If you've been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur.

If you've been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur.

If you've been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur.

If you've been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur.

If you've been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur.

This is a technology that is being adopted faster than any other technology ever was, and it’s an opportunity that’s going to disrupt life, business, and humanity forever. 

This is a technology that is being adopted faster than any other technology ever was, and it’s an opportunity that’s going to disrupt life, business, and humanity forever. Why this content is being brought to you, is to serve as a red flag and get your attention to at least do your research and learn about what this is so you can make informed decisions going forward.

This is a technology that is being adopted faster than any other technology ever was, and it’s an opportunity that’s going to disrupt life, business, and humanity forever. Why this content is being brought to you, is to serve as a red flag and get your attention to at least do your research and learn about what this is so you can make informed decisions going forward.

This is a technology that is being adopted faster than any other technology ever was, and it’s an opportunity that’s going to disrupt life, business, and humanity forever. Why this content is being brought to you, is to serve as a red flag and get your attention to at least do your research and learn about what this is so you can make informed decisions going forward.

This is a technology that is being adopted faster than any other technology ever was, and it’s an opportunity that’s going to disrupt life, business, and humanity forever. Why this content is being brought to you, is to serve as a red flag and get your attention to at least do your research and learn about what this is so you can make informed decisions going forward.

This interview on the Tim Ferris show will help you think more clearly about the difference between Web2 and Web3, and give some insights into what the future of business might look like after the impact that the crypto/blockchain world will have. 

It is critical that you do the research needed to get a better grasp of how cryptocurrency, defi, blockchain and web 3.0 are going to disrupt businesses in a major way.

What is Bitcoin?

Bitcoin is a decentralized digital currency that can be sent globally from peer-to-peer without the need for a bank or any other central organization.

How does Bitcoin work?

The Bitcoin network is a large group of computers that are connected to a network and operate together. The purpose of the network is to facilitate people sending Bitcoin to each other, and to ensure that each transaction is legitimate.

How are Bitcoins created?

Bitcoins are created by “mining”. Miners receive rewards in the form of Bitcoin by validating and securing the network. The miners compete with one another to add a “block” to the blockchain and the winning miner is rewarded with Bitcoin. Thus, new coins are added to the ecosystem.

How many Bitcoins are there?

As of writing, there are almost 19 million Bitcoins in existence. Only 21 million coins that will ever be ‘mined’.

‘Mining’ Bitcoin is a complicated process: Since the Bitcoin network needs to connect to the real world (and that requires electricity), miners use computers to solve complicated math problems. Whoever finds the answer to adding a new ‘block’ of information to the blockchain first is rewarded with a fraction of a Bitcoin.

Every 4 years since 2009 the reward for “mining” Bitcoins is halved. In 2009, 50 Bitcoins were mined every 10 minutes. Since 2020, 6.25 Bitcoins have been mined every 10 minutes.

Why is Bitcoin called ‘digital gold’?

Bitcoin is called digital gold because of it’s inherent scarcity. There will only ever be 21 million Bitcoins in existence. Once all the Bitcoins have been mined … that's it. Bitcoin is also easily divisible and usable as currency. Lastly, Bitcoin is not controlled by an individual or group of people and the total supply cannot be adjusted.

How does Bitcoin compare to traditional currency?

Traditional currency is typically controlled by a central group (for example, the Federal Reserve for USD) and therefore that group has full control over the supply and distribution of that currency. This takes power and consolidates it into one central group. As a result, the controlling group can print as much currency as they wish and cause inflation which devalues that currency.

"Official" Glossary & Terms

- Bitcoin: A decentralized, digital currency that uses cryptography for security and anonymity. A Bitcoin is not a 'physical' asset - it's a fungible token kept on a public ledger that anyone can access. Transactions with Bitcoin (or other cryptocurrencies) are verified by a process called 'mining' which is done by a computer network. 

- Blockchain: A digitally distributed ledger that allows transactions and information to be recorded across a network. Crucially, a blockchain is decentralized - so there is no one 'owner' of the information (like there would be when you register or purchase a car). 

- Centralized: A structure which decision-making authority and control are held kept by one (or a small number of) decision makers. 

- Collection: A 'body of work' or group of assets - for example, the Impact Theory Founder's Key NFTs are a "Collection". 

- Decentralized: A system that operates independently of a central figure or authority, and is controlled by a distributed network. 

