On Bitcoin Online Store in 2018 have become a very well known and popular question over time. OK, so what’s Bitcoin?
It’s not an actual coin, it’s “cryptocurrency,” a digital form of payment that is produced (“mined”) by lots of people worldwide. It allows peer-to-peer transactions instantly, worldwide, for free or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer, Satoshi Nakamoto (believed to be a pseudonym), who designed the algorithm and introduced it in 2009. His true identity remains a mystery.
This currency is not backed by a tangible commodity (such as gold or silver); bitcoins are traded online which makes them a commodity in themselves.
Bitcoin is an open-source product, accessible by anyone who is a user. All you need is an email address, Internet access, and money to get started.
Is Bitcoin A Good Investment?
Bitcoin is mined on a distributed computer network of users running specialized software; the network solves certain mathematical proofs, and searches for a particular data sequence (“block”) that produces a particular pattern when the BTC trading is applied to it. A match produces a bitcoin. It’s complex and time- and energy-consuming.
Only 21 million bitcoins are ever to be mined (about 11 million are currently in circulation). The math problems the network computers solve get progressively more difficult to keep the mining operations and supply in check.
This network also validates all the transactions through cryptography.
How Does Bitcoins work?
Internet users transfer digital assets (bits) to each other on a network. There is no online bank; rather, Bitcoin has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service for Bitcoins. Bitcoin wallets store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in. Anyone can do this, anywhere in the world.
There are smartphone apps for conducting mobile Bitcoin transactions and Bitcoins exchanges are populating the Internet.
How is Bitcoin valued?
Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike real-world money it cannot be devalued by governments or banks.
These cashless transactions are fast and the processor can convert bitcoins into currency and make a daily direct deposit into the establishment’s bank account. It was announced in January 2014 that two Las Vegas hotel-casinos will accept Bitcoin payments at the front desk, in their restaurants, and in the gift shop.
It sounds good – so what’s the catch?
Business owners should consider issues of participation, security and cost.
• A relatively small number of ordinary consumers and merchants currently use or understand Bitcoin. However, adoption is increasing globally and tools and technologies are being developed to make participation easier.
• It’s the Internet, so hackers are threats to the exchanges. The Economist reported that a Bitcoin exchange was hacked in September 2013 and $250,000 in bitcoins was stolen from users’ online vaults. Bitcoins can be stolen like other currency, so vigilant network, server and database security is paramount.
How Much To Invest In Bitcoin
• Users must carefully safeguard their bitcoin wallets which contain their private keys. Secure backups or printouts are crucial.
• Bitcoin is not regulated or insured by the US government so there is no insurance for your account if the exchange goes out of business or is robbed by hackers.
• Bitcoins are relatively expensive. Current rates and selling prices are available on the online exchanges.
The virtual currency is not yet universal but it is gaining market awareness and acceptance. A business may decide to try Bitcoin to save on credit card and bank fees, as a customer convenience, or to see if it helps or hinders sales and profitability.
Are you thinking about accepting Bitcoin? Do you already use it? Share your thoughts and experiences with us.
Looking for a Bitcoin Buying Guide? Wondering where to start? People have a lot of misconceptions about bitcoin – the very first widely known and accepted cryptocurrency worldwide.
A lot of people think for example that only hackers and shady people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia.com to Dell and even Subway accepting payments in bitcoin now.
Buy Bitcoin Instantly With Debit Card
Well, bitcoin has a lot of benefits over other currencies. For example, you can send bitcoins to someone as payment without having to go through the bank middleman (and get hit with extra fees). It’s also much faster than sending money via a bank wire or transfer. You can send bitcoins to someone and have them receiving the coins in seconds.
With all of this, it’s no surprise that many people are now trying to buy bitcoin for the first time. However it’s not as easy as going to your bank and withdrawing bitcoins – or going to a store and plunking down some hard-earned cash for bitcoin.
The system works a bit differently than that. This Bitcoin Buying Guide will go over a few things you need to know before you buy – so you can buy safely and securely.
Take your time and research the different places to buy before you decide. Factors to consider include coin prices, extra fees, method of payment and customer service.
Lets Learn Bitcoin Trading in South Africa
Once you’ve found a place to buy, get your funds ready (i.e. you may send a wire transfer or use your Visa to fund your account). Then wait for a good price. (Bitcoin prices are always fluctuating 24 hours, 7 days a week). Then place your order when you’re ready.
