In this solo episode, Sunny Ray breaks down the fundamentals of Bitcoin for newcomers, explaining it as the world's first open source, decentralized digital currency and payment network. He walks through why traditional cross-border money transfers are slow and expensive, comparing the shift to Bitcoin with earlier internet breakthroughs like email and Skype that removed costly intermediaries. Ray describes how Bitcoin lets users send value directly, peer to peer, without banks or clearinghouses, resulting in lower fees, no frozen accounts, and access in any country. He touches on Bitcoin's fixed supply of 21 million coins, the role of miners in securing the network and verifying transactions, and the transparency of the public ledger. Ray also highlights benefits for businesses, including minimal transaction costs and no chargebacks. Along the way he introduces himself as the founder of Unocoin, a leading Bitcoin and cryptocurrency company in India operating since 2013, and shares that he splits his time between Toronto and Bangalore while running educational events on Bitcoin.
Sunny Ray explains what Bitcoin actually is and why it could fix the broken, expensive world of sending money.
What is Bitcoin?
Bitcoin is essentially the world's first open source decentralized digital currency and payment network, so it's really two things in one. It's a digital currency like dollars or gold in that it goes up and down in value and is fairly volatile. It's also a payment network, not like Visa or PayPal, but analogous in that it offers a digital rail to send and receive bitcoins.
Why is it so expensive to send money internationally right now?
Because of all the intermediaries you have to go through, central banks, banks, payment companies, all these different entities getting between you and whoever you're sending money to. If you want to send someone a hundred dollars through something like Western Union, you'd be lucky to get eighty dollars to actually arrive.
How does sending and using Bitcoin actually work?
There are several currency exchanges where you can buy and sell bitcoins for dollars, euros and more. Your bitcoins are kept in a digital wallet on your computer or mobile device, and sending bitcoins is as simple as sending an email. You can purchase pretty much anything with Bitcoin.
Is the number of Bitcoin actually limited?
Yes, there are only 21 million bitcoins, that's it. There will never be more than 21 million bitcoins ever created. That scarcity, combined with how easily you can transact with it, similar to email, is part of why people are getting excited about it.
How is the Bitcoin network secured?
The network is secured by individuals called miners. Miners are rewarded with newly generated bitcoins for verifying transactions, and after transactions are verified they get recorded in a transparent public ledger that anyone can review.
What are the benefits for businesses that start accepting Bitcoin?
Bitcoins are a great way for businesses to minimize transaction fees. It doesn't cost anything to start accepting them and it's easy to set up. There are no chargebacks, and you can end up getting additional business from the broader Bitcoin economy.
Who are you and what do you do in the Bitcoin space?
I'm super passionate about Bitcoin and I run a company called Unocoin in India. We're one of the leading Bitcoin and cryptocurrency companies there, and we've been around since 2013. I also run events, mostly in Toronto, and split my time between Toronto and Bangalore, which are kind of my two homes.
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