BLOG

Don’t Understand Bitcoin? Here Are the 3 Things You Need to Know

Bitcoin is a digital currency that is created through “mining” and recently reached its highest value at more than $3,500 per bitcoin. But what is it, exactly?

Wences Casares, founder of Bitcoin wallet startup Xapo, joined Tuesday’s “The Glenn Beck Radio Program” to explain what makes Bitcoin unique and why the average person doesn’t need to struggle with understanding it.

The important thing to remember is that you can use and understand Bitcoin without truly understanding all of its mechanics. Casares compared Bitcoin to the internet, something that many people use without fully comprehending how the technology works. He also listed three things “that did not exist before Bitcoin existed” and make the digital currency unique.

First of all, Bitcoin is not under the jurisdiction of any one country or military force.

“Nobody can control it,” Casares said. “Not me, not any group of people, not any company, not any country, not any army.”

Unlike regular money, Bitcoin was developed to reach a finite amount; there will never be more than 21 million Bitcoin in the world. The third quality that makes Bitcoin unique is that it gives you the ability to send currency instantly to anyone in the world. “No one can keep you from acquiring some Bitcoin,” Casares explained.

GLENN: So tell me how you believe people will say, "Don't take my bitcoin, but you can take my internet." What do you mean by that?

WENCES: Understanding bitcoin -- bitcoin is simpler than the internet at a technical level, if you will. And I think when people don't understand it, it's not their fault, but our fault. The people explaining it. We make it more complicated than it needs to be, because it makes us sound more intelligent, I guess, or something.

STU: We try that a lot too. It doesn't work for us.

(chuckling)

WENCES: You think about it, most people feel confident and comfortable about their understanding of the internet. Right? Without really understanding how --

GLENN: How it works.

WENCES: -- it really works, technically. It's not necessary to understand it. Or even a credit card. Right? Most people feel very confident with a credit card, understanding how it works.

But if you ask them, what happens when you swipe the card, where does that information go? Does it go to your bank or to the merchant's bank? At what point does it get approved? Who says it, right?

We don't really need to understand a lot of those details, to understand how credit cards work and what they can and cannot do for us. The same thing with internet and the same thing for bitcoin.

And the things that do matter and that we do need to understand of bitcoin are quite simple, really. And it's three, three things that make bitcoin unique, that we're not -- that did not exist before bitcoin existed, that bitcoin brought to the world.

Number one and most important: It's that it's not controlled by anyone. And it is not possible to control it. And it's a key feature. Without it, it would be irrelevant. It has a lot of very positive consequences. It has some potentially negative consequences. But it's what makes bitcoin bitcoin. Nobody can control it. Not me. Not any group of people. Not any company. Not any country. Not any army. Nobody can control it. That's number one.

Number two, is there will never be more than 21 million bitcoin. It's a finite number. And that cannot be changed.

And number three, whenever you have some bitcoin, you are free to send it to anyone you want, anywhere in the world, pretty much in real time, and pretty much for a very, very low cost. That last quality, it's quite revolutionary. And I call -- a lot of people call it the uncensorability of bitcoin.

No one can keep you from acquiring some bitcoin. It's impossible to do. No one can keep you from keeping those bitcoin, and no one can keep you from sending those bitcoin to whomever you want.

When you put those three qualities together, that's really all you need to understand about bitcoin. How that gets accomplished, it's complicated and technical, but not really needed to understand. Just like you don't need to understand how the internet manages to deliver all of this movies and stuff that it does.

GLENN: You grew up in Argentina --

WENCES: Yep.

GLENN: -- when the economy collapsed. When the money collapsed.

WENCES: Correct.

GLENN: And I am imagining that that drives you quite a bit when it comes to bitcoin.

WENCES: I think so, yes. I would imagine so.

 

THE GLENN BECK PODCAST

Right vs. Left: The Time for Compromise Is OVER | Jesse Kelly | Ep 146

The Left worked for decades to get control, and now they have it: “Every cultural pillar has been infected and taken over,” Jesse Kelly warns Glenn. So, it’s time to get out of the stands and onto the field. On this episode of "The Glenn Beck Podcast," the host of the nationally syndicated "Jesse Kelly Show" joins with a blunt message for the Right: The time for compromise is gone. This system that’s raising young people who hate America can’t be salvaged, and while taking back Congress in 2022 would be nice, LOCAL victories are what really matter. But this won’t be a quick fight. Thankfully, Jesse has some solutions, and they involve Play-Doh …

Shorts

Where are our STANDARDS, America?

Since when are we the people that throw our hands up and accept the new normal?

We're the people, that despite all odds, we took it on. We didn't settle for less. And that's what they're telling you to do now, settle for less.

No. That's not who we are. Why would we be willing to sit around and wait for the government to fix it?

Don't lower your standards. That's un-American. We don't lower our standards. We raise standards. And that is our legacy.

Paid

Elon Musk CALLED OUT for…chocolate milk?

You can milk anything with nipples, as we discovered in the documentary Meet the Parents. Maybe someone should tell Elon Musk if he's really serious about the environment, he should try oat milk, almond milk, heck — there's even banana milk. It would at least keep some of the lefty trolls at bay.

TV

Biden’s border bloodbath: The deadly crisis EXPOSED

Corruption, greed, and death. This is what the Left’s border policy is REALLY about, not the humanitarian effort they claim it is.

On tonight's episode of "Glenn TV," Glenn Beck exposes the groups benefitting from the border chaos under the Biden administration. A leftist money supply flows to NGOs on the border that are now taking the roles that the government should be filling with immigration and helping immigrants to flood into the U.S. Glenn asks: Why is the U.N. funding the flow of migrants to our border and subverting Congress? Why are former Biden staffers working for “non-profits” that are now getting exclusive, HIGHLY irregular multimillion-dollar border contracts? Worse than that, the consequences of Biden’s border policy have now turned deadly. National Guard members at the border are dying, fentanyl from China pours across the border, and terrorists have found an easy path to enter our country.

Finally, Glenn asks Texas Rep. Chip Roy if it’s time to impeach DHS Secretary Mayorkas for his negligence that is costing American lives.

Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.