurrency is the undercurrent running beneath many world events. However, the general interest level in bitcoin & crypto depends heavily on the price. If you follow Google trends in Bitcoin, it almost exactly mimics the price charts. Crypto is very unique because people come into crypto and out of crypto based on the price. So there are constantly people who need to understand what has happened since the last time they were interested. Crypto news is very important because it helps us to be able to fill in the gaps for those people. One of the most interesting stories in crypto continues to be Facebook’s Libra Coin saga. Cryptocurrency news has to do with fundamental analysis (FA) as opposed to technical analysis (TA). The bottom line is that people are interested in cryptocurrency because of financial reasons whether strictly through investing or to improve profitability with blockchain technology
What is Decentralization? Decentralization has the power to change the way that the internet works. As of right now, anyone who works at a centralized company could get all of your data. This is why hackers are successful. In a decentralized system, user data is not stored in one place. The data is broken up in a way where it cannot be stolen or hacked. We have seen many different instances where people’s data has been breached. Decentralized exchanges in cryptocurrency are exchanges where orders are filled by other users instead of the exchange liquidity. It seems unlikely that we will ever become a truly decentralized society. On some level, governance has to come into play. But there is definitely room for a more decentralized society than we have now. People are desensitized to having their data hacked until it happens to them. Because most people are not affected directly in data breaches, this allows large corporations to continue in the data trade without consequence or accountability. Estonia is a great example of a country that is working toward a more decentralized society. As individuals we should value our privacy more.
What is Blockchain? Ben and Bethany discuss what blockchain is and how it will change the future. While neither Ben nor Bethany have a background in technology, they provide listeners with a non-techy understanding of blockchain. Blockchain is a way of storing date in connected digital blocks. While Bitcoin is a movement, blockchain is the method. Blockchain is more tangible than Bitcoin itself. Bethany suggests understanding blockchain technology is pivotal to understanding Bitcoin & cryptocurrency. There are three aspects to blockchain called the three pillars. The three pillars underlying blockchain is decentralization, transparency, & immutability. Blockchain will allow for faster downloads because they are done peer to peer rather than in a centralized server. No one controls a decentralized blockchain which means that extending trust to third parties is not necessary. People have a false sense of security when it comes to their data. However, their data is stored in a centralized manner which is why people are constantly having their data stolen through hacks like Capital One. Blockchain allows for high transparency in transactions. All 3 of the pillars of blockchain must work together in order for blockchain to be truly successful. Many industries will be drastically affected by blockchain technology.
What is Bitcoin? Defining Bitcoin is a very difficult thing to do because it is such a big concept. Bitcoin was the first cryptocurrency and was created by Satoshi Nakamoto. Satoshi’s true identity has still not been revealed 10 years later. Bitcoin was originally created to be a peer to peer electronic cash system. This was detailed in the Bitcoin White Paper which was a blueprint for Bitcoin. Many people believe that Bitcoin is untraceable, but new ways to track it have been developed. Bitcoin is meant to remove all the need for third parties. Any time a third party is involved in a transaction there is a risk for a breach of privacy. Many people believe that Bitcoin has become a store of value rather than a good option for digital money. Many people trust their banks and don’t realize that banks are actually taking advantage of them. Ben tells a story about how a hacker got into a credit card account he had. The hacker made a purchase for an Apple Watch. Even though Ben proved it was a hacker, he was still charged for the damage. Cryptocurrency gives us the ability to become our own banks. Along with that freedom comes the responsibility to take care of our own money. Bitcoin mining is briefly discussed along with the supply of 21 million. Bitcoin runs on blockchain technology, also known as Distributed Ledger Technology (DLT)).
Meet the Hosts In this episode, listeners are introduced to the hosts Ben & Bethany. Ben talks about how he got invested into Bitcoin. He discusses his professional background along with many of his experiences with online businesses. Ben is dedicated to cryptocurrency and has bet his career on it. Bethany gives her educational background and talks about her love for reading. She discusses what she first thought when Ben invested into cryptocurrency and also when he decided to go full time crypto. Bethany believes the crypto community is a huge reason why this movement will succeed. Bethany confesses to the listeners that she is a nerd who is passionate about education, the news, & reading. Ben & Bethany are polar opposites. Ben prefers an audiobook to a physical book. Ben also loves sports. They discuss a fun trip they had to Chicago where they attended both sports events & also a book museum.
What is the BitBoy Crypto News Podcast? Co-hosts Ben & Bethany discuss why they decided to start the BitBoy Crypto News Podcast. The format of the show will be a weekly podcast where the top news stories of the week are revealed & discussed. Crypto news is very important and can have a profound impact on the cryptocurrency markets. We are on the very front end of a massive technological wave that will change all of our lives forever. However, just like every other time in history there will be many roadblocks in the way.
Welcome to the BitBoy Crypto Podcast In this episode listeners are introduced to the BitBoy Crypto Podcast & hosts Ben & Bethany. This will be a weekly crypto podcast that discusses Bitcoin news, blockchain developments, & anything cryptocurrency related. All news stories found on this podcast can be seen on BitBoyCrypto.com. The initial 10 episode of the podcast will feature several different topical conversations to help listeners understand cryptocurrency, bitcoin, blockchain, & more.
docmac
upload more !!!! keep it up
Jim Lee
Ben, great ti see you here. Any plans of uploading your youtube content here. I ask because I can listen at work, but nit watch. I have been in crypto for only 8 months and lear a ton every time I spent time with you. As the summer and fall come closer, timely thoughts on you part will make my bags bigger. Im heavy into ADA, ETH, BTC, COMP, MKR. In that order.