Once your order is filled and you have your coins, you’ll want to send them to your wallet. Simply enter your bitcoin address and get the seller to send you your bitcoins. You should see them show up in your wallet within minutes to an hour (depending on how fast the seller sends them out).
Voila, you are now a bitcoin owner. You can now send coins to pay for other goods and services, or hang on to them for a rainy day.
One last thing to remember: bitcoin is still in its infancy. There are huge price swings and the currency can be risky. Never buy more bitcoins than you can afford to lose.
Bitcoin Online Store in 2018 ?
Everyone is curious as to what bitcoin is and how one gets to earn it and spend it. Bitcoin is the most famous and biggest digital currency in the world regarding market capitalization and the market share where there are no intermediaries to handle the transactions. Microsoft Co-founder, Bill Gates has a lot of faith in Bitcoin to the point of saying, "Bitcoin is a technological tour de force."
According to Leon Louw, a Nobel Peace Prize nominee, every informed person needs to know at least about bitcoin since it has the potential to become one of the world's most significant developments.
One can buy bitcoins directly from other bitcoin users via marketplaces or through exchanges, and one pays for them through hard cash, credit or debit cards, electronic wire transfers, other cryptocurrencies, PayPal, et al.
• Wesellcrypto: - This site ranks high, and it is beginner friendly. It has a trust rating of B+, and you can buy bitcoins via your PayPal account.
• Bitquick: - This site is also beginner friendly allowing users to buy and accept payments for bitcoins via hard currency as well as bank transfers. It has a trust rating of B.
With bitcoins, you can anonymously buy merchandise; make cheaper international payments since the Bitcoins are not subject to regulation from any country. The bitcoin market is very volatile and more people are buying them hoping to make a profit when the price goes up.
Bitcoin Online Store in 2018
The Bitcoin is a type of currency designed digitally and encrypted for verification of transactions of assets, and to control creation of currency; the name given to this type of currency is cryptocurrency. This worldwide famous currency was developed in 2009 by Satoshi Nakamoto. This Peer-to-peer electronic cash system was given the symbol XBT for market usage. As any other currency, the Bitcoin has its own unit system which goes from the millibitcoin (0.001) to the satoshi (0.00000001).
The design of the Bitcoin is extremely complex, but very reliable. First, one of the questioned subjects on this matter is its security. Believe it or not, Bitcoins are more secure than regular currency. The obvious thing is that, it cannot be stole physically, and although it can be stole electronically the following explanation will show you how hard it is to do this.
Bitcoins are already gaining acceptance worldwide. As now, Bitcoins can be used in over 100,000 institutions around the world and is expected to keep growing. Although the insecurity behind the fact that there is no governmental support makes it hard to believe that this will be the currency of the future, but watch out, it might impact the world.
Bitcoins - Why you should not invest in 2018?
Hello everyone this is adammeister the bitcoinmeister the disrupt meister welcome to this week in bitcointoday is January the 5th 2018 I'm coming from San Diego where I have a stronghand and where we're gonna have a meet-up tomorrowwell I'm so pumped Michael Krieger just mentioned my hair and I just had tofluff it up up so freaking excited to have him Michael Prager literally wouldscreed Giacomo Zuko and Jacqueline was coming from straight out of Italy and ofcourse we got Ken Bozak coming from the East Coastwelcomed this outrageous panel to the show to start off 2018 I wouldn't wantto start off 2018 with any other group of guys because we need this type ofenergy to get us going to have a strong hand to keep in motion for 2018 and ofcourse check out the links below to learn all about who these guys reallyare you should already know about who they are because they've all been onthis show before anything they're talking bigpoint all over the place butbefore we talk about Bitcoin we've gotta get one of the big issues of this weekin Bitcoin added late way and it doesn't really have to do with Bitcoin it has alot to do with all these flood stirs saying flip it in rippling Bitcoin willbe number two blah blah blah I mean we've heard it all before we're veteranshere but some of you aren't some of you have we can't and you need to know whatthis ripple thing is all about so jacquimo Zucco out of italy he'salways got a lot of opinions about all points and ripples and all sorts ofstuff what is that with this ripples nonsense well I would not say a lot ofopinions it's the same old good opinion which is they are scams but actuallyyeah now it's the time of rippling I don't think is something really new Ithink that what we are seeing is just a new edition of the same old chant aboutthe new you Bitcoin is the bank Pro Bank government version of Bitcoin which heis the Disney World Cohen also the the triggers of the of the incredibly highhype was very similar to the one of one of the like the second hype cycle ofetherium where everybody was excited about the theorem and