- DeFi (Decentralized Finance): A generic term for borderless, trustless peer-to-peer financial tools built on public blockchains where no single entity has control. 

- Ethereum/Eth: Ethereum is a blockchain - ETH is the currency that is used to make transactions on the Ethereum blockchain. 

In the "Web 2.0" world, we store information like passwords etc. on cloud-based storage, which means companies that 'host' that storage like Google or Facebook own that information. Decentralizing information through a blockchain makes it less susceptible to being hacked (thanks to the number of computers that maintain the security of the network). 

- Fiat: A currency recognized as 'legal tender', often backed and regulated by a government (such as the US Dollar). 

- Gas Fees: These are the costs you pay for any transaction on a blockchain. The 'miners' whose computers help maintain integrity across the blockchain charge this fee as compensation for the electricity that is required for them to serve the network.

We'll revisit Gas Fees (and Gwei) in Part 4 of Web3 University.

- Gwei: A measurement of Gas Fees. One Gwei equals one billionth of an Eth - so if you get charged 100 Gwei for a transaction, your Gas Fee is .0000001Eth. 

- Liquidity: A measure of how easily an asset can be bought, sold, or traded in a given market or on an exchange. If there are more people looking to buy a particular NFT collection, it's liquidity is high. 

- Market Cap: The total value of an asset based on its current market price. A cryptocurrency’s market cap is found by multiplying the price of a single coin by the number of coins in existence.

- Minting: The process of validating information, such as ownership of an NFT, and registering that onto the blockchain. 

- POAP (Proof of Attendance Protocol): Unique NFT badges given to attendees to prove their attendance at an event. A number of crypto and NFT communities are now giving away these digital tokens to connect with their members and offer them many benefits.

- Satoshis/Sats: The smallest denomination of Bitcoin. 100 million Satoshis equal one Bitcoin. (Named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto)

- Seed Phrase: A random list of 12-24 words that can give access to your wallet without the password. 

IMPORTANT: Write your Seed Phrase down on paper (never on a device connected to the internet) and store it somewhere safe. 

- Smart Contract: This is a decentralized code that dictates the terms of any transaction on the Blockchain. 

We'll revisit Smart Contracts in Part 3 of Web3 University.

- Wallet: An application (like Metamask) where you store and retrieve digital assets you own like Bitcoin, Eth or NFTs. 

- Wallet Address: Also known as your 'public key' - this is a unique address (like your phone number) that people will use when transacting with you on the blockchain. 

"Slang" Glossary & Terms

- Alpha: Valuable/insider information about the value of crypto or NFTs. 

- ATH: All-Time High

- ATL: All-Time Low

- Bearish: A reference to a "Bear Market" (when performance is poor, prices are falling and everyone is losing money). If you are Bearish on a cryptocurrency or collection, you believe it's value will decrease over time. 

- Bullish: A reference to a "Bull Market" (when performance is high, prices increase and everyone makes money). If you are Bullish about a cryptocurrency or collection, you believe it's value will increase over time. 

- Burn: The process of removing tokens from a collection's supply. For example, Impact Theory's Founders Key recently hosted a burn event where we permanently removed some Keys. 

- DYOR: "Do your own research!"

- GM: A common greeting amongst NFT communities (short for "Good Morning"). 

- WAGMI: "We're All Gonna Make It," a common saying in crypto and trading circles signaling camaraderie and a positive outlook.

It is critical that you do the research needed to get a better grasp of how cryptocurrency, defi, blockchain and web 3.0 are going to disrupt businesses in a major way.

This is a technology that is being adopted faster than any other technology ever was, and it’s an opportunity that’s going to disrupt life, business, and humanity forever. 

If you've been following the cryptocurrency and NFT conversation with us recently, you’ll appreciate this incredible conversation with Robert Breedlove, a freedom maximalist and bitcoin-focused entrepreneur.

This interview on the Tim Ferris show will help you think more clearly about the difference between Web2 and Web3, and give some insights into what the future of business might look like after the impact that the crypto/blockchain world will have. 

What is Bitcoin?

Bitcoin is a decentralized digital currency that can be sent globally from peer-to-peer without the need for a bank or any other central organization.

How does Bitcoin work?

The Bitcoin network is a large group of computers that are connected to a network and operate together. The purpose of the network is to facilitate people sending Bitcoin to each other, and to ensure that each transaction is legitimate.

How are Bitcoins created?

