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| Name | The Dangers Of "Paper Bitcoin" |
| Video Uploader | Video From Bitcoin University |
| Upload Date | This Video Uploaded At 21-12-2021 15:02:43 |
| Video Discription | Ultimate Guide To Bitcoin Course: https://www.trader.university/courses/38824-the-ultimate-guide-to-bitcoin Use the discount code YT99 to get the best price. In this video, I discuss the dangers of "paper Bitcoin" and "Bitcoin IOUs." These come into existence when Bitcoin IOUs are issued by a company, which may or may not hold real Bitcoin to back it up. If a company is issuing Bitcoin IOUs that are not fully backed with real Bitcoin, it risks insolvency in the case of a large Bitcoin price spike. The issuance of paper BTC and BTC IOUs cuts both ways: 1) It artificially increases the overall supply of Bitcoin, though there will still only be 21 million real Bitcoin. 2) It lays the foundations for a potential massive Bitcoin price spike. This would be analogous to 19th century bank runs, where depositors rush to redeem their physical gold, leaving banks insolvent and gold paper claims worthless. Never leave your Bitcoin on the exchange or inside an app, where someone else is holding your private keys for you. "Not your keys, not your Bitcoin." Not investment advice! Consult a financial advisor. How to withdraw Bitcoin from an exchange: https://www.youtube.com/watch?v=GpWH0d06YJM&ab_channel=TraderUniversity You can't trust the banks (Cyprus): https://www.usatoday.com/story/money/business/2013/07/29/bank-of-cyprus-depositors-lose-savings/2595837/ Panic of 1837: https://en.wikipedia.org/wiki/Panic_of_1837 Bank runs: https://www.investopedia.com/terms/b/bankrun.asp Check out my online trading courses: https://www.trader.university/join Use this secret coupon code to get a discount: YT99 Check out my Amazon best-seller, "A Beginner's Guide to the Stock Market": https://www.amazon.com/Beginners-Guide-Stock-Market-Everything-ebook/dp/B07S31TBF5 I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals. #Bitcoin #Cryptocurrency Disclaimer Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading. |
| Category | Education |
| Tags | Bitcoin | paper Bitcoin | Bitcoin IOUs | Robinhood | Coinbase | not your keys not your coins | Bitcoin self-custody | Trader University |
