{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Ep# 65 - My Take on Bitcoin &amp; Cryptocurrency","description":"Last week Bitcoin crossed $58,000 per coin. This extremely volatile digital currency has been becoming increasingly popular and getting more media attention than ever. Despite the scrutiny that comes with popularity, the technologies and concepts involved in Bitcoin are fascinating. We dedicated this episode to diving deep into what cryptocurrencies are, how they work, and whether they could be good investments. Stay tuned until the end of the episode, where Grant explains what you should keep in mind if you have plans to get involved in Bitcoin. [01:16] Interest in Bitcoin \u2013 How the interest in Bitcoin increased over the recent years and how being radically open-minded to new opportunities can be beneficial to a financial professional. [04:42] Decentralized Currency \u2013 How the blockchain technology paved the way to creating digital currencies that aren\u2019t controlled by any central bank. [07:53] How Cryptocurrency Works \u2013 Grant dives into how computers and complex mathematical operations are combined to create Bitcoin. [13:33] General Ledger - The way Bitcoin transactions are recorded is built around a fascinating concept called the \u201cGeneral Ledger.\u201d Grant explains how this process works. [15:51] Benefits of Cryptocurrency \u2013 How cryptocurrencies and blockchain technology solve some of the problems we have with traditional currencies and some of the qualities of cryptocurrencies that make them attractive. [25:44] Arguments Against Bitcoin \u2013 Disadvantages, limitations of and possible risks of using Bitcoin and other cryptocurrencies. [32:49] Gold, Dollars and Bitcoin \u2013 How the US dollars were once linked to gold reserves, why people weren\u2019t allowed to have large amounts of gold until 1971, and how this story relates to cryptocurrencies. [36:35] Taxation \u2013 IRS has already taken measures to apply tax to cryptocurrencies by treating them as assets. Grant reviews how this affects the usability of Bitcoin and other cryptocurrencies. [39:32] Does Bitcoin Belong in My Portfolio? \u2013 Grant shares his take on whether it\u2019s a good idea to have cryptocurrencies in your portfolio and what you should be concerned about if you\u2019re considering buying Bitcoin. &amp;nbsp; Resources: IRS - Frequently Asked Questions on Virtual Currency Transactions:  www.irs.gov\/individuals\/international-taxpayers\/frequently-asked-questions-on-virtual-currency-transactions ","author_name":"Grow Money Business with Grant Bledsoe","author_url":"http:\/\/growmoneybusiness.libsyn.com\/website","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/18053840\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/88AA3C\/\" height=\"90\" width=\"600\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/item\/18053840"}