Runda is back! This week’s episode is more Bitcoin focused, as we discuss the history of Bitcoin, the recent all time highs in Bitcoin price we’re seeing and the potential reasons for it, and once you’ve done your own due diligence – how to enter the market. We also chat about why it’s important to fund disruptive technologies. Hope this helps others understand Bitcoin better!

Key Takeaways

  1. Bitcoin surfaced on the internet in 2008, and a paper published by Satoshi Nakamoto detailed how to use a peer-to-peer network to record transactions.
  2. Three ways to buy Bitcoin:
    • Online, through an exchange. Once you have a Bitcoin wallet set up, you can buy fractional Bitcoin (it can be up to 8 decimal points) through crypto exchanges. These typically accept bank wires and Interac e-transfers. Some examples are Coinbase and Bitbuy
    • In person, at a Bitcoin ATM. You may have seen Bitcoin ATMs pop up in convenience stores around your neighbourhood in the past several years. This is a way to buy BTC anonymously, but they often charge high fees that are markups of 6-8% on top of the current BTC price.
    • On the stock market. You are able to purchase Bitcoin ETFs, such as QBTC-U.TO on the TSX. You are also able to buy shares of Bitcoin mining companies, and companies that are heavily invested in Bitcoin on their balance sheet (i.e. Microstrategy and Square). Their share price will be correlated with the price of Bitcoin, as they have exposure to the asset.
  3. Bitcoin’s price has surged recently due to a number of reasons, including increased institutional adoption, inflation, better regulation and more ways to enter the market, Bitcoin halving events – indication that it is a scarce resource, driving price up.

Listen Now!

Links/Further Reading

Bitcoin.org

Bloomberg Article – Fidelity launches inaugural bitcoin fund

Forbes Article – JP Morgan suddenly appears to be going all in on crypto

Investopedia Article – Why does Bitcoin keep going up

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Today Gloria is joined by her friend Runda. They discuss what cryptocurrency and what blockchain is, how it works and how it’s revolutionized accounting. We chat about things you need to know before investing in cryptocurrency. Hope this helps others understand cryptocurrency better!

Key Takeaways

  1. Cryptocurrencies are digital currencies that are encrypted. There is no central bank so it’s decentralized.
  2. Think of blockchain as a giant history book of transactions. Each transaction is verified by different computers on the network.
  3. All cryptocurrencies have a blockchain but not all blockchain have associated cryptocurrencies.

Listen Now!

 

Links/Further Reading

Bitcoin.org

Investopedia explains Blockchain

Sign up for no-fee banking with Tangerine or EQ using my referral code!

Tangerine – new accounts get 2.5% interest (first 5 months), use my Orange key: 40411403S1

https://tangerine.ca

EQ Bank – all accounts get 1.5% interest:

https://join.eqbank.ca?code=GLORIA1867

Thanks so much for tuning in!