With a background in Supply Chain & Operations Management, I wanted to learn more about the impact of blockchain on my workfield. Throughout the DLT Talents program from the Frankfurt School Blockchain Center, I became fascinated by the opportunities within blockchain and cryptocurrency.
To see how the barriers towards investing are lowered, for example, as there is no need to be an accredited investor to buy, hold, sell, trade, lend, or borrow cryptocurrency. Mostly when explaining blockchain, bitcoin is also mentioned. Join me on my journey to explore and get insights from genuine bitcoin enthusiasts through a series of interviews.
Bitcoin is the first decentralized cryptocurrency allowing peer to peer transactions on the internet. It is a medium of exchange and a store of value. Its total supply is 21 million bitcoin.
A good conversation about bitcoin is intertwined with discussing the history of money. For newbies to the topic, comparisons with more conventional financial options can be beneficial. Just as you would research the background of a stock before investing, it’s worth taking a closer look at bitcoin as well.
Visual Capitalist shared a Bitcoin Sharpe ratio vs Major Asset Classes overview by Bloomberg via Franklin Templeton Digital Assets, 2024. It’s mentioned that, by Sharpe Ratio, bitcoin has been the best performing asset for the last 10 years.
Wondering if traditional finance service providers have started offering bitcoin? Coincub shared a chart showing integration of cryptocurrency into the traditional banking system. While not all banks currently offer these services, it’s a start. After researching bitcoin, is it advisable to invest in it? And if so, should it be purchased through a bank? To kickstart my bitcoin learning journey, I reached out to Nicole Nowak for an interview.
Nicole is a bitcoin educator, and a mentor. She also works for Les Femmes Orange. She has her own podcast in German called bitcoin kurz erklärt with a focus on non-tech people. The majority of the listeners are women, but this went organically. She shared her insights on the importance of bitcoin education in this interview.
“The Bitcoin Standard by Saifedean Ammous changed my view on money and finance. Knowing about money and inflation is important for women”
Around 2021 there was much going on about DogeCoin and Elon Musk. Her younger brother suggested investing in DogeCoin, which prompted her to research it and also learn about bitcoin. She then dove into the crypto rabbit hole. A former colleague recommended a book titled “The Bitcoin Standard” by Saifedean Ammous. After reading it, her perspective on money and finance completely changed.
“The key message in bitcoin education is to create a fair society with new options and honest interactions. Bitcoin has the potential to transform the way we interact and the way we transport value”
Nicole wants to encourage women to dare to get educated in bitcoin. She strongly believes that it’s not only about investing, it’s about creating a fair society with new options. Bitcoin is a tool that can help do all that and that is the key message.
“Fix the money, fix the world”
She mentions that when studying bitcoin the focus should be on tech possibilities, on financial freedom and learning about how the world operates. About the pro’s and con’s of the current system. The current system is not fitting any more, it’s broken. It’s like a child that outgrew his clothes and is in need of new ones. Money is the foundation of how we interact globally. If the money is broken, everything is broken and everything becomes inefficient.
It’s often said to fix the money is to fix the world. By separating the power of money and the power of politics, we can change things for the better. Nicole envisions a future with honest interaction and an end to false narratives. She believes that bitcoin can help to transform the way we interact and transport value.
“Mass adoption will come gradually and naturally”
According to Nicole everyone should act according to their own capabilities. There is no right or wrong choice in deciding to hold or spend your bitcoin. There are many good reasons to believe that the price of bitcoin will go up. So seeing it as a store of value is super clear.
Idealists, on the other hand, argue that bitcoin adoption increases when people spend it. She strongly believes that mass adoption will come gradually and naturally.
“It can be expected that things won’t be easy from a regulatory perspective and it will be quite exciting to find solutions”
She mentions that there is the assumption that wallets such as the wallets of satoshi & other lightning wallets will disappear. Probably they will no longer be offered by app stores. She is optimistic that, in case this should happen, bitcoiners will find solutions to make lightning accessible again. That will be quite exciting as it will expectedly not be easy from a regulatory perspective. However, with institutions like Blackrock using bitcoin, it’s only a matter of time before bitcoin evolves. At that stage, it will become impossible to ignore.
“Collect experiences with lightning apps like wallet of Satoshi or Phoenix and buy a coffee or a beer with bitcoin; it’s often an eyeopener”
To get educated on bitcoin Nicole shared some tips:
Attend a bitcoin meetup. Try to pay with bitcoin at the location where the meeting is held. This way you gain firsthand experience in how bitcoin payments work.
See how fast lightning transactions go. Try to collect experiences with lightning apps like Wallet of Satoshi or other wallets like Phoenix. At events by Les Femmes Orange attendees are encouraged to buy coffee and beer with bitcoin. It’s often an eyeopener.
Read books on bitcoin like for example the Bitcoin Standard by Saifedean Ammous and Mastering Bitcoin by Andreas Antonopoulos. By reading books we can learn how interesting and brilliant bitcoin is.
A special tip for females who are new to bitcoin, reach out to other females in the bitcoin community.
Sources:
[1] “De-crypting Bitcoin.” An educational flyer on bitcoin by Franklin Templeton. Jan 10th, 2024. Link: https://franklintempletonprod.widen.net/s/vmv65lqrrs/btc_fl_1223
[2] “Ranked: Bitcoin Returns vs. Major Asset Classes” by Alan Kennedy. For Visual Capitalist. Source Bloomberg via Franklin Templeton digital Assets, 2024. July 19th, 2024. Link: https://www.visualcapitalist.com/sp/ft01-bitcoin-returns/
[3] “The Evolution of Crypto Banking: A Surprising Surge in Services and Global Leadership.” A Medium article by Coincub. May 20th, 2024. Link:https://coincub.medium.com/the-evolution-of-crypto-banking-a-surprising-surge-in-services-and-global-leadership-8c8f6bb7b81d
With the DLT Talents Program the Frankfurt School Blockchain Center guides the way for female leadership in the blockchain space. Through education and mentorship they facilitate women to become entrepreneurs, technologists, regulators, investors, and/or multiplicators in the blockchain, crypto, web3 space. https://web3-talents.io/dlt-talents/
Important note: This article is strictly educational and for general information purposes. Consult a professional for financial advice tailored to your situation.
Through the following links you can learn more on Nicole’s bitcoin education:
Marilyn
