BTC238: Bitcoin 101 w/ Michael Schmid (Bitcoin Podcast)
We Study Billionaires - The Investor’s Podcast Network
Inside Bitcoin Transactions
This chapter explores the intricacies of Bitcoin transactions, focusing on the significance of transaction fees in determining processing speed. It also examines Bitcoin mining services that offer operational benefits while promoting financial independence and productivity.
Michael and Preston explore Bitcoin's foundational principles, covering digital scarcity, mining incentives, node infrastructure, and the importance of self-custody versus third-party management.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
12:13 - How Bitcoin prevents government-led currency debasement
19:14 - Why block reorganizations occur and how they're resolved
23:11 - The mechanics of block creation and transaction verification
28:55 - What makes Bitcoin a secure and decentralized timekeeper
31:13 - The economic incentives behind Bitcoin mining
33:54- The role of transaction fees as block subsidies decline
37:01 - How Bitcoin's security model addresses hack concerns
41:05 - How self-custody empowers users and mitigates risks
50:02 - Differences between running a node and mining
1:00:04 - Innovations in node infrastructure from the 256 Foundation
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Michael’s X Account.
- Website: Nakamoto Heating Solutions.
- Website: 256 foundation.
- Check out all the books mentioned and discussed in our podcast episodes here.
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