What is Cryptocurrency?

you owe me $50 but I'll accept that in. Bitcoin feathercoin light coin or coin. yay west alt at good mythical morning. what is this worth to you link. I'd say $20 Rhett and why is that worth. to you $20 because it says 20 on it.

and what does that matter to you what. why is it valuable if the person I give. it to to get the thing I want also. agrees that it's what I'm getting from. them is worth $20. that's currency that's currency okay. class dismissed. no okay all right so that current dude. you may know that we went off the gold. standard at some point in the United. States of America meaning that a dollar. does not represent some actual gold. somewhere Fort Knox. now it is just the government says this.

is worth $20 okay. and enough people agree and it becomes. worth something and other governments. agree you get it now repto currency you. probably heard lots about Bitcoin. everybody's talking about Bitcoin this. Bitcoin out you got to invest in Bitcoin. if you want to get rich like Harvard you. hear about Harvey. he bought a Bitcoin it now he's a. millionaire that's what I heard back. home when I was in North Carolina over. Christmas really yeah bitcoins this. bitcoins that and so I'm like well what. is this stuff I hear that in news it's. called cryptocurrency now the key.

difference between $20 we got that and. and cryptocurrency is the fact that this. is backed by a central government in. other words there's a bank you can have. it sure it's fake it's worth nothing to. me because it's not backed up by gold no. I'm alright there's a central bank a. government backed bank that has created. that money yes it is that money yes and. so the stable thing like the United.

States government says that this is. worth a certain thing but cryptocurrency. is just like me and you on the side and. we're like hey you want to start some. money yeah man I've been thinking I want. to start money we can call it. rhettandlink dollars. l'ainte coin I don't have a printer so. no we don't even need that you can just. all be totally digital man bingo we'll. call it Rhett link coin and it'll be. totally digital and me and you will. decide how many of its gonna be made and. what it's worth what about just link. coin I don't want to do that let's make. it red link coin we're stronger together.

buddy stick with me here and then we go. out and we say hey you guys want to. invest in rhett and Link coin you want. some Rhett link coin and we call it a. link coin for short hey this guy over. here we convinced this guy over to here. to sell is to sell us his feed for his. horses in rhett and Link coin got lice. exception rhett and Link own feed people. and then all of a sudden you've got this. network of users who've all agreed that. rhett and Link corn is worth something. and then it becomes worth something does. that make sense the it's basically worth. something because people have agreed in. a network have agreed that it is worth.

something but it's just digital so. seriously what we're doing right now is. we're giving you guys an opportunity to. be involved in a ground floor of a great. no no that's not what's happening. because believe it or not we actually. have a sponsor I went I went behind your. back and I generated an actual. cryptocurrency sponsor for this episode. about cryptocurrency and I'm not making. it up it's not rhett and Link coin it's. feathercoin we are being sponsored by. feather coin which is another.

cryptocurrency not Bitcoin feathercoin. better is that why every time you say. feathercoin. or i hear the word further coin I hear a. cha-ching yes when I say feather coin. there is a sound of money being put in. our pockets there comes PR you see you. bein serious feather coin is our sponsor. you want me to tell you about feather. coin yes I'd love for you to tell me I'm. not a jelly point feather coin is a. global digital currency not backed by. any banker institution this gives users. complete control of their wealth at its. core is a community that welcomes people. in and helps further understanding and. acceptance of feathercoin.

join them on their forum at feathercoin. calm now listen it's different than. Bitcoin because it focuses heavily on. getting users where most seems to just. chase investors the +4 feathercoin is. that we are cheaper and faster minimum. fee for feathercoin is point zero zero. to one five and for Bitcoin is point. zero eight five three there's the. difference there and feathercoin. transactions are 2.5 minutes compared to. Bitcoin ten minutes it's awesome magic. feathercoin feathercoin. really yeah well I mean so III need some. sort of real-world examples of this.

thing working okay. well the one that's been in the news so. much up until this point of course is. Bitcoin that's what I heard when I was. back in North Carolina where we got rich. off Bitcoin on May 22nd 2010 lászló. hinged hand X knowing agreed to give a. guy in England 10,000 bitcoins if the. guy ordered him a pizza from Laszlo's. local Papa John's and had it delivered. and last lászló later up and makes me.

