#06: Can I trust Bitcoin?

One of the most important issues for Christians considering Bitcoin is Trust. 

The episode begins by looking to the Bible for what God says about Truth, Trust, and Verification. This is followed by an open and honest discussion about various areas of concern for those considering Bitcoin including security, scams, and scare tactics. 

The episode concludes with suggestions of practical wisdom that you can implement to strengthen your confidence in Bitcoin and your own personal security.

Concerns Addressed:

1. Is a money that is “stored on the Internet” durable in the face of internet outages, electrical blackouts, and computer viruses?”

2. Is Bitcoin a Ponzi scheme?

3. Is Bitcoin something that can be hacked?

4. Is Bitcoin susceptible to regulatory pressure by government?

5. If I am not tech savvy, is it likely I will lose or corrupt my Bitcoin?

6. If Bitcoin is just software, why can’t a group overwrite the code to inflate the supply or confiscate my portion?

7. Why should I trust Bitcoin miners? Wouldn’t they be incentivized to steal?

8. When the Bitcoin incentive structure ends, what will motivate miners to continue validating transactions? In other words, is it durable for the future?

9. The volatility of the price is harsh and does not give me confidence in the store of value. Will it ever become more stable?

For a list of helpful books, articles, and other podcasts referenced in this episode, check out our website: bitcoinandthebible.com

Connect with us on Twitter

Show - @BTC4believers

Will - @pleberean

David - @thebtcboomer

Simon - @pray_hodl

To e-mail the show: [email protected]

Visit our website: https://bitcoinandthebible.com