Skip to content
Home » The Truth About Bitcoin

The Truth About Bitcoin

Stefan Molyneux from Freedomain Radio discusses the rise of Bitcoin, its history, mining, fees, altcoins etc. and more in a YouTube video, which you can reach via this link. If you would like to get more from Stefan Molyneux and Freedomain Radio including books, podcasts and other info, please visit www.freedomainradio.com. Below is the full transcript of the video…

TRANSCRIPT:

Hi, everybody. My is name Stefan Molyneux, and I’m the host of Freedomain Radio. I think it’s really important to take a few minutes to understand the future of freedom, I would argue, which is Bitcoin and old coins and related to digital currencies. Now, why is this important? Fine question. I would argue that it’s important because fundamentally control over human beings used to be direct control over them like they were slaves or they were serfs. Now what’s happened is the people who are in charge of society, the people who run society have found it much more profitable and a better camouflage to control money, and through the control of money they can control people.

So like an amateur thief will stick a gun in your ribs and demand your wallet, but a really sophisticated thief will control the Central Bank and print money for his use and his friends’ use and then stick you with the results and inflation and have you blame the poor helpless shopkeeper who is forced to raise prices because that’s an overprinting of money.

There doesn’t seem to be any particular end to this problem of fiat currency, central banking, government control of money and interest rates and the resulting control of human beings. Hundreds of fiat currencies have been around throughout history. They’ve all hit the same disaster with, I guess, the exception of the British Pound which has only lasted only about 96% of its value since it was first introduced a few hundred years ago. So I think it’s really important to understand what digital currencies are, how they operate, and why they’re so important. So we’re going to focus a little bit on Bitcoin here. There are some other stories that we’ll talk about as well.

So what is a Bitcoin? How does Bitcoin work?

A Bitcoin is a networked cryptocurrency. Now, crypto sounds cryptic. It just means that it is cryptography. It’s based on the cryptography branch of mathematics or the hiding of particular information in special codes. Bitcoins are transmitted from one Bitcoin address to the next in any amount desired with zero cost overhead. You can apply a small cost overhead if you want in the terms of pennies to have it transact a slight amount faster but it is free.

Pages: First |1 | ... | Next → | Last | View Full Transcript