Oct 03, 2019
Tom Portz, CFP, Waukesha, WI
tentative - Bitcoin: It Affects Us All

Bitcoin has been in the news quite a bit lately. As the most popular cryptocurrency, Bitcoin has drawn attention from private citizens to government agencies. Included are reports of people losing large sums of money investing in Bitcoin. Which is why an overview of Bitcoin is most timely.

The concept behind Bitcoin was introduced to the world in 2008 through an essay published online.  All transactions take place on a peer-to-peer basis; there is no banking or credit card system. A host of computers around the world authenticate and store the transactions. A sophisticated algorithm, developed by the National Security Agency, helps protect the data. Successful transactions are stored permanently in the computers in what are known as blocks. Those blocks form the foundation of blockchain technology.

Bitcoin has been in the news recently due to its widely fluctuating value.  Portz advises against investing in Bitcoin at this time.  Yet he suggests that the blockchain technology has merit. Blockchain technology could be valuable in numerous industries and processes, including health care, shipping, and warehousing. During a recall, for example, investigators could find the specific item in a container of goods without having to destroy the entire shipment. 

It remains to be seen how the technology evolves and is employed throughout the world.

FYI ... Tom Portz is a frequent speaker on the topic.  He does not sell anything and his presentation is educational.