reprise Alliancewhich was a a bunch of companies that committed to experiment the use ofAthenian private Forks without actually using the ETA token but everybody gotexcited all the same so they if they eat the token price which is not used by theenterprise theorem an alliance skyrocketed that's also what RicardoSpanish traffic pony made a made fun of when he announced the Monaro EnterpriseAlliance in order to to jokingly boost the price and it actually crashed ofcourse because it was a prank but yeah but money is the only harnessedscam coin here so ripple is the same except that this time everything isbigger because Bitcoin market cap is bigger a mainstream exposure is biggerso also the the usual old scam coin hype cycle is bigger such that yesterdayactually on what's up Mike my 20 years old cuzco seen that that hated me thatasking me every christmas to stop talking about bitcoin at at the dinnerbecause i was doing that every year since a years now he's asking me advicesabout repo what is this repo so yeah is the same thing just we are reaching awider and wider circles and in this special case up i would say that thisparticular scam coin is mostly all the same so it's centralized he has nothingto do with the the business proof of concept which are bullshit anyway itcould be at least at most interesting as some kind of standard financeprogramming language but not really it's technically mostly empty and it willnever be something like bitcoin but two things are different the first thingis an interesting new touristic I mean story about ripples that as a project asa name at least it started before Bitcoin itself and the original rippleproject unlike the are they actually ripplescome the current Eric first come the the original report project was indeedinteresting some kind of weird prick affliction of Latin Network anywaybut without without rustlers collateralization so not read useful butit was an interesting project and the second thing is that ripple ripples logois a feature spinner so it's not ready and hype on a hype so it's like the twomajor fairs of this era scam coins and feature spinners finally merged in asingle pipe well now that was a great analysis of the situation now one of thefunny things that's gonna come out of all that then many of the viewers willjust be like he said Manero I must buy the point he said was ok soI'm gonna get me there I mean that's gonna be some people's taste don't letthem take away people just find will Bitcoin pound that like button becausewe're doing why oh yeah so what we say about the underlyingtechnology has nothing to do with price in this irrational hyped market sopeople will pump coins you respect not connecting anything with with realtechnology so the pheromone arrow or green maybe will have interestingtechnology and the etherium stocks or repo stocks doesn't mean that that themarket would follow that the market right now is just following marketingand usually it's like the other way around the more interestingtechnological speaking an open-source project is the less it is going to usemarketing teams so usually you can see an air a reverse correlation betweenshort-term price in pumps and the real technology underlying itoh yeah the market can be quite mind and just follow the leader and so that'sa good segue into what uh Michael Krieger of Liberty blitzkrieg has to sayabout the situation when we were talking about it all off there take it away uhMichael yeah yeah so first first I want to like I want to mention somethingabout a very important difference between ripple and Bitcoin just besideswhat was just mentioned which I think people really need to understand it'svery important because it's fundamentally and philosophically key tothe difference between these two coins is the fact that Bitcoin is driven bythe people Bitcoin is driven by consumers by people wanting to adopt itthat's what backs this community up to Baxter coin up in addition to thetechnology ripple is the exact opposite ripple goes to the banksters ripple goesto the bags it has been Bernanke giving its support Whipple has no chance ofsucceeding unless the banks like it so it could not be more different in whatwhat what will cause the success of Bitcoin versus what will cause thesuccess of ripple ripple is a fundamentally is the most establishmentcoin you could ever imagine it is its establishment coin that's what it is Ithink someone said tweet the other day they're like XRP is like Hillary Clintonas a politician and I was like yeah that's that sounds about right it's it's the Hillary Clinton of coinsI don't even call it crypto coin I don't even want to I don't go on grace it'sit's it's becoming since the suit coin it's I mean we could just keep going butanyway it's like the antithesis of everything we believe in in this in thiscommunity it's it's going it's going with their hands out to the bankerssaying please please use us okay that's I have no interest in anything like thatand neither should any of you um but but but what I want to touch on now realquick is what you are alluding to which is the fact that and this is veryimportant again if you compare the articles you'll read in the corporatemedia the mainstream media of coverage of Bitcoin versus ripple it is night andday I've been I've been reading about and writing about Bitcoin since 2012 soI've been reading all of the articles for five over five years now and