Follow along with Justin as he becomes crypto-literate. This blog is part 1 of 6 in this crypto education series.
I'm new to the world of crypto.
Over the last few weeks, since being hired at Engiven, I've been feeling like a novice. "It's not that I'm ignorant," I tell myself. I mean, I studied Business & Economics in college, so I do have a general understanding of economics and finance.
It's just that I've spent the last nine years of my life working with various nonprofit organizations in southern California and northern Mexico. So those are the waters I've been swimming in (like many of you, I'm sure). Meanwhile, the world of crypto has been rapidly growing in the background.
Well, the background is now the foreground, and I have some catching up to do. Want to join me?
When I first heard about Bitcoin, it sounded like some kind of a magical internet money. As I think back to those days––sixteen days ago, to be precise––I realize that the largest gap in my knowledge was in understanding how Bitcoin could hold value.
I mean, I use online banking, and I understand that my account reflects "digital dollars" rather than actual money. I know my money probably isn't locked in a vault somewhere. Rather, those "digital dollars" represent Bank of America's promise to give me cash when I request it. And it's because I've been able to do that at countless ATMs that I trust in my bank's "digital dollars". That's how "digital dollars" work.
But how does Bitcoin work?
In order to answer this question, I'll explain three general concepts in the blog post below:
•What Bitcoin is
•How it holds value
•Why people use it
I'll be doing the hard work so that you don't have to. And as I begin to dip my toes into the waters of crypto, I'll be blogging and sharing my findings with you. Join me on this journey of discovery, as we grow in knowledge together and I prove to myself that dropping out of Dr. Dave Newton's Corporate Finance class back in 2012 wasn't a huge mistake (🙃).
1. What is Bitcoin?
I watched this really great video of Peter Van Valkenburgh explaining what Bitcoin is and how it (and other cryptocurrencies) work. It's six minutes long, and totally worth your time.