---
title: Bitcoin Explained + Cryptocurrency 101 With Erik Voorhees
description: Let's get into Bitcoin explained, Blockchain explained, and Cryptocurrency 101 with ShapeShift CEO Erik Voorhees.
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Mar 08, 2021
# Bitcoin Explained + Cryptocurrency 101 With Erik Voorhees
 [Wes Schaeffer](https://thesaleswhisperer.com/blog/author/wes-schaeffer)
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**. **
- Lots of cryptocurrencies
- Some good, some really bad
- Still diverse and complicated ecosystem now
- Bitcoin is the first of the cryptocurrencies
- Was the first block chain to ever exist
- Digital currency, store of value, decentralized, distributed
- It's a form of immutable money
[](https://thesaleswhisperer.com/hs/cta/wi/redirect?encryptedPayload=AVxigLI2%2Bm%2BACYHQAqD2O6iCE5y8AwtDGBAhPP%2BEtic1Rk95m7shSbn5acBDKiNo0I%2BQPC%2BdH5EAyaXpDYUNi3aUhbmGGjoCAquT3HGQbqc86XyRiZ%2FxkN8kzsYzoydLU1OoMXIpErEnbAFTzZq1h59nxFal3f4Uss%2BQ8u8n4K2R3cP6TsD%2BAsPbSsY%3D&webInteractiveContentId=184981315418&portalId=443614)
- Peer-to-peer
- It is destabilizing to banks the way the internet was destabilizing to shopping
- Money is typically seen as a governmental item or tool
- Money is just the thing that is most bartered for
- Divisible, scarce
- Governments usurped money
- Bitcoin is digital money
- Every cryptocurrency is built on a blockchain
> Money will be pulled away from the government and it will change the world."
- Established, known to all parties, and cannot be changed
- The supply is completely known
- Fiat currencies tend towards zero
- You are responsible for your money
- Complete autonomy and responsibility in your own hands
- There are lots of custodians but you have to trust them
---
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---
- With fiat currencies you never have real authority over them
- Napster was a centralized company creating a peer-to-peer network and got shut down
- Bitcoin is not a company, it's just a peer-to-peer network
- Anyone can run a node on their computer
- They are in sync
- All nodes are aware and record what happened
- Torrents have never been shut down
- [KYC](https://www.cryptovantage.com/guides/know-your-customer/): Know Your Customer—financial intermediaries must take information from their customers
- Bitcoin does not enforce financial reporting rules
- ShapeShift is non-custodial
- ShapeShift supports wallets
- Coinbase, Binance, etc. are custodians
- Governments do not like cryptocurrency as a general rule because it diminishes their own power
- The longer something like cryptocurrencies exist, the more accepted they become and the harder it is to shut down
- Bitcoin is open-sourced
- Anyone can build their own cryptocurrencies
- There are competitors to Bitcoin but others like Ethereum was created for different purposes
- Some are scams
- The cryptocurrency market is still in its early stages
- NFTs are not cryptocurrencies but they have a lot of similarities
- All Bitcoins are fungible
- All Ethereum units are fungible
- Crypto-Kitties was the first NFT—Non-Fungible Token
- Blockchain keeps the ledgers synchronized and verified and accurate
- Blocks are pages of that ledger
- Many blocks form a chain
- Social and economic implications for the world in the same way when electricity was brought to the world
- Money will be pulled away from the government and it will change the world
- Bitcoin is half as old as the Euro
## [](https://thesaleswhisperer.com/hs/cta/wi/redirect?encryptedPayload=AVxigLLuqY69kpJqiIstmQfQ3zRPBkn6oUG0atB%2B7FsrtDO2Cp%2B%2FI%2BNjXMVuxDLCsiN0l9vufuOnjBo%2Bl1w6%2Bj9patT7oeRrknWcKLlQSmQ9qf6Q2z8LtG1Z6mCfTULBpFKhrHUg8vgqELXtO2yDURNLnBqfJBqkkdsnhG437eZ4wPW7TxmBOmms&webInteractiveContentId=178194433547&portalId=443614) Links Mentioned In [The Sales Podcast](https://www.thesaleswhisperer.com/podcast)
- Get your own secure cryptocurrency wallet at [ShapeShift](https://shapeshift.com)
- [Follow Erik Voorhees on X](https://twitter.com/ErikVoorhees)
[The Sales Podcast](https://thesaleswhisperer.com/blog/topic/the-sales-podcast)
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 [Wes Schaeffer](https://thesaleswhisperer.com/blog/author/wes-schaeffer)
Jul 19, 2016
See how easy it can be to remember names, which makes it easy to create inbound sales. Memory Tips...
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[](https://thesaleswhisperer.com/blog/phil-singleton-seo-basics)
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## [Is SEO Dead? Deepak Shukla Explains](https://thesaleswhisperer.com/blog/seo-expert-deepak-shukla)
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