Episode #0012 – What Is Bitcoin and How Does It Work?

“You don’t need to understand everything about Cryptocurrency in order to profit off of it.” Paul Bradley

 

What’s the deal with Cryptocurrency?

Is Bitcoin a ponzi scheme?

 

If you feel lost and slightly skeptical when it comes to Cryptocurrency, then listen up, this is the podcast for you!

 

On this episode of The Contract CFO Show, I am joined by Cryptocurrency expert and special guest, Paul Bradley. Paul is the father of Paycargo and has played a major role in the Cryptocurrency’s market since its birth. In this in-depth conversation, Paul answers all your questions about Bitcoin, the Blockchain, and what the future holds for new types of currencies. We also answer a couple listener’s questions and talk about our own experiences with Crypto.

 

Grab a drink, a pen and some paper, and get ready! We are diving into the world of digital money and Cryptocurrency. If you’re ready, hit the play button and come along for a fun adventure!

 

Enjoy!

If you found value in this episode, be sure to share it with a friend.
And as always, subscribe, like, comment and share.


~Michael Anthony

 

Show Notes

Intro & Drinks:

Cryptocurrency and Bitcoin [0:29] 

Meet Paul Bradley [1:34] 

Paul is a big tech executive [2:11] 

Father of Paycargo [2:39] 

LiteCoin Transactions [2:48] 

Watch the episode: What the Fiat is Money? [3:40] 

Cp3me.com [4:00] 

Crypto is in the air [4:51] 

The Fee: Please Share the Show! [6:00] 

Subscribe and follow us on your favorite social media platform [6:46] 

 

Cheers to you 

Let’s celebrate the small wins! [7:16] 

Success is made up of a thousand cuts [7:47] 

Grab your drink and toast with us [8:18] 

Michael is drinking La Pinta Pomegranate Liqueur [8:43] 

Paul is drinking Traverse City Whiskey, North Coast Rye [9:42] 

Michael is celebrating helping others getting unstuck [10:23] 

The Kick Ass Crew [10:52] 

Jan 15th was the launch of The Kick Ass Crew [11:30] 

Paul is celebrating his businesses [12:12] 

B2B Procurement Platform going live in Europe within 30 days [13:03] 

The due diligence is legitimate [13:45] 

Everything has changed in the Crypto/Bitcoin space in the last few months – PB [13:48] 

Success is not a paved road that you just stroll down – PB [14:40] 

You gotta give your success a runway – MA [15:17] 

Work with Symmetry [16:15] LINK 

The toughest part of my overnight success was the first 10 years – PB [17:15] 

Today is Paul’s 50th birthday [18:23] 

Let’s dig into Crypto [19:07] 

Michael makes a huge disclaimer [19:21] 

We’re just two dudes having a conversation [20:26] 

Michael share’s his audience’s questions about Crypto [21:23] 

“I’ll take ‘What the heck is Crypto?’ for $500 please!” [21:30] 

A Decentralized/Centralized Ledger [22:08] 

Buying toilet paper from Amazon [22:46] 

Paul explains the meaning of Decentralized vs Centralized [23:22] 

Micro debit and credit activity [23:56] 

Data breaches [24:58] 

Michael gives content for the Bitcoin conversation [26:16] 

The Bitcoin ecosystem [26:45] 

The Blue Chips: Litecoin, Ethereum, Bitcoin, and Bitcoin Cash [27:00] 

Bitcoin has a life of its own [28:02] 

What the hell is Bitcoin? [28:37] 

Centralized vs Decentralized [28:52] 

The Currency War [29:18] 

Milton Friedman [29:30] 

The internet can reduce the size of the government [30:16] 

Electronic Cash [30:12] 

Cash is the ultimate form of decentralized currency – PB [30:38] 

The government cannot control Bitcoin [31:59] 

The Crypto network is the most powerful in the world [34:24] 

Blockchain [35:16] 

This is something that is shifting and evolving by the minute [35:39] 

Should the average person give a shit? [36:17] 

The core competence of Bitcoin doesn’t really change [36:43] 

I don’t look like an enterprise banker – PB [37:34] 

Bitcoin is about freedom from banks [37:57] 

Why you shouldn’t wait until you completely understand Bitcoin to make your move [38:45] 

Bitcoin is a four-year cycle [39:00] 

The US Government will be forced to create their version of Cryptocurrency to compete with Bitcoin in the near future [39:42] 

Paul defines a Centralized Ledger and why that’s so important [40:28] 

If the US had a digital currency today, why would Bitcoin still be better? [41:15] 

Governments and debt [41:40] 

You can’t confiscate or seize Bitcoin because of decentralization [42:35] 

The reliability and security of Bitcoin [44:02] 

Why this is relevant now [45:50] 

Trillions of dollars have been added to the system, diluting our currency [46:04] 

Inflation is inevitable [46:16] 

The unique problems that large treasuries are facing today [46:44] 

Interest rates are at a negative in Europe [47:28] 

Tradition financial answers aren’t cutting it anymore [48:40] 

What commercial property are you going to buy in the middle of Covid that’s a slam dunk? [48:55] 

Micro Strategy [49:38] 

