Cryptocurrency is becoming more widely accepted sooner than expected, thanks in part to Facebook’s launch of its own cryptocurrency, Libra. For quite some time I’ve been studying about cryptocurrency and believe it can be a big help to nonprofit organizations and churches. In this episode of the vlog, I’m sharing with you why we should be paying attention to Libra and its development, how different it is with other cryptocurrencies, and more.
I’d also love for you to check out the book I co-wrote with Nick Runyon, ‘Crypto for Good’: https://www.amazon.com/Crypto-Good-Demystifying-Cryptocurrencies-Nonprofits-ebook/dp/B07P8BCVVY.
I think Facebook just created the Facebook of Cryptocurrency. Yes, that would make Bitcoin the Myspace of the crypto world.
Let me explain.
If you haven’t heard, Facebook announced that they will be joining with 100 different partners including companies like Mastercard, Uber and PayPal. I think the best summary from Libra’s whitepaper that explains the currency is in these 3 core points:
It is built on a secure, scalable, and reliable blockchain;
It is backed by a reserve of assets designed to give it intrinsic value;
It is governed by the independent Libra Association tasked with evolving the ecosystem.
Let me quickly explain each point:
1. Libra is built on the same powerful technology that Bitcoin was built on: blockchain. While many have challenged the merits of cryptocurrency, few question the power, security and scale of blockchain technology.
2. The Libra Association will hold a collective of fiat currencies as reserve that will give the “stable...
I started paying attention to cryptocurrency about 2 years ago when a friend of mine told me that she invested just a few hundred dollars and that investment turned into 6 figures of value and later 7. Before I began to invest, I wanted to understand what it is and how it works and why in the world something could escalate in value so fast.
I still remember sitting at Starbucks about 18 months ago with my boss, Rick Dunham, where I shared with him my fascination with cryptocurrency and the 2 of us trying to wrap our minds around what it is and the implications that can follow? Unfortunately, we didn’t figure it all out in that hour at Starbucks, but it was the beginning of a journey.
These conversations took me down a path of questions that included:
What is money?
Why is money worth anything?
Why do banks exist?
Can money be worth something one day and nothing the next?
Do we need a new kind of money?
What is blockchain?
Is it really possible to build a...