As a small business owner, I haven’t thought about cryptocurrency and Bitcoin for years. But in this week’s The Small Business Radio Show, we discuss what you need to know about Bitcoin for your small business, your customers and suppliers.
Chris Brady is a New York Times bestselling author and speaker with a new book called “The Bitcoin Bride”. He was on Richtopia’s Top 200 list of most influential authors in the world.
According to Chris, Bitcoin is not that complicated. He says it’s just money. Bitcoin was created to fix the money system because it is broken. Governments and banks can expand their offerings whenever they want…. backed by nothing. This is bad news for consumers as it leads to inflation, erodes business profits and personal savings. Bitcoin is a hedge against inflation.”
Chris defines Bitcoin as decentralized money with no government involvement. He adds: “There’s game theory and a lot of math involved. It’s a three trillion dollar industry.”
Chris explains how people earn Bitcoin; “You run a simple program that does a math race to see who can collect all the transactions and stack them into blocks. They suggest that the block is next in the chain. Whoever wins the race gets to write the next block and gets Bitcoin. There will only be 21 million Bitcoins, so it will be controlled by rules, not rulers.
Chris believes that Bitcoin protects your money from inflation (but I will add that this does not protect you from Bitcoin’s volatility value). He emphasizes that Bitcoin overtime has increased (by 900% in the past 3 years). But according to Chris, this stops many people from using it as a monetary medium of exchange because it values so much.
Bitcoin is used by major retailers such as Tesla. In El Salvador, Bitcoin is legal tender, so it is used for exchanging goods and services. Chris sees other countries experiencing hyperinflation moving to Bitcoin.
The Federal Reserve is considering a digital currency under President Joe Biden’s instructions. But according to Chris, this is a bad idea because it would increase the surveillance and control of your money.
Listen to the entire interview with Chris Brady on The Small Business Radio Show.
Image: Chris Brady
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