001 Episode WHAT'S BITCOIN Part 1 with Adam Back & Peter Todd - All In Bitcoin With CK

CK discusses with Adam Back & Peter Todd, two big hero's in the Bitcoin space, the Bitcoin fundamentals and beyond! Refresh and stretch your Bitcoin fundamentals in WHAT'S BITCOIN? Part 1

Disclaimer:All views expressed by me or my guests are solely our own opinions. You should not treat any opinions expressed in this podcast as a specific endorsement to make a particular investment or follow a particular strategy, but only as an expression of personal opinion. This podcast is for informational purposes only. It does not constitute financial, legal, or political advice, and it does not promote or oppose any political party, candidate, or campaign. This podcast may contain speculation, or interpretation. We encourage listeners to do their own research and verify information independently.

Follow Adam Back's work:
X: @adam3us - Nostr: @adam3us - X @blockstream

Follow Peter Todd's work:
X: @peterktodd - Nostr: [email protected] - https://petertodd.org

Follow CK & All In Bitcoin:
X: @allinbitcoinpod
Nostr: [email protected]

TIMESTAMPS:
0:00 - Intro
0:52 - What's money?
1:08 - The origins of trade and money
1:29 - Why gold became money
1:56 - Bitcoin as money
2:10 - What is fiat money?
3:54 - Is Bitcoin a better money?
5:07 - Early attempts to replace fiat money and their failures
5:50 - Is Bitcoin more than money?
6:20 - What does peer-to-peer mean in Bitcoin?
6:44 - Bitcoin vs. bitcoin
7:03 - What is a blockchain?
7:41 - What are altcoins? Why do Bitcoiners call them "shitcoins"?
8:51 - What makes Bitcoin’s blockchain unique?
9:55 - Bitcoin’s neutrality, openness, and censorship resistance
11:16 - Peter Todd’s contribution to Bitcoin: CheckLockTimeVerify
11:54 - When did Bitcoin really launch?
12:29 - Peter Todd’s first reaction to Bitcoin
13:18 - Peter Todd tried to invent Bitcoin as a teenager
15:35 - Why freedom of money is crucial for freedom of speech
16:27 - Does it matter who Satoshi Nakamoto is?
17:52 - Debunking the claim that Satoshi owns 1 million BTC
18:46 - What is a Satoshi or "sat"?
19:19 - What is the Genesis Block?
20:02 - The hidden message in Bitcoin’s Genesis Block
21:20 - Why Satoshi included a newspaper headline
22:43 - What is a cryptographic timestamp?
23:16 - Why Peter Todd created OpenTimestamps
24:45 - Wrapping up with Peter Todd
24:52 - Guest introduction: Adam Back
25:05 - What is a Bitcoin halving?
25:38 - Why did Satoshi implement halvings?
26:21 - The 21 million Bitcoin cap
27:16 - Why Bitcoin’s supply limit is important
28:40 - Does the halving affect Bitcoin’s price?
30:53 - Bitcoin mining explained simply
32:51 - What is proof-of-work and why is it crucial?
33:55 - The origin of Hashcash and its role in Bitcoin
37:04 - Hashcash vs. other proof-of-work ideas
39:47 - What is hash rate?
40:25 - What is difficulty adjustment?
42:02 - How do hash rate and difficulty impact Bitcoin?
43:08 - Why Bitcoin transactions are final
45:23 - What is a coinbase transaction?
46:12 - What are confirmations in Bitcoin?
47:19 - How does a transaction get multiple confirmations?
48:51 - How many confirmations are considered safe?
50:23 - How do Bitcoin transaction fees work?
51:17 - How do miners know if mining is profitable?
51:59 - How much does it cost to mine a Bitcoin block today?
52:55 - What are mining pools?
53:37 - Do mining pools threaten Bitcoin decentralization?
55:47 - Do miners have any role besides mining?
56:40 - How do soft forks work?
57:58 - What happens when two miners solve a block at the same time?
58:43 - Bitcoin’s impact on the environment
1:00:25 - The energy consumption debate
1:02:17 - Why Bitcoin’s energy use is justified
1:03:18 - Is Bitcoin a better form of gold?
1:03:44 - Where to follow Adam Back
1:03:55 - Outro

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