everysingle Bitcoin article you'll ever read mentions the tulip umI mean sometimes they're a little bit more creative and they'll say like SouthSea or Mississippi bubble but it's all it's like 90% of the time it's Tula butby the way this is obviously a tulip bubbleby the soso ripple then goes up 30,000 percent in a year and no one's callingit a tulip bubble it's all of a sudden it's like oh look at this bitch look atthe competitor to Bitcoin you know this is this is the real deal this is here'show you buy it you know and so to me that that's a red flagthe the anything that the corporate media is going to be rallying aroundwhen it comes to this space is this is the sort of thing that you should berunning away from as fast as you possibly can and there's a lot ofreasons for that but one of them is just is the simple fact that most peoplehaven't yet got to where we've gotten which is the fact that we want adecentralized world we want a world where you don't have to trust people insuits where you can trust code where you were transparency and ethics arefundamental to the protocol and ripple just just flies in the face of all ofthat ripple is like again it's basically like trying to improve a horse and buggywhen everyone else wants an automobile and and and I have no interest in thatand so yeah I think it's a real it's a real shame that it's gotten all thisattention but at the same time I think we should use this as an opportunitybecause it's showing people for who they are and it's showing the media for whatit is and and and also it's it is to some degree showing you how stupid thisspace has become now we've we've got for the first time in the five years thatI've watched this face and I have a wall street background so I've been watchingmarkets for almost two decades now and you're just seeing the lowest commondenominator type person now throwing money into this space and it's not justripple you can see when you look at like the top ten let's say market cap coinsthe ones that have been going up the most of the ones that are trading atabout a dollar or two dollars because people are looking at the price andsaying well I can buy up you know I can buy a thousand coins at $2 but I can'teven buy one Bitcoin and it's that it's that's about us as that's the depth ofthe thought process of these new of these noobs coming in and it's veryscary and I saw a great tweet earlier today that showed that if you had thesame number of coins for ripple versus Bitcoin the price would be 18 it would acouple days ago because the price went down but it would have been $18,000 aripple you think for a moment that anyone would be buying ripple if theunit price was 18,000 of course not so let's this this is a sign that someserious stupidity has entered the space and that's that's that's worth beingaware of Wow I love your horse and buggy analogythere that is gonna go down like in the legendary Hall of Fame of this show Iknow Andy Hoffman is gonna like that that was that was really goodall right Ken a lot was just said oh yeah what is add on to it babywell I mean like like you were saying most people are coming in to ask me howto buy bitcoins so they can buy the ripple coin the new is a new Bitcoinbecause of like how he was saying the media is portraying it as such and it'sthe media versus you and me so we have Fox you know there on the TV saying thisripple coins the new Bitcoin versus you and me just people on YouTube saying noit's fucking not sorry I know you don't curse on your channel I'm sorry but umyou know it just gets me upset that people are being manipulated by thepeople that are at the top controlling everything a lot of people don'tunderstand that ripple is centralized not decentralized this supply has no capthey can dump as much ripple into existence as they want to keep thesupply where they want it at the price that they want it when I say them I meanbanks and another thing you said to compete with bitcoins market cap Ripplewould have to be what $18,000 oh no I'm saying that if you if you ifyou said the same numbers there's a hundred billion ripples so if the rightright million yeah the equivalent price you know correct me if I'm wrong butdon't you have to have 25 ripple in every wallet you create at all times andit has to stay there yeah they've changed that number before over theyears doesn't that sound like a bank account opening up a bank account whereyou have to leave money in the account you can't touch it it's not yoursanymore that to me is a red flag like imagine if you couldn't touch 25 Bitcoinwould you even bother with that technology people don't understand anyof this because they're only looking at the dollars the red and green candlesthey don't understand the technology behind the dollar sign so they're justthrowing money blindly at something people are tweeting about that theytrust it's pure manipul it's again it's another pump-and-dumpbut it's it's financial Darwinism we're going to go through these financialDarwinism stages where new people come in unfortunately they're taken advantageof because that's what happens when people come into something they don'tknow anything about but they learn they and they pass that on to the next personand more and more people come in but as more and more people come in there'smore and more people to help so that problem will eliminate itself over timebut there are people betting on Ripple and