I got a bit itchy during the weekend and ended up sitting and writing about bitcoin, dogecoin, crypto and more. It all started when I caused a twitter debate by posting this tweet:
It caused quite a reaction with people arguing over whether it is true. It made me decide to answer some of the most urgent questions of today. I haven't tried to answer all of them and yet, by the time I'd finished, what was going to be a short blog had expanded to almost 6,000 words. Shoot.
So, it's not a blog but it's a download for those who want it. The download link is at the bottom of the page. Trust you find it useful!
Here's the intro:
Everything You Always Wanted to Know About Crypto (But Were Afraid to Ask)
In fact, I couldn't work out the right title and ended up with Who let the coins out? for short.
I’ve argued for a long time that we need a digital currency to support the globally networked economy: is it bitcoin? Let’s have a look.
In this almost 6,000 words paper, I try and answer the question that immediately popped into my mind when thinking about cryptocurrencies. I know there are more, like how does a blockchain work, where did bitcoin come from, who is Satoshi Nakamoto, etc, and you can find all of the answers to the other questions over here or in my book ValueWeb. I just wanted to answer the main ones here and placed embedded links throughout that will tell you more, if you want to know more. Here are the questions I came up with:
- Why has bitcoin gone crazy in the last year?
- Why are banks and financial firms embracing crypto?
- What about governments?
- Why do other cryptocurrencies rise when bitcoin rises?
- Why is Dogecoin going crazy ?
- So how come Stonks continue to pop up?
- Is Dogecoin a good alternative to bitcoin?
- What about other cryptocurrencies then?
- Should I invest in Ether or Bitcoin?
- Is bitcoin destroying the planet?
- Can a country ban bitcoin?
- Is bitcoin a good or bad thing?
- What happens if banks and governments cannot regulate crypto?
- What does Chris Skinner really think?
My conclusion is that banks and governments are getting it all wrong; they don't understand where the demand is coming from or why; they say it's a scam and for money laundering and bad actors, when it clearly is not; and yes, the coins are out there now so it's too late, which is actually a huge opportunity and not a threat.
You can download using the form below but, before you do, I have to warn you it's going to ask for a PayPal payment. Why? Well, I give most stuff away for free but this is something that Gartner would charge $1000s for; this is just $9:99. If you are too mean to pay that, it's fine. Equally, if you don't know how to use PayPal or don't have an account, they offer a credit or debit card payment at the bottom of the PayPal sign-on screen. You don't need a PayPal account to use PayPal [try using bitcoin].
I will be interested in your thoughts and questions.
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Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...