The Basics of Bitcoin with Jimmy Song
In This Episode:
What is money? We use it, we spend it, and doing so gives us the illusion that we understand it. But very few people understand the minutiae of money, and even people who ought to know better don’t understand how money comes into existence. If people understood that we are all financial slaves for as long as we are a part of the current banking system, they would no longer subscribe to it. People need a way to plan for the future, and in terms of financial planning, it is very difficult when you don’t know what is happening and there is so much uncertainty. But there is an alternative, a way to escape the current system and plan for the future: Bitcoin.
Before you can understand Bitcoin, you need to think about the money that you do understand. You need to compare it to what you do know, like stocks and the U.S. Dollar. Bitcoin expert Jimmy Song got into the Bitcoin space in 2011 and has since written four books on the topic. He joins Jim on the podcast this week to share his expertise and the basics of Bitcoin in a clear, comprehensible way to help you understand it more, and see why it is a way to get out of a monetary system that, among so many other issues, makes it harder to follow God.
In this episode, Jim and Jimmy talk about the financial uncertainty caused by the current financial system most people subscribe to, fiat money and how it leads people to high time preference behavior, why that’s a bad thing, and much more. Learn the problem with money as we know it, how Bitcoin can help give more certainty and security in our lives, and some of the most common misconceptions around Bitcoin that we hear today.
Books Mentioned in the Episode:
Becoming Your Own Banker by Nelson Nash
Honest Money: Biblical Principles of Money and Banking by Gary North
The Law Paperback by Frederic Bastiat
The De Moneta of Nicholas Oresme
Mere Christianity by C.S. Lewis