I like to call Ripple the cancer ofcrypto it's like investing in Marlborough you know people are going tokeep buying cigarettes so you're probably going to make a lot of money ifyou buy Marlboro Philip Morris stock but you're you're killing people you'remurdering people for a profit that's ripple this is a great openingsegment you on your game first of all we had we talked about ripple a long timeago I have no idea why we called it the KYCcoin I know your customer coin because it's a centralized thing who see youjust brought up a great point about how you have to store 25 ripple but thatwasn't always the rule they can change the raise whatever they want to into anyany way they want to make you'll get more of the daddy's about thatcentralization this isn't even a crypto currency and Imean we're having a blast talking about it but we're giving away too muchattention to it it's just gotten out of handI hope these 80 percenters who are buying this do learn a lesson like Kencan say that there is some survival of the fittest they learn a lesson andbecome stronger I don't know if that's gonna happen though it is ridiculouswhat's going on any any of you who have something else to say I heard some aboutto say something sorry no it's okay I was just gonna mention that you knowguys because I've been watching ripple for many many years actually I wroteabout it in 2014 actually I'm at one point 2015 they actually sent out anemail ripple AB saying well we're not actually gonna focus on the currency XRPanymore you know we're gonna focus on the technology and then they came backup three months later saying oh no we you know we do care about XRP just justthe the point of that just being that that's just Shady in itself they canjust change the message any any given time and oh another thing huge conflictpeople need to be aware ripple labs right which issued XR peesand owns by the way 60 percent of all the floats still on that's a privatecompany with private equity owners so how does that get reconciled cuz you'vegot ripple labs which is which is a private company but it has ownershipright equity ownership and then you have X R P the token of ripple the protocolit's just like this very convoluted disturbing creepy bankster coin and yeahI mean I would I would particularly these valuations which is just insanejust people need to just people don't want shouldn't hurt themselves on thisthing all right I think I think we ripped on ripple enough no uh before wemove I do you want to say for the record coinbase is not adding ripple get thatshit out of your head everybody thank you good you know what though can younever know they've said they go back and forth lots of things did say publiclyBrian said they're not also I don't know if that would be I mean a reputationalproblem for cone Bay's because ripple is a scam or for HIPAA itself becausecoinbase is part of the ripple pump was based on people rumors that it was goingto be added so it becomes real apparent that they're not gonna add it it'llthere'll be a dump but I don't think it'll become super apparent I think thatthat hope will always be out there and that's just the way coinbase operatesyou never know what's next from them you never know if you're ever gonna get yourB gold from them or not right I would bet not people so that's why you have tocontrol your own private key but get a trace or that crypt waster you want tocon links below discount codes below hey t-shirts also what do we got acryptography T Meister code I also want to remind everyone if you're lovingthese guests check out their links below but Michael Krueger and I will bespeaking together in Boulder Colorado at the boulder meetup what's it gonna beApril 25th right fit that's right yeah it's gonna be fun yeah I wonder I wantedto remind everyone of that and hey rememberalso tomorrow in San Diego this is really important I should have said thisat the beginning of sorry I'm at San Diego and lofty coffee at 9:30 a.
Tomorrow Saturday that's in Little Italy in downtown San Diego lofty coffee calmand link to it below for four for West Cedar Street we're having a gatheringthere's gonna be a Bitcoin gathering with Adam Meister all right and all thatall just check the links below people enough promos for now let's get backlet's talk about the bigger altcoin pump here we kind of alluded to there's justsome irrational exuberance going on right now and a lot of people arecalling it a junk rally that it's these lowly 50 R alt coins that are the onesare just randomly going up the ones that are under a dollar is it because ofKorea is it some it's I've heard theories about and this is somethingmaybe we all could address that there's so wealthy people out there who want tobuy a lot of Bitcoin but instead of buying bitcoins and just immediatelypumping up the price that they're going kind of a roundabout way by buying theseall coins and then eventually dumping these all coins they're getting a lot ofBitcoin MIT you know they value their wealth a big point making a huge Bitcoinprofit in the long run so giacomo we'll start with you what's your what's yourtake on me fifty or lowly all coin pump where is coming from when will it endand just your thoughts so I'm not coming from traditional finance so I don't knowI know nothing I am a theoretical physicist but I thinkthat this is very similar to dynamics that you could see during penny stockbubbles or scam e.