want to cry just thinking about the. first Bitcoin purchase Laszlo later. uploaded the photo as proof and this was. the first real world Bitcoin transaction. now those 10,000 bitcoins today would be. worth eight million dollars that one. eight million dollar pizza now it blows. your mind you look I don't understand. that's crazy a pizza can't be worth a. million dollars but you got to. understand that this is back in 2010. before there was interest in Bitcoin. before the world had their eyes on. Bitcoin and the more people who are into.

a pacific cryptocurrency the more its. value goes up so now it's just crazy but. at the time 10,000 bitcoins I don't know. is like ten dollars whatever the current. price was that's not all. the police chief of vicko Kentucky. population 300 smashdown asked to. receive his salary in Bitcoin in the. city complied so there's a police chief. in Kentucky who's taking who's getting. his salary in Bitcoin now that's a. progressive police chief or or a risk or.

yeah yeah it's a big risk. James Howells of Newport Wales an early. adopter to Bitcoin had 7,500 bitcoins on. a hard drive and then without thinking. he through the hard drive into the trash. and now those those hard drives are. worth about six million dollars and it's. an incident a landfill somewhere. oh I was like get him out of the trash. this guy is talking to the manager of. the landfill and he still goes back and. forth on whether or not to search the. landfill because it's just like a hard. drive somewhere in a huge landfill but.

you can do have some pause millions of. dollars sitting there you're like how. can you have millions of dollars on a. hard drive well I ask you the question. don't you have millions of dollars in. your bank account that you have at your. bank you know I'm saying. like do you really have a million-dollar. stack somewhere or do you have an. institution somewhere that when you log. in is like a number in a digital place. that people have just agreed is worth. something right it's not really that. different it's just one a government is. also saying yes we are going to back. this up but more and more recently.

governments are beginning to recognize. that this is a valid form of currency if. someone accepts it and someone is. willing to buy goods and services with. it it's worth something right. so the kentucky town they get Bitcoin. they buy Bitcoin they actually take his. the salary they would give him in. dollars and they go somewhere in a buy. Bitcoin and then credit the Bitcoin to. him so there are dollars going into. purchasing Bitcoin I don't exactly know.

I'm not a I'm not in contact with the. Kentucky Police Department but but I. mean there's too much into it but. conceivably thank God you and I can go. to different networks and like there's. one called coin base where you can. basically exchange dollars for Bitcoin. if you want to it's over 800 dollars. right now but you can go and yeah I. think you can buy fractions of a Bitcoin. you don't even have to buy one whole. Bitcoin but you can also mine. Bitcoin and this is very confusing and. you should probably read some articles.

from people who are a lot smarter than I. am to explain this but they're not going. to do it it's a digital way to represent. the process of producing a currency and. they set it up so that you get a. computer that runs these crazy. calculations and then you qualify to. potentially be one of the people who. gets a Bitcoin or a certain number of. bitcoins that are spit out every so. often on a fixed schedule so that a. certain amount of this currency will be. produced 21 million bitcoins will be. produced over the life of the currency. never any more unlike the dollar which.

you've got in your pocket now no I wish. could be just printing it over and over. and over again and we have inflation so. it's a digital simulation of like mining. for gold and you get you get coins right. or you can just go straight and take. your dollars and buy it and you can make. a bunch of money because if people start. speculating about this and all of a. sudden all this interest goes in you. know the value of Bitcoin Bitcoin could. go up. thousand percent you know that's not. gonna happen with a dollar and of course. it can also go down and there's a site. where you can buy real stuff with your.

feathercoin oh yeah feathercoin. specifically yes okay you know what time. it is. hey guys my name is Jack I'm from. Ecuador and time for the wheel of. mythicality we're gonna be discussing. even more about cryptocurrency and good. mythical more including we might get a. fight coin yay wet that's the latest. cryptocurrency quest click through to. good mythical more and then check out. our Twitter account. twitter.com slash threatened link you'd. be amazed at the stuff that we put a. little but closely I dare you to not be.

amazed abort ending Oh abrupt ending now. if I could will sound effects in my. everyday conversation I would certainly. invest in that matter of fact I'd pay. you $20 right now if you can make that. happen.