The ONE Thing You Need to Know to Start Using Bitcoin | Episode 2
Are you intimidated by Bitcoin because there’s so much to learn? At the end of the day, the one thing you really need to understand in order to use the digital currency is recovery words. Once you have mastered the fundamentals of recovery words and learned how to protect and store them, you can join the revolution and enjoy the unhackable alternative to banking that is Bitcoin. Today on the podcast, Larry and Kyle compare Bitcoin and banking, conceding that the traditional finance system may be easy to use but arguing that the security associated with crypto far surpasses that of traditional finance. They point out that most of us don’t fully understand how our credit cards work, for example, yet we use them every day—and explain how a basic understanding of private keys and recovery words is all that’s necessary to start using Bitcoin. The Brainstormers also discuss the idea behind the Lightning Trust Chain and its progress to date, offering insight around how the network was created to facilitate small transactions and why it serves as an elegant way to scale the volume of Bitcoin transactions. Listen in to understand why merchant adoption of Bitcoin is outpacing Apple Pay and learn how crypto is likely to trigger reform in the banking system. Topics Covered The ‘ease of use’ comparison between banks and Bitcoin How Bitcoin recovery words work + how to protect them Larry’s idea around creating a distress PIN The egregious lack of security in traditional finance How Lightning Network was created for small transactions The idea behind #LNTrustChain and its progress to date Kyle’s criticism of the idea to decrease the block size Why Bitcoin will be harder to change as it scales The potential to increase block size with computing power The 1-Click Amazon Bitcoin Checkout Chrome extension Why merchant adoption of Bitcoin is outpacing Apple Pay How Bitcoin is likely to trigger reform in banking Connect with Larry & Kyle Larry on Twitter Kyle on Twitter Coin Ninja Coin Ninja on Twitter Coin Ninja on Facebook Coin Ninja on Instagram Coin Ninja on YouTube Coin Ninja on Reddit Coin Ninja on Medium Resources Reddit Post on JP Morgan Coin Trezor DropBit Andreas Antonopoulos @hodlonaut on Twitter Lightning Network Lightning Network Trust Chain #LNTrustChain Moore’s Law Bitcoin Whitepaper Bitcoin Obituaries 1-Click Amazon Bitcoin Checkout