Com bubbles so the thing is that now we have more peoplecoming in and we have very we're very simple like Michael was saying ofpsychological tricks like unitary price is important so people is buying thecheaper stuff so it was the charge the stuff not yet pampered before and alsothere is like the dips like psychology of I mean I have to show you I'm smarterbecause because I missed out come coin last year so now I'm coming toyou but because I have the new one not the old one I have the new Bitcoin andthe new eater and the new ripple and then you become fork because it has tobe the new also I think there is also a name for this phenomenon when you have ametric and many people are watching at the metric then people with and thismetric becomes important people we start to adjust not at not to generic goalsbut to the matrix so Rennell people is watching market cap also unitary pricebut the most advanced traders they are watching market cap so the scammers orthe Hyper's in general or the market years in order to do not abuse the wordscam because I tend to do that but the the marketing-oriented well yes scammersthat they look at a market price the market cap and they are starting toengine engine they are engineer in generating ways in order to have abigger market cap so for example for coin like be cash or be gold they are away to have a say my instant huge market cap in the matrix pre-mining was anotherway so people people is getting smarter in creating this stuff also the thingsthat know that eventually the rationality tends to prevail especiallypeople has ski in the game so if you can lose money eventually you will becomerational because you will you will learn through suffering and pain but this is avery long it's a very long feedback loop and if you think about capellacapitalization of calm scam e.
Com in the in the in the early in the day at theend of 1999 these I SEOs and all coins are still very little compared to thatand that was a mainly us-based phenomenon in which you have to beregistered with an identity here it's a global phenomenon where like an underagelittle boy from Muslim because just as a telephone and somespare dollars it can speculate on these new super crazy penny stock so I wouldsay that the reason of the super junk coin emerging right now is just I wouldcall it a natural evolution of a very very unhealthy but maybe a unavoidablecycle all right Liberty Liberty blitzkrieg MichaelKrieger whatever what are your thoughts on these fifties yeah so I think he madeup a really a lot of really good points there and when I want to expand on isthis idea of marketing so I remember um back when we knew that the be cash forkwas gonna happen I wrote a post saying don't sell your be cash right awaybecause what I felt was that had enough significant backers with a lot of moneybehind them the day we're gonna say the only way we can make try to get thisproject to kind of succeed is if we pump the price and that they were gonna doeverything to pump the price because at the end of the day I don't care whatanyone says the white papers you know this is out work you know this is howgreat our product is the best way to get exposure massive exposure across theworld to your coin is by a pumping price period so the higher you can get in themarket cap rankings the faster you can rise the more articles that are gonna bewritten about you the more people that own the coin are gonna talk about itincessantly and get other people interested so that's part of the gameand we just have to understand that and once you understand the debt that thatso money of so much of these pumps are just marketing tactics and that's it youcan you can be much you could be much more resilient to not falling for a lotof this garbage which is what I think Penal people need to do and but takingthe broader step back as well and this was also mentioned the the Nasdaq bubblewas was in the trillions it's right so the multi multi trillions I believe andif that's right at the top the entire crypto market cap isn't even a trillionyet so so to say that we're like late and then and this is as NC was alsomentioned this is twenty years later almost and its global instead ofus-based so so you would have to assume that this entire thing if it's going tobe some gigantic bubble including a lot of alts that will explode to high pricesthis still seems extraordinarily early in the contentwhat the what the sort of valuations we saw in 2000 were um the fact it's 20years later and we've have a lot more inflation now than we did then and thennumber three global financial system is so much bigger than it was back thenthere's 233 trillion dollars in global debt right now that is it it's about 320percent of global GDP we've got a Leviathan beast of a bubble financialsystem so this is nothing Wow great great points I wanted to pointout it's funny doriga Giacomo's uh you know talking about the altcoins andmarketing someone Machat was going ad a is awesome ABS i mean it does the ironyhere and also i do hope that little kids in mozambique are able to buy big coinif if i have some advice to little kids in mozambique and i have been themozambique yes buy bitcoin little mozambique kids don't mess with theseoff points get yourself a little bit of join steam it earn some steam and turnit in the bitcoin do whatever you need to do little Mozambican because have youbought it when I was there when it was like $700 you'd be doing really wellright now but that's the beauty of Bitcoin and that's also the that there'sdanger in the altcoin world too because anyone can get into itso you