The demand has dramatically increased [50:33] 

Gold versus Bitcoin [51:31] 

It’s better to have gold than to not, however Cryptocurrency is more accessible [41:56] 

Paul’s solution can liquidate your Bitcoin into money in your bank account within 24 hours [52:48] 

You can use a type of debit card with Bitcoin as well [53:30] 

You can earn money by spending it with Cryptocurrency, if you understand the market [53:40] 

Bitcoin is volatile [54:18] 

Michael recaps a little [55:29] 

Large businesses are now making large investments in Bitcoin [55:54] 

If this is a threat for big businesses, it’s a threat for your money too [56:07] 

What the federal government did to the US Dollar in Sept 2020 [58:00] 

Michael talks about inflation [58:50] 

Pulp Fiction [59:00] 

What does a $5 milkshake taste like? [59:07] 

The new presidential regimen and what it means for the US dollar [1:00:45] 

Michael Jordan rookie cards [1:01:50] 

Fiat – The $0.05 soda your grandparents talked about [1:02:06] 

Michael explains the ‘Mining’ process [1:03:24] 

Paul talks about what he means when he says ‘Blockchain’ [1:05:30] 

The resiliency of the Blockchain [1:06:00] 

Bitcoin is not for buying coffee [1:6:22] 

With the dawn of supercomputers, how safe is the Blockchain? [1:07:16] 

We’re getting ahead of ourselves [1:07:51] 

Bitcoin is far from perfect [1:08:05] 

We are nowhere near the technology needed to decrypt Cryptocurrency [1:08:16] 

Bitcoin is like the gold that used to back the US Dollar [1:10:15] 

The real squeeze is the conversation between Bitcoin and gold [1:10:34] 

Bitcoin is the exact opposite of Fiat money [1:11:39] 

Paul started buying Bitcoin in 2011 [1:11:49] 

Bitcoin has started to become scarce [1:12:26] 

Paul defines liquidity [1:12:34] 

Renting Bitcoin [1:12:52] 

The trend is your friend – PB [1:13:24] 

Backing your Bitcoin with more Bitcoin [1:13:54] 

The supply and demand of Cryptocurrency [1:15:02] 

Why not just make more Bitcoin? [1:15:13] 

The coin release schedule [1:16:07] 

Smart Contracts [1:16:20] 

This is the new digital foundation of economics [1:16:54] 

Digital gold [1:17:12] 

How much Bitcoin is available right now? [1:18:57] 

How do I buy Bitcoin? [1:19:24] 

What’s the differences between all the digital assets? [1:20:23] 

Coinmarketcap.com [1:20:48] 

Understanding the volume and market cap [1:20:19] 

Buying fractions of Bitcoin [1:21:29] 

Litecoin is a cheaper solution but just as powerful [1:22:01] 

Buy $50 bucks of something and see how it goes – PB [1:23:28] 

Dollar cost averaging [1:23:35] 

Work with Symmetry [1:24:44] 

Michael summarizes the conversation [1:25:35] 

Paul talks about why the current political climate makes him a bigger fan of Cryptocurrency [1:27:34] 

The government doesn’t want you investing in Bitcoin [1:28:09] 

The noise will get louder [1:28:27] 

Janet Yellen wants to regulate Bitcoin [1:29:16] 

The threat of the government trying to regulate Cryptocurrency does not shake Paul [1:29:27] 

Banks are not tech savvy [1:30:45] 

These are our opinions [1:31:5] 

Follow the money [1:32:08] 

Michael wants to have Paul back to go deeper into the conversation [1:33:41] 

Drop your questions in the comments or message Michael directly 1:33:50] 

MichaelAnthonyTV.com [1:33:56] 

The cycles of Cryptocurrency [1:34:16] 

Michael talks about his history with Cryptocurrency [1:34:33] 

The spike before the drop [1:37:14] 

Michael talks about riding out the highs and lows [1:38:12] 

What are the cycles of Bitcoin? [1:39:50] 

The rules of Cryptocurrency [1:41:57] 

You don’t need to understand everything about Cryptocurrency in order to profit off of it [1:42:25] 

Every 4 years your rewards get divided in half – here’s why [1:44:00] 

The miners are hoarding [1:46:00] 

Paul believes Bitcoin will go up to a six-figure number this year [1:47:14] 

Paul explains The Cantillon Effect [1:49:32] 

Paul believes Litecoin will give Bitcoin a run within the next 60-90 days [1:52:47] 

I’m not going to be greedy but I am going to make huge gains by sticking to the plan – PB [1:53:58] 

Stable Coin [1:54:27] 

You don’t need to own a home or gold, you just need $20 to invest – PB [1:56:00] 

Buy the mother fucking dips [1:56:50] 

Jamie Dimon and Chase [1:58:29] 

Silicon Valley TV Show [1:59:57] 

Warren Buffett [1:59:58] 

Don’t buy into the denial game [2:04:15] 

There’s nothing more permanent than a temporary government solution – PB [2:04:49] 

What are your questions? [2:07:05] 

You are the king and queen of your own castle, don’t give away the keys to someone else – MA [2:07:45] 

 

 

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