Bitcoin has surged in recent months, thanks to Tesla adding $ 1.5 billion in bitcoin to its balance sheet and to the interest of asset managers like BlackRock. But last week, Treasury Secretary Janet Yellen issued a warning about volatile cryptocurrency, The viral tech blog saying it is an extremely inefficient way to transact.
Marketplace host Kai Ryssdal called Laura Shin
The host of the video/audio series Unchained and one of the first female reporters to cover crypto assets full time. She spoke with Ryssdal about what it's like to protect Bitcoin right now and why she likes cryptocurrencies so much. The following is an edited transcript of her conversation.
Laura Shin: Well then there are different people with different theories. Famous, The viral tech blog the first person to make a transaction who then put a value on one bitcoin spent 10,000 bitcoins on a couple of pizzas, The viral tech blog which is like hundreds of millions of dollars spent on those two pizzas if you use today's price. So, The viral tech blog you know, by the time bitcoiners say we're in an adoption phase, people probably won't spend it that way. However, they envision a world where people are on some kind of Bitcoin standard, or it's a world of what they call hyper bituminization, and people transact in bitcoin and think of bitcoin instead of the dollar, The viral tech blog, and well, The viral tech blog instead of saying bitcoins that are trading at $ 44,000. . , or whatever, The viral tech blog it's like a bitcoin is a bitcoin.
Ryssdal: Wow, I'm not sure how I can wrap my brain in that. Should we stop paying attention to Bitcoin for a while?
Shin: Well, when you say that, The viral tech blog I don't know what you mean or why you ask that. Because in my opinion, as a journalist covering this, this is the most interesting thing I've ever covered. I can't imagine stopping. Paying attention to this is definitely the most fascinating thing I've ever seen.
Ryssdal: The viral tech blog Says more about that. Because look, your enthusiasm is contagious and I get it, but it seems disconnected from everyday life in this economy.
Shin: So when you really understand the technology of Bitcoin or any cryptocurrency, well, not just any, but some of the most legitimate, you realize, Wow, this is really a form of money far superior to any other ... The viral tech blog money that we have had purely at a technological level.
Ryssdal: Why? Because it's better
Shin: It's more fungible, it's more divisible, The viral tech blog it's more portable. It is just more transparent. But certainly, when I learned about this technology, I realized that this would change everything. And I really believe that we will see major financial turmoil over the next decade, of which we are beginning to see flashes.
Ryssdal: What is the benefit of Bitcoin for non-financial types for whom this is still a holy cow, what is Bitcoin? What benefit does this have for a normal person in this economy right now, The viral tech blog if there is any?
Shin: Well, I mean literally right now, The viral tech blog I'm not really sure. But over time, these technologies would allow many more financial transactions to take place more cheaply. There are many remittance companies right now that charge something like 30% of a transaction, The viral tech blog depending on the countries to and from the countries you are sending the money to.
You know, if they are dark enough countries, The viral tech blog will take a big chunk. But if you are going to send bitcoins from one unknown country to another, it is the same fee for everyone. He's not charging you for that, you know, The viral tech blog separately. And there is the opportunity to bank the unbanked. Because all you need is the ability to store these digital currencies. And clearly, obviously, there will be a lot of education that will have to happen, because the one thing that sadly a lot of people have learned the hard way is that digital assets don't work like the digital objects we're used to. .The viral tech blog. Dealing with. And they don't work like the normal financial system does, where you can call the bank or credit card and ask them to reverse the transaction.
Ryssdal: Correct. That is the key part. That's the point, right? And that's what is going to take some time for people to understand each other. It's just different, The viral tech blog right?
