Preview Mode Links will not work in preview mode

This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

  1. All Episodes
  2. EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche

EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche

Jul 10, 2018

Alan Wunsche is the CEO and Chief Token Officer of TokenFunder. TokenFunder is a regulatory-compliant blockchain venture funding platform with Ontario's first regulated Initial Token Offering.  Alan is also the Chair and Co-Founder of Blockchain Canada, a Canadian federal not-for-profit corporation with a mission to connect Canadian Blockchain Innovators and to help Canada be a leader in blockchain technology. Alan is recognized as a finance technologist focused on new blockchain business models and its disruptive impacts on global wealth distribution and innovation.

 

Alan joins me today to explain what cryptocurrencies are and the role blockchain technology plays with this digital asset. He explains how Bitcoin got started, its origins and intent, and how cryptocurrency networks represent a peer to peer version of online cash. He also shares examples of simple and complex transactions using cryptocurrencies and debunks some of the most common myths and misconceptions regarding bitcoin and other cryptocurrencies.

 

 

“Cryptocurrencies allow us to represent anything of value.” -  Alan Wunsche

 

 

This Week on Young Money:

 

  • How Alan's experience led him to work with cryptocurrencies and blockchain technology.
  • The origins of Bitcoin and how it started using blockchain technology.
  • Why is it called "blockchain"?
  • Key terms related to cryptocurrencies and blockchain technology.
  • How Bitcoin works, how is it valued, and its real-world applications.
  • What mining for crypto means.
  • What Ethereum is, where and how it started and how it differs from bitcoin.
  • What TokenFunder serves to provide.
  • What people should learn about cryptocurrencies and the best way to learn.
  • Common misconceptions about cryptocurrencies.
  • Resources to continue learning about blockchain and cryptocurrencies.

 

Key Takeaways:

 

  • Cryptocurrency network is simply a peer to peer version of online cash.
  • Blockchain technology is essentially about decentralization. No financial institutions are involved in a bitcoin transaction.
  • If both parties can agree, one token can be worth half a house or even half a business.
  • To accelerate your learning, get a digital wallet and purchase a unit of cryptocurrency so you can understand how a transaction works and learn firsthand.
  • A digital wallet does NOT hold the cryptocurrency, it simply reflects the balance from the public blockchain ledger.
  • People are using this new fundraising mechanism to disrupt the venture capital world.

 

Resources Mentioned:

 

 

Connect with Alan Wunsche:

 

 

 

Rate, Share & Inspire Other Young Millionaires-in-the-Making

 Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!

 Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.