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Bitcoin Q&A: Medium of trade, unit of account, and reserve foreign money

How do you identify the worth of a wage in bitcoin? Does bitcoin work higher as a medium of trade or unit of account? Is bitcoin a reserve foreign money for different cryptocurrencies, as gold was for fiat?

These questions are from the August and September month-to-month subscriber periods, which came about on August 24th and September 27th 2019, respectively.

RELATED:
Measuring Success: Price or Principle – https://youtu.be/mPMsbgWl9p4
Beyond Price: Bitcoin’s Impact on the Future – https://youtu.be/rvwVbRQ5Ysc
Consensus Algorithms, Blockchain Technology, and Bitcoin – https://youtu.be/fw3WkySh_Ho
Advanced Bitcoin Scripting Part 1: Transactions and Multisig – https://youtu.be/8FeAXjkmDcQ
Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware – https://youtu.be/pQbeBduVQ4I
What is Consensus: Rules with out Rulers – https://youtu.be/2tqo7PX5Pyc
Forkology: A Study of Forks for Newbies – https://youtu.be/rpeceXY1QBM
Bitcoin: Where the Laws of Mathematics Prevail – https://youtu.be/HaJ1hvon0E0
Software distribution safety – https://youtu.be/_V0vqy046YM
What is mining? – https://youtu.be/t4p4iMqmxbQ
The mining course of – https://youtu.be/L4Xtau0YMJw
Nonces, mining, and quantum computing – https://youtu.be/d4xXJh677J0
Iterating nonces and the block reward – https://youtu.be/tjn2aoMaFlY
Miners, swimming pools, and consensus – https://youtu.be/JHz7LM4ncLw
Mining, power costs, and charge market – https://youtu.be/hrVCd6Pt4l4
What is issue focusing on? – https://youtu.be/h429LCTRmQw
Genesis block and coinbase transactions – https://youtu.be/strhfzJ56QE
Cryptographic primitives – https://youtu.be/RIckQ6RBt5E
The guidelines of Bitcoin (half 1) – https://youtu.be/VnQu4uylfOs
The guidelines of Bitcoin (half 2) – https://youtu.be/vtIp0GP4w1E
Rules versus rulers – https://youtu.be/9EEluhC9SxE
The worth of proof-of-work – https://youtu.be/ZDGliHwstM8
Could a state-sponsored 51% assault work? – https://youtu.be/KUd8ZGgm6Qo
Honest nodes and consensus – https://youtu.be/KAhY2ymI-tg
Spam transactions and Child Pays For Parent (CPFP) – https://youtu.be/t3c0E4fkSNs
Is Bitcoin a democracy? – https://youtu.be/TC3Hq76UT5g
Governments versus Proof-of-Work or Proof-of-Stake – https://youtu.be/qrwgYDAoZV0
Decentralized energy, leaderless governance – https://youtu.be/E5VbDlQTPzU
What is the function of nodes? – https://youtu.be/fNk7nYxTOyQ
Why working a node is vital – https://youtu.be/oX0Yrv-6jVs
Spam transactions and Child Pays For Parent (CPFP) – https://youtu.be/t3c0E4fkSNs
Energy consumption – https://youtu.be/2T0OUIW89II
Solar power and mining in area – https://youtu.be/cusakcpa8AM
Bitmain and ASICBoost allegations – https://youtu.be/t6jJDD2Aj8k
Binance hack, chain rollback? – https://youtu.be/2cZhkV6BqLg
Block reward, reorg safety, and immutability – https://youtu.be/R6KMp6vkeVU

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has grow to be one of the well-known and revered figures in Bitcoin. He is the creator of “Mastering Bitcoin,” “The Internet of Money” series, and “Mastering Ethereum.”

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

Subscribe to the channel to be taught extra about Bitcoin & open blockchains; click on on the crimson bell to allow notifications about new movies!

MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ

Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
German, ‘Das Internet des Geldes’ (v1) – https://amzn.to/2LEiyqO
German, ‘Das Internet des Geldes’ (v2) – https://amzn.to/2VCzse5
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘???????? ?????’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet C?a Ti?n T?’ (v1) – https://alphabooks.vn/khi-tien-len-mang

MASTERING ETHEREUM: https://amzn.to/2xdxmlK

Music: “Unbounded” by Orfan (https://twitter.com/grassfedbitcoin)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)

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18 Comments

  1. people really try to figure out what certain DLTs are good for. Even Bitcoins narrative changes over time. There is something called Internet or Bitcoin which has some unique hard properties and this stimulates the creativity, there will be trial and error (hopefully). Your explanation is exactly why I think modelling the value is BS. Sure bitcoin is script but in combination with multi purpose DLTs and the ever evolving digitization of the industry and human life it could be everything. It could back an IoT token-economy. It could be an insurance instrument for the hedge and insurance industry, it could be a notary-system it could be everything and every where.

  2. Who is getting rich in the “Markets?” Very few! Why is that? Because most have no idea how to navigate the “Markets” successfully, right? Who benefits from a Crypto-currency that is traded on an “Exchange?” The people that own the “Exchange” is the correct answer! Most of the “Traders” lose their money on the “Exchange!”

  3. Hello recently I watch london conference where was faketoshi and over and over again he mention. That we see end of bitcoin by 2020. That gov.will go after miner etc. My question is. Can gov.seize and stop bitcoin and botcoin network.? I mean globally. I think that they have to do it at once all together agree that they will hunt miners but there is almost 0% chance that this happen. I just wanna see your point of view. Thank you.

  4. Thanks for the video! FYI… Peter Thiel is backing a venture to build a renewable bitcoin mining farm in Texas using wind power. That should help off-set pollution & power consumption in the US and a larger share of the hash rate.

  5. Andreas, Craig Wright has now on several occasions claimed that BTC will be seized by governments in 2020, saying that only a few nodes in the U.S, Russia, and China need to be targeted, and the whole process will be quite simple. Do you have any insight into whether there is any substance to these claims?

  6. Andreas, really important question:

    What are your thoughts on Chainlink and other smart contract tokens like (I think) EDUcare is? I’ve seen both vastly outperform the crypto market and Bitcoin.

    If you could talk about Chainlink and whether or not it’s a good coin to hold in a portfolio, it would be greatly appreciated.

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