EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche

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:

 

 

 

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