This week we talk about what Bitcoin is, how it works in theory, how it works in practice, and what the criticisms are. The feedback form is at htotw.com/contact Leave us voice message at +1 (208) 996-8667 or htotw.com/speakpipe Support the show on a monthy basis with Patreon or just once with PayPal, credit or debit card, Apple Pay, or Google Pay links are at htotw.com/donate Subscribe at htotw.com/subscribe Join our Discord server at htotw.com/discord Crypto Disclosure - I own 0.00666 Bitcoins What is a block chain What’s a transaction On chain Off chain Why is cryptocurrancy a thing? Decentralized - No one entity owns it Universal - Not tied to fiat currencies Private - Can’t be tracked and tied to your personal identity How’s that worked? As of April 3, 2022 the top 10,000 addresses or about 0.03% (0.0277794%) own about 60% (59.16%) meaning the remaining 99.97% own the remaining 40% Until China banned mining in 2021 60-70% of all mining was in China Universal - Can get around sanctions Private - KYC Fees on transactions can easily match Paypal, Stripe, or Credit Cards Criticisms Volatility - It’s gambling It’s insecure - By 2017 data breaches resulted in about 1 million bitcoin being stolen from exchanges An estimated 20% of bitcoin have been lost due to people losing their private keys Crime - Estimated to be about 3%, but transcations still happen between KYC exchanges and Russian black market exchanges Climate Sources - https://mitsloan.mit.edu/ideas-made-to-matter/bitcoin-who-owns-it-who-mines-it-whos-breaking-law - https://bitinfocharts.com/ - https://en.wikipedia.org/wiki/Bitcoin#Design - https://news.climate.columbia.edu/2021/09/20/bitcoins-impacts-on-climate-and-the-environment/ - https://www.bbc.com/news/technology-56012952 Feedback Alan via the contact form about Time Zones This episode is brought to you by: Henry K Danielle Pat Acks from the Humanists of Idaho SoJo Big Easy Blasphemy Darryl G Arthur K Samuel C Beatriz A Levi C Richard G Balázs Steve F Brad R And by our $1 patrons and those who want no reward. Contact information, show notes, and links to Social Media and the like can be found at https://htotw.com The music in this episode is: Welcome to the Show by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/4614-welcome-to-the-show License: https://filmmusic.io/standard-license NewsSting by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/4124-newssting License: https://filmmusic.io/standard-license Ditty Pong by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/4676-ditty-pong License: https://filmmusic.io/standard-license Disco Sting by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/3653-disco-sting License: https://filmmusic.io/standard-license Sweeter Vermouth by Kevin MacLeod Link: https://incompetech.filmmusic.io/song/4450-sweeter-vermouth License: https://filmmusic.io/standard-license Full shownotes can always be found at https://htotw.com/5 Download episode