Episode-2005- Bryan Young on Cryptocurrency in Layman’s Terms

Bryan is usually a generalist, but the space program piqued his interest in technology in the early 1980s. By age 10, he had begun learning electronics and basic computer programming. He has degree in electrical engineering and has spent over 20 years helping manufacturing clients use automation to improve productivity.

Bryan also enjoys amateur radio, kayaking and camping, beekeeping and orcharding. He loves to learn and to work with his hands building, fixing, and tinkering.

Bryan found the TSP community in late 2012 and listens to the show daily.  Bryan has been researching blockchains, cryptocurrencies and their practical applications for his personal use.  He joins us today to discuss cryptocurreny, wallets and the bitcoin hard fork in laymen’s terms.

Join Us As We Discuss…

  • What’s the difference between on-chain and off-chain transactions
  • How do you evaluate and learn the different wallet applications
  • What is an online wallet
  • What are the advantages and disadvantages of an online wallet
  • Why might you use this type of wallet
  • What is a software wallet
  • What are the advantages and disadvantages of a software wallet
  • What is a hardware wallet
  • What are the advantages and disadvantages of a hardware wallet
  • What is a paper wallet
  • What are the advantages and disadvantages of a pepper wallet
  • How do you backup the different kinds of wallets
  • What’s up with a Bitcoin hardfork and how does it affect my Bitcoin

Resources for today’s show…

Sponsors of the Day

Wallets Bryan Recommends

Remember to comment, chime in and tell us your thoughts, this podcast is one man’s opinion, not a lecture or sermon. Also please enter our listener appreciation contest and help spread the word about our show. Also remember you can call in your questions and comments to 866-65-THINK (866-658-4465) and you might hear yourself on the air.

Join the MSB Today

Join the MSB Today

Want Every Episode of TSP Ever Produced?

Remember in addition to discounts to over 40 vendors who supply stuff you are likely buying anyway, tons of free ebooks and video content, MSB Members also get every edition of The Survival Podcast ever produced in convenient zip files in blocks of 24. More info on the MSB can be found here.

28 Responses to Episode-2005- Bryan Young on Cryptocurrency in Layman’s Terms

  1. Is it just me or does Bryan’s side have an echo?

  2. Great job, listened to this podcast last night/this morning! Thank you for explaining wallets so clearly, this is the stuff people need to know first off. You did a great job Brian, I agree with everything you said about wallets. I will say I also don’t know about all online wallets as there are just too many, and like you said most do not let you hold your private key, but there is 1 I know of that does let you hold your private key and print a paper wallet from. That one is the blockchain.info wallet. I really like how you broke it down into security and use case with wallets because different wallets and wallet types are good for different things. Again great job Brain!

  3. Aaron Williams

    Listened to the last crypto podcast and listened to another podcast called neocashradio.com . Listened to lets talk bicoin but found I couldn’t download current shows so was listening to old shows. Randy from neocashradio.com has a YouTube video the does a good job of explaining BitCoin. Thanx Jack and Brian

  4. Pasquale DeAngelis

    Hey Jack, very interesting. I was driving when I listened and did not write down Bryan’s website, podcast and other contact information. could you provide?

  5. Chris Coney from episode 1953 has a good podcast called the cryptoverse. You can find it at https://www.cryptoversity.com

  6. Bryan Young

    Hey guys, if you need to reach me, I am monitoring the comments here. If you need to reach me privately, you can do so through the contact me form at http://preparingtothrive.com

    I put content up there so infrequently, I just didn’t want to advertise it as a resource and it has nothing on crypto.

  7. And thanks so much Brandon. I’m glad it makes sense how I explained it.

  8. I do need to follow up on this question. At least at the time I retrieved this, USD on deposit with a Coinbase is in a custodial account and is FDIC insured.

    “Fiat Currency

    Coinbase stores all customer fiat currency (government-issued currency) in segregated, custodial bank accounts. The funds held in those accounts belong to Coinbase’s customers – not to Coinbase.

    If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000.

    Even if Coinbase were to become insolvent, the funds held in the custodial bank accounts could not be claimed by Coinbase or its creditors. The funds held in those accounts would be returnable to Coinbase’s customers.”

    https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

  9. Are there any alternatives to Coinbase that are not so intrusive with personal questions? I am uncomfortable with the increasing number of questions they are asking – like my job, where I get my money, birthday, SSN, etc – and I apparently have to answer these before they will let me do anything more than a trivial transaction. That said, what is the best way to get bitcoins out of coinbase? Send them to some other site? Convert them to USD and re-buy elsewhere? Thank you very much, Jack and Bryan, for this episode – it was very informative.

    • Well, I do remember having to give Coinbase an SSN and birthday but not much else other than what was necessary (Credit card and bank account numbers), but I’ve had an account for a while.

      Basically in the world of the “Patriot” Act and Know You Customer policies, US and western based FinTech companies are going to ask for this information, especially if they have to connect to the established conventional banking and credit systems.

      You do not, however, need to do this if you use a software, hardware or paper wallet. Even some online wallet services don’t, but they also don’t allow you to connect to the banking or credit card systems. You’ll have so find other ways to convert to crypto.