Bitcoins are created by “mining”. Miners receive rewards in the form of Bitcoin by validating and securing the network. The miners compete with one another to add a “block” to the blockchain and the winning miner is rewarded with Bitcoin. Thus, new coins are added to the ecosystem.

How many Bitcoins are there?

As of writing, there are almost 19 million Bitcoins in existence. Only 21 million coins that will ever be ‘mined’.

‘Mining’ Bitcoin is a complicated process: Since the Bitcoin network needs to connect to the real world (and that requires electricity), miners use computers to solve complicated math problems. Whoever finds the answer to adding a new ‘block’ of information to the blockchain first is rewarded with a fraction of a Bitcoin.

Every 4 years since 2009 the reward for “mining” Bitcoins is halved. In 2009, 50 Bitcoins were mined every 10 minutes. Since 2020, 6.25 Bitcoins have been mined every 10 minutes.

Why is Bitcoin called ‘digital gold’?

Bitcoin is called digital gold because of it’s inherent scarcity. There will only ever be 21 million Bitcoins in existence. Once all the Bitcoins have been mined … that's it. Bitcoin is also easily divisible and usable as currency. Lastly, Bitcoin is not controlled by an individual or group of people and the total supply cannot be adjusted.

How does Bitcoin compare to traditional currency?

Traditional currency is typically controlled by a central group (for example, the Federal Reserve for USD) and therefore that group has full control over the supply and distribution of that currency. This takes power and consolidates it into one central group. As a result, the controlling group can print as much currency as they wish and cause inflation which devalues that currency.

"Official" Glossary & Terms

- Bitcoin: A decentralized, digital currency that uses cryptography for security and anonymity. A Bitcoin is not a 'physical' asset - it's a fungible token kept on a public ledger that anyone can access. Transactions with Bitcoin (or other cryptocurrencies) are verified by a process called 'mining' which is done by a computer network. 

- Blockchain: A digitally distributed ledger that allows transactions and information to be recorded across a network. Crucially, a blockchain is decentralized - so there is no one 'owner' of the information (like there would be when you register or purchase a car). 

- Centralized: A structure which decision-making authority and control are held kept by one (or a small number of) decision makers. 

- Collection: A 'body of work' or group of assets - for example, the Impact Theory Founder's Key NFTs are a "Collection". 

- Decentralized: A system that operates independently of a central figure or authority, and is controlled by a distributed network. 

- DeFi (Decentralized Finance): A generic term for borderless, trustless peer-to-peer financial tools built on public blockchains where no single entity has control. 

- Ethereum/Eth: Ethereum is a blockchain - ETH is the currency that is used to make transactions on the Ethereum blockchain. 

In the "Web 2.0" world, we store information like passwords etc. on cloud-based storage, which means companies that 'host' that storage like Google or Facebook own that information. Decentralizing information through a blockchain makes it less susceptible to being hacked (thanks to the number of computers that maintain the security of the network). 

- Fiat: A currency recognized as 'legal tender', often backed and regulated by a government (such as the US Dollar). 

- Gas Fees: These are the costs you pay for any transaction on a blockchain. The 'miners' whose computers help maintain integrity across the blockchain charge this fee as compensation for the electricity that is required for them to serve the network.

We'll revisit Gas Fees (and Gwei) in Part 4 of Web3 University.

- Gwei: A measurement of Gas Fees. One Gwei equals one billionth of an Eth - so if you get charged 100 Gwei for a transaction, your Gas Fee is .0000001Eth. 

- Liquidity: A measure of how easily an asset can be bought, sold, or traded in a given market or on an exchange. If there are more people looking to buy a particular NFT collection, it's liquidity is high. 

- Market Cap: The total value of an asset based on its current market price. A cryptocurrency’s market cap is found by multiplying the price of a single coin by the number of coins in existence.

- Minting: The process of validating information, such as ownership of an NFT, and registering that onto the blockchain. 

- POAP (Proof of Attendance Protocol): Unique NFT badges given to attendees to prove their attendance at an event. A number of crypto and NFT communities are now giving away these digital tokens to connect with their members and offer them many benefits.

- Satoshis/Sats: The smallest denomination of Bitcoin. 100 million Satoshis equal one Bitcoin. (Named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto)

- Seed Phrase: A random list of 12-24 words that can give access to your wallet without the password. 

