072 | Should I Buy Bitcoin | Myles Wakeham

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

Myles Wakeham tells us how he discovered Bitcoin, how and why cryptocurrencies have to value, and gives us a nuanced perspective of where cryptocurrency might go in the future.

  • Myles is a software developer.
  • How did Myles come to invest in Bitcoin?
  • Myles spent years figuring ways to pay his Bangladeshi software developer, until mid 2011, when his contractor discovered Bitcoin as a more effective method of payment.
  • How is Bitcoin an alternative to PayPal, and has it helped Myles support the growing digital economy in less developed regions?
  • Bitcoin value fluctuates pretty drastically – how does Myles pay his contractors a consistent amount?
  • What is Coinbase, how secure is it, and how does it work?
  • How is Bitcoin similar to the ways people used to trade virtual goods within video games?
  • Bitcoin was originally developed as a way to operate outside the banking system after the global financial crisis in 2008.
  • Myles purchased Bitcoin early (in 2011) and left it in a “savings account”. What’s happened to the value since then, and how does Myles feel about Bitcoin’s place within global investments and conversation?
  • Does Bitcoin have a place in the future economy?
  • What are the limitations of a Bitcoin economy?
  • What gives cryptocurrency value?
  • How does the growth of Bitcoin parallel the California Gold Rush of 1849?
  • What causes intangible things to have value, and when else have we seen that?
  • What are the tax implications of Bitcoin, and how have things changed since the start of 2018?
  • How should people make sense of the huge number of cryptocurrencies?
  • Myles suggests that only a few current cryptocurrencies have actual value.
  • What is Blockchain, and what it its relation to cryptocurrencies?
  • Is it possible to invest in the Blockchain?
  • Is it possible for cryptocurrencies to maintain their decentralization?
  • Myles suggests that governments that allow, monitor and encourage development of cryptocurrencies is a global benefit, and government’s that oppose cryptocurrencies are shutting themselves off from digital development in the world.
  • Is Bitcoin fading in comparison to other cryptocurrencies?
  • What cryptocurriency(s) does Myles have his eye on for the future?

 

Links from this episode:

Bitcoin

Coinbase

Mr. Money Mustache: Why Bitcoin is Stupid

The Starfish and the Spider book

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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