      Now, getting crypto out of Coinbase is simple. Once you’ve set up a new wallet, you put the new wallet address into the Coinbase app or website SEND function, type in an amount and viola! Be absolutely sure the to address is correct. If you’re tentative about it, send a small amount first to get some confidence in the process. BTC will take some time to confirm.

      Hope this helps!

      • Modern Survival

        The concerns about Coinbase are due to people wanting lets call it “pure bitcoin” but banking convenience. Um you don’t get both.

        It amazes me, “coinbase wants my ssn, no way”.

        Oh okay do you have a paypal account? “yes”

        Do you have a bank account? “yes”

        Do you have retirement, brokerage, IRA style accounts? “yes”

        Didn’t you have to give your SSN to set up all of those? “yes”

        Okay then why are you surprised that coinbase would ask for them too?

        Seriously coinbase is the main stream by the book crypto currency service. You are going to get the same identity requirements with any bank account, merchant account, investment service, etc.

        • Thanks for the replies Bryan and Jack. I did indeed have to provide my SSN to some of the more traditional financial organizations you mentioned; however I have *never* had to tell them what the source of my funds were – nor my occupation – both of which Coinbase is now asking for, before letting me purchase more coin.

          In adopting cryptocurrency I had hoped to gain a little more anonymity in my dealings – but I guess it isn’t going to happen at Coinbase.

          Looks like a hardware wallet is the way to go.

      • It’s not so much for the wallet service that Coinbase asks this, though they may, but more the funding from credit or banking systems.

        I prefer hardware and software wallets myself. But the funding from those wallets have to come from somewhere else. You’ll need to transact business somewhere, either in crypto natively or by doing an exchange of USD for crytpo. It’s that exchange that generates the issue.

        You might trying services like purse.io where you offer to purchase items in USD from places like Amazon and people pay you in crytpo or maybe something like localbitcoins.com

        • Modern Survival

          Yea please think about this…..

          “I object to Coinbase asking the source of my funds”

          Okay well are you not going to use Coinbase to buy your cryptocurrency?

          “Yes that is the point”

          Okay so when you actually buy it won’t you have to give them the source at that time anyway?

          I will also add that Paypal again does the same thing.

          You want the best way to get crypto with the least amount of interference from a third party? Do something of value and accept crypto as payment for it.

          That is the best way if you want real privacy.

  10. Jack/Bryan…ya’ll mentioned that you go to coinbase and buy Bitcoin…then as an example you transfer it to bitrix and buy dash, ripple, etc… then you move it to another wallet and do not leave it on the exchance since it isn’t as secure. Coinbase only allows BTC, ETH and LTC, what other wallet do you suggest I move the currency too if not coinbase? I would want it to be online so is JAXX what ya’ll are suggesting to use for this purpose? Sorry if that question is confusing. I can clarify further if needed.

    Thanks!

    • Jaxx.IO is the software wallet I use personally precisely because it is multiplatform (Andriod, iPhone, Chrome app, etc) and multicurrencymultitoken. Not all of the features are there for every currency, but it is aware of those tokens/currencies and you can do basic sends and receives. The dev team is wanting to add more tokens and currencies as they are available. Right now, if it is available on Jaxx and I need a software wallet, that’s where I put it. But I’m looking for better ones… That’s just the best I’ve found for iOS.

  11. Another question…I just downloaded JAXX and it supports some other currencies such as dash that I want, but what if I want to buy Ripple, Swarm City or others…what wallet should I use for that?

    • I haven’t gotten into Ripple yet so I haven’t had a need for a wallet that supports it.

      Swarm City has it’s own wallet right now. From what I can tell, it’s a software wallet that uses your browser. I haven’t found any mobile apps that support it yet on iOS.

      As an aside, I just got a note that the Ledger hardware wallets have just added Ripple support if that’s something you’re interested in.

      Hope this helps.

    • Modern Survival

      Yep when I bought SWT I just set up my wallet at swarm.city I sent BTC to my Bittrex account, used it to buy SWT, soon as it was done I sent it to my Swarm.city wallet.

      Given what swarm.city is to become the odds are most transactions involving SWT will be inside the swarm itself. I don’t really see a lot of third party wallets giving it priority for the next thing to add, not yet anyway.

      Ripple I know nothing about it.

  12. Hey guys, what exchange do you recommend for BTC, ETH, etc?

    • Modern Survival

      I use Bittrex, https://bittrex.com/ but I only use it to buy and move stuff.

      So I will take some BTC from coinbase and send it to my Bittrex account, buy say some DASH and send that DASH strait to my Jaxx wallet as soon as the transfer fills.

      Thanks to Jaxx I am about to be taking a lot more cryptos as MSB Payment.

  13. Guys, for those of you that needed them, I’ve partially expounded upon and posted the notes I used for the interview I did with Jack. Hopefully this helps.

    Cryptocurrency in Laymen’s Terms: TSP Interview Notes for Episode 2005

    I’ll be editing them further as I go back through the interview, but wanted to get them to you today.