Cryptocurrencies have been making headlines in recent years, with the leading cryptocurrency, Bitcoin, recently reaching an all-time high of over $71,000 according to coindesk.com. However, there is often confusion between cryptocurrencies and Bitcoin. Financial consultant Matt Frazier, who is a member of a local group advocating for Bitcoin adoption in Cody, clarifies that while Bitcoin is a type of cryptocurrency, it is considered the top monetary asset in this realm.
Frazier and his colleague Teresa Bacal, who is actively involved in Bitcoin events around the world, are passionate about educating others on the potential of Bitcoin. However, they understand that not everyone wants to delve into the technical details. As Bacal puts it, “It’s like asking how your Visa card works. Most people just want to use it.”
Their goal is to introduce as many people as possible to Bitcoin and provide a space for questions and resources. They hold monthly meetings, with the next one taking place at Cody Craft Brewing Company on March 20th. While these meetings won’t cover everything from the ground up, they are a great starting point for those interested in learning more about Bitcoin.
During their meetings, Frazier addresses common questions such as the purpose of a digital currency like Bitcoin and whether it is a safe investment. He also dispels misconceptions about its supposed use for criminal activities. Frazier points out that the US dollar is actually more commonly used for money laundering and terrorism.
To put it simply, Bitcoin is a digital version of the gold standard, with a limited supply of 21 million available to prevent inflation. It is “mined” through solving a complex math problem and adding the resulting hash to the block chain, a public ledger of all Bitcoin transactions. Contrary to popular belief, Bitcoin is not completely anonymous and can be traced, making it a less desirable option for criminals.
As for security, Bitcoin and other cryptocurrencies are stored in a digital wallet, similar to Venmo. However, it is important to keep track of the 12 seed words used to access the wallet, as transactions cannot be reversed once sent.
Frazier and Bacal hope to spread awareness and understanding of Bitcoin in their community, and their passion is evident in their efforts. As Frazier puts it, “Bitcoin is not just a digital currency, it’s a movement towards financial freedom.”
