In this episode of the Bitcoin Fundamentals Podcast, Preston Pysh interviews Michael Schmid to discuss the basics of Bitcoin, focusing on explaining it in simple terms for newcomers. They delve into the problem Bitcoin solves—digital scarcity and control of the money ledger—and the technical challenges involved, such as synchronizing transactions globally and maintaining decentralization. Schmid explains how Bitcoin addresses these challenges through blocks, transaction fees, and mining, while also emphasizing the importance of self-custody and running a node to verify transactions and enforce network rules. They also touch on the risks associated with outsourcing custody to third parties and the incentives for miners to maintain the integrity of the blockchain.