IMPORTANT: Write your Seed Phrase down on paper (never on a device connected to the internet) and store it somewhere safe. 

- Smart Contract: This is a decentralized code that dictates the terms of any transaction on the Blockchain. 

We'll revisit Smart Contracts in Part 3 of Web3 University.

- Wallet: An application (like Metamask) where you store and retrieve digital assets you own like Bitcoin, Eth or NFTs. 

- Wallet Address: Also known as your 'public key' - this is a unique address (like your phone number) that people will use when transacting with you on the blockchain. 

"Slang" Glossary & Terms

- Alpha: Valuable/insider information about the value of crypto or NFTs. 

- ATH: All-Time High

- ATL: All-Time Low

- Bearish: A reference to a "Bear Market" (when performance is poor, prices are falling and everyone is losing money). If you are Bearish on a cryptocurrency or collection, you believe it's value will decrease over time. 

- Bullish: A reference to a "Bull Market" (when performance is high, prices increase and everyone makes money). If you are Bullish about a cryptocurrency or collection, you believe it's value will increase over time. 

- Burn: The process of removing tokens from a collection's supply. For example, Impact Theory's Founders Key recently hosted a burn event where we permanently removed some Keys. 

- DYOR: "Do your own research!"

- GM: A common greeting amongst NFT communities (short for "Good Morning"). 

- WAGMI: "We're All Gonna Make It," a common saying in crypto and trading circles signaling camaraderie and a positive outlook.

What Is Ethereum?

First of all, it’s a Blockchain network that can be used to store DApps (decentralized apps - more on that in a minute) as well as host smart contracts and allow people to send value (in the form of cryptocurrency or NFTs) to each other.

Ethereum & NFTs

The first NFT was created on the Ethereum network - and it is the most popular and most compatible blockchain for NFT trading right now. You can trade and create NFTs on other networks, and Ethereum has other uses than exchanging tokens.

Ethereum & Smart Contracts

Smart contracts are code that is stored on the blockchain that are executed when certain conditions are met. You’ll hear this a lot throughout Web3U - but smart contracts are ‘trustless’.

Unlike eBay, where you send the seller of an item money and then trust that the item isn’t broken or faulty (and will actually get shipped), smart contracts are more automatic and condition-based.

For example, IF an item is sold with a smart contract THEN 50% goes to Bob and 50% goes to Kara. This will happen automatically as soon as a sale happens - there’s no way Bob can ‘accidentally’ end up with all the money.

Smart contracts are public-facing and can be reviewed for security and legitimacy. Once they’re published, they cannot be changed - we have another section on reading smart contracts in part 2 of Web3U.

Ethereum & Ether (AKA Eth)

Ethereum has a native cryptocurrency called Ether (or Eth), which we’ll talk about in a separate article in this section of Web3U.

Ethereum & DApps

Traditional, centralised Apps like Angry Birds or Slack are ‘hosted’ on platforms like Amazon’s AWS or Apple’s App Store. If you were the owner of one of these Apps then and Amazon or Apple are the ‘central institution’ that determine how (or even if) your app is seen by the rest of the world.

Hosting an app on the Ethereum network means that no central authority can control - or shut down - your application.

Ethereum vs Other Blockchains

As we mentioned earlier, Ethereum is not the only blockchain - there are others such as Solana and Cardano that have similar features (and even some technical advantages), but lack the name recognition and development support.

Ethereum vs Bitcoin

While these two cryptocurrencies are very similar, there is one major distinction between them:

The Bitcoin blockchain was created purely to support the Bitcoin cryptocurrency, whereas Ethereum has many applications and uses that we’ve already discussed.

Whenever you send Bitcoin or Eth, you’ll pay a small fee in that cryptocurrency to the broader network that pays for the ‘miners’ (who are like the record-keepers). In other words, transactions in Bitcoin and Eth fund and power the blockchains.

When you purchase an NFT on the Ethereum blockchain, you’ll pay a small fee known as ‘gas’ to the miners - we’ll cover this in a later section of Web3U.

What Is Ethereum?

First of all, it’s a Blockchain network that can be used to store DApps (decentralized apps - more on that in a minute) as well as host smart contracts and allow people to send value (in the form of cryptocurrency or NFTs) to each other.

Ethereum & NFTs

The first NFT was created on the Ethereum network - and it is the most popular and most compatible blockchain for NFT trading right now. You can trade and create NFTs on other networks, and Ethereum has other uses than exchanging tokens.

