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The Intrinsic Value Podcast - The Investor’s Podcast Network
MI033: Bitcoin, Cryptocurrencies, and Blockchain Part 2 with Preston Pysh (Investing Podcast)
Mar 25, 2020
Preston Pysh, MD, PhD, a thought leader in the cryptocurrency space, dives deep into the world of Bitcoin and blockchain. He explains Bitcoin mining in an accessible way, comparing it to gold mining, and discusses its economic impact, including factors like market demand and halving cycles. The conversation also contrasts Bitcoin with fiat dollars, emphasizing potential returns on minor investments. Pysh sheds light on cryptocurrency cycles, providing millennials with strategic insights for their investment approaches while navigating Bitcoin's notorious volatility.
49:00
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Quick takeaways
- Bitcoin mining parallels gold mining, where significant resources are invested to validate transactions and secure the blockchain network.
- The intrinsic value of Bitcoin is dictated by mining costs and scarcity, creating a dynamic floor for its price influenced by demand and production costs.
Deep dives
Understanding Bitcoin Mining
Bitcoin mining can be likened to the process of mining for gold, where miners expend resources and effort to extract this scarce digital asset. Miners utilize their computer processors to solve mathematical puzzles, which are published approximately every ten minutes in a competitive environment. The successful solution allows them to validate transactions and secure the blockchain, similar to how gold mining involves evaluating the costs associated with obtaining gold from the earth. This process is known as proof of work, highlighting the effort and investment required to maintain the Bitcoin network's integrity.
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