In this week’s episode of Freedom Fast Lane Ryan Daniel Moran interviews Tom Kineshanko who runs an investment company that specifically invests in binary currency. Tom believes Bitcoin is a viable technology and will appreciate in the next few years. However, Ryan disagrees on the basis of the fundamentals of investing. This episode covers binary currencies and how they will affect all of our lives and business. If you’ve ever heard about Bitcoin and wondered what its all about then this podcast is for you!
Main Questions Asked
- Explain what digital currencies are and dispel some myths.
- How is this any different to Paypal?
- Would you dispel some of our fears?
- Would you consider Bitcoin an investment?
- Would you consider Bitcoin an asset?
- Are there any other crypto currencies we should pay attention to?
- Any clarification or comments on allocation of portfolio?
- How do you acquire Bitcoin?
- Do you see other crypto currencies as being relevant?
- Can you speak on the origin of the source of Bitcoin and the concept of ‘mining’?
- Talk about tracking the overall value of these currencies
Key Lessons Learned
- Digital currency has grown from 0-7 billion dollars in 4 years
- It is a digital way to transfer the ownership of anything
- Crypto currencies provide a digital infrastructure to transfer currency over the internet with no cost
- With Bitcoin there is no need for a 3rd party such as Western Union
- There is open source software known as the ‘block chain’
- The common criticism is ‘who controls the system?’
- There is equivalent of 300 million laptops plugged into the software that keeps track of everything. This is known as a distributed verification system
- Paypal sets the rules of the system whereas Bitcoin has the opposite type of structure as it has no central third party
- Many people are saying crypto currency is as significant as the introduction of the internet and PC
- All transactions are digital and stored in a block chain that is a permanent online record
- There is a limit on Bitcoin. There will only ever be 21 million
- Bitcoin is more like buying Gold than buying Euros.
- As there is more demand on the system the price will rise so it is like a digital asset
- There is a 10 minute verification process with Bitcoin so its slow for trading (has to plugin to 300 million computers)
- Alt coins are high risk and angel investment
- Bitcoin can be seen as high risk as its pure speculation
- CoinBase and Circle are two ways to purchase Bitcoin
- It is possible to take Bitcoin offline into ‘cold storage’ to prevent theft (take serial numbers offline)
- Tom believes everyone in the world should have 1% of their wealth in Bitcoin and it has the potential to go up 10-30 times
- Bitcoin is both a currency and information technology
- Light Coin and Dark Coin have good appreciation potential but are volatile (example anonymous crypto currency)
- ‘Mining’ is the act of running the algorithm on your computer
- New Bitcoins are produced for people ‘mining’ the people who are providing the record keeping system
- Reddit Bitcoin community is a great place to see what is being said
- Chrome plugin kryptokit gives you a trading account
- Coindesk is a good source of Crypto Coin news
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Ryan Daniel Moran
Ryan Daniel Moran is one of the most sought after speakers and thought leaders on lifestyle freedom in the world. He specializes in creating extremely profitable cash flow streams and businesses without compromising your lifestyle. Ryan is passionate about inspiring, educating, and empowering people to live extraordinary lives, and he believes that anyone can live the life of their dreams as long as they take responsibility for their results and take consistent action toward getting what they want. When Ryan isn’t inspiring his listeners and readers, you’ll find him at an improv show, a Cleveland Indians game, or traveling the world.