Ethereum & Smart Contracts

Smart contracts are code that is stored on the blockchain that are executed when certain conditions are met. You’ll hear this a lot throughout Web3U - but smart contracts are ‘trustless’.

Unlike eBay, where you send the seller of an item money and then trust that the item isn’t broken or faulty (and will actually get shipped), smart contracts are more automatic and condition-based.

For example, IF an item is sold with a smart contract THEN 50% goes to Bob and 50% goes to Kara. This will happen automatically as soon as a sale happens - there’s no way Bob can ‘accidentally’ end up with all the money.

Smart contracts are public-facing and can be reviewed for security and legitimacy. Once they’re published, they cannot be changed - we have another section on reading smart contracts in part 2 of Web3U.

Ethereum & Ether (AKA Eth)

Ethereum has a native cryptocurrency called Ether (or Eth), which we’ll talk about in a separate article in this section of Web3U.

Ethereum & DApps

Traditional, centralised Apps like Angry Birds or Slack are ‘hosted’ on platforms like Amazon’s AWS or Apple’s App Store. If you were the owner of one of these Apps then and Amazon or Apple are the ‘central institution’ that determine how (or even if) your app is seen by the rest of the world.

Hosting an app on the Ethereum network means that no central authority can control - or shut down - your application.

Ethereum vs Other Blockchains

As we mentioned earlier, Ethereum is not the only blockchain - there are others such as Solana and Cardano that have similar features (and even some technical advantages), but lack the name recognition and development support.

Ethereum vs Bitcoin

While these two cryptocurrencies are very similar, there is one major distinction between them:

The Bitcoin blockchain was created purely to support the Bitcoin cryptocurrency, whereas Ethereum has many applications and uses that we’ve already discussed.

Whenever you send Bitcoin or Eth, you’ll pay a small fee in that cryptocurrency to the broader network that pays for the ‘miners’ (who are like the record-keepers). In other words, transactions in Bitcoin and Eth fund and power the blockchains.

When you purchase an NFT on the Ethereum blockchain, you’ll pay a small fee known as ‘gas’ to the miners - we’ll cover this in a later section of Web3U.

What Is Ether?

First of all, Ether is also known as ETH, eth, or by the symbols Ξ or the diamond at the top of this post. 

While Eth is different from a traditional cryptocurrency like Bitcoin, you can think of them as being very similar.

Eth is the transactional token that facilitates operations on the Ethereum network - for example, a developer who builds an app on the network may need to pay fees in Eth to host and execute their application on the network.

It can also be used to buy and sell goods, like Bitcoin. 

Eth Vs Bitcoin

Bitcoin and Eth are the largest and second-largest cryptocurrencies in the world (at the time of writing). While Bitcoin is capped at 21 million coins, the total number of Eth coins changes according to demand.

The Bitcoin blockchain is simply a ledger of accounts and ‘who owns what’, whereas contributors to the Ethereum network can build more code into transactions, like smart contracts. Therefore, Bitcoin was created to be an alternative to traditional currencies whereas Ethereum was created to facilitate operations on the network. 

The main thing to understand about Eth is that it is the currency of the Ethereum blockchain and underlies every transaction. It is an asset that can be bought, sold, and transferred, thus opening up an open economic system.

What Is Ether?

First of all, Ether is also known as ETH, eth, or by the symbols Ξ or the diamond at the top of this post. 

While Eth is different from a traditional cryptocurrency like Bitcoin, you can think of them as being very similar.

Eth is the transactional token that facilitates operations on the Ethereum network - for example, a developer who builds an app on the network may need to pay fees in Eth to host and execute their application on the network.

It can also be used to buy and sell goods, like Bitcoin. 

Eth Vs Bitcoin

Bitcoin and Eth are the largest and second-largest cryptocurrencies in the world (at the time of writing). While Bitcoin is capped at 21 million coins, the total number of Eth coins changes according to demand.

The Bitcoin blockchain is simply a ledger of accounts and ‘who owns what’, whereas contributors to the Ethereum network can build more code into transactions, like smart contracts. Therefore, Bitcoin was created to be an alternative to traditional currencies whereas Ethereum was created to facilitate operations on the network. 

The main thing to understand about Eth is that it is the currency of the Ethereum blockchain and underlies every transaction. It is an asset that can be bought, sold, and transferred, thus opening up an open economic system.