SHOW & CHAPTER 45: THE WHAT & WHY OF CRYPTOCURRENCY - WILLIAM EASTMAN

Let's cover some new terrain. Unlike my other shows, I am exploring new ideas and crypto fits the bill. It is focused on the impact of sales if you don't have the ability to take crypto - it is estimated that 10-15% of your sales 2022 will be lost if crypto is not a viable payment option.

EPISODE 221: What is Cryptocurrency?
Cryptocurrencies are digital or virtual currencies underpinned by cryptographic systems. They enable secure online payments without the use of third-party intermediaries. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.

Cryptocurrencies can be mined or purchased from cryptocurrency exchanges. Not all ecommerce sites allow purchases using cryptocurrencies. In fact, cryptocurrencies, even popular ones like Bitcoin, are hardly used for retail transactions. However, the skyrocketing value of cryptocurrencies has made them popular as trading instruments. To a limited extent, they are also used for cross-border transfers. - Investopedia

Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets. - CoinDesk

EPISODE 222: Where Does Cryptocurrencies Gain Value?
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It’s really quite simple: If enough people agree that something is valuable, it becomes valuable. That was how ancient currencies like gold or even cowrie shells derived their value, and this applies to the value of artwork. It doesn’t matter why people desire something, only that the desire exists in high enough volumes. This is the point at which economic value is generated.

The given price of an underlying asset will depend on the characteristics of the market and, just like many central bank currencies, each token in the crypto space has different characteristics to prevent depreciation and help retain its value in the market. CoinDesk

Topics:

• Fungibility
• Durability
• Portability
• Recognizability
• Stability

EPISODES 223 & 224: How Do I use Cryptocurrencies

Topics:

• Acquiring
  • Choose Your Crypto
  • Choose an Exchange
  • Create a Trading Account
  • Connect Your Payment Method
  • Place an Order
• Spending or Holding
  • Keep Private Keys Private and Safe
  • Use it Purchase Online Stores
  • Buy Locally
  • Build Investment Portfolio
• Choosing a Wallet
  • Use Software for Greater Control
  • Try an Online Wallet
  • Use Mobile Wallet for Convenience
  • Hardware Wallet for Larger Accounts
  • Hold Paper Wallet for Protection

Next Show & Chapter 49: Implementation Summary

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