know a little kid could buy it from anywhere all over the world and sosome some little kids will be learning some lessons unfortunately who knowsthey've become mature at an older age and they'll become financial wizards atan earlier age and they'll understand what holding and long-term thinking isall about when they realized that bitcoin is the one Kent Bozek do youwhat do you have to say about all coins and in a nice segue after you go intoall coins is is bitcoin coming back now it looks like people were down on it butsuddenly it's it's going up a ticket away can you have some thoughts uh yeahman so for the all coin space right now you definitely do see a lot of marketingbeing done for these all coins it's crazy my I know you're in you probablyget emails all the time I get them every day yeah every day okay you I'll pay youa whole Bitcoin make a ten minute video about my all coin no I'm not doing thatbut yeah if that's what's happening though people that do need money youknow I can't really blame them for accepting these offers but I do blame orthe people making these offers to people like this I situation John McAfee a nicemorning so yeah he's paying enough personal security might actually needmoney at this point screenshots of him saying if you send him money he'll pumpyour all coin and it's more than one person posting these screenshots andthen he claimed to get his reputation back that he was hacked for like twoweeks and didn't know it or something I don't know yeah and you know it's onething if you're gonna just if you're sort of an unknown person and you'retrading these penny coins that's fine you know you gotta do what you gotta dowell you have a public profile like all of us do you know then the ethics reallycome into play and even if you own some or do something on the sideyou should not there's no business of you pumping them publicly with yourplatform and if you do you can expect your reputation to go down I thinkthat's exactly what will happen to you so should be it's a warning if you getinto some crazy IC o---- it's gonna dump eventually yeah you of course yourreputation but I mean that's that's short-term thinking there they're likeyeah I'll get a Bitcoin to talk about this I see oh who cares what happens inthis IC o---- and well you know what the 80 percentersforget to tell you the truth I don't know Krieger I don't know if your ifyour reputation will get destroyed but there's plenty of people the one whoputs on that conference south of the border everybody forgives him I did notsend Smith let's not finish Mita this music that's forgotten the show means itgets forgiven so if the streets it gets forgiven and forgotten I think some ofthe guys that are pumping these icy O's are gonna get McAfee Oh get the Belizeanwe'll get a forgiving - sorry Ken sorry Ken no no but you know what makes ithard though as a personality in the space to genuinely talk about things youlike just because you genuinely like them and then you get accused of pumpingit's like well shit I actually just liked the project am I not allowed totalk about anything anymore like that's how I feel andI try to just ignore them like I like this thing I'm gonna talk about thething I like I'm not accepting any payment for it I just think it's frickinneat and I tell people that all the time I'm not trying to give any financialadvice I'm more into tech support like I like the tech side of this investmentstuff so I'm investing in the tech the idea of the project succeeding not in itmaking me money so if I necessarily say hey I like this project that doesn'tmean you're gonna make money I just really think I want this project toexist so I'm gonna put money into it hoping that it makes the quality of mylife better in the future and a lot of people are just talking about coins thathave no use case they're just something that wants to compete with Bitcoin as acurrency and they don't even understand the difference between a cryptocurrencyand a digital currency or a currency token or a utility token these peopleare just buying things and they're gonna learn the hard way like you said somekids are gonna learn some very expensive life lessons but it's a cheaper lifelesson to learn at a young age when you're retired and putting yourretirement plan into altcoins because you don't know better hopefully peoplerealize before bitcoin is $17,000 right now that you might be making dollarswith your all coins but you're losing Bitcoin the quantity of Bitcoin you'regonna get back is shrinking so you're really losing in the long run this isthe only market you can make money and lose money at the same time once youunderstand that you're always going to be chasing bitcoins profits so I wouldavoid all coins and a lot of people are buying all coins with zero Bitcoin intheir portfolio that's gonna be that's gonna be a bad it's like the dodo athing everyone's gonna walk off the cliff I hope they come back but whoknows that they'll come back they might blame Bitcoin for losing all their moneybut it was them who bought the all coin not Bitcoin it's scaryvalue your wealth in Bitcoin that's what Ken just said basically and that's whatI always say that see how much you lose if you're investing in some Auckland youguys see how it's performing against Bitcoin and again in the long runBitcoin is gonna win do you guys have anything to to add to the all pointyou want to discuss is Bitcoin all the way back here are rational headsprevailing and we're gonna see a Bitcoin rally or or irrational heads upprevailing still but we'll still see a big coin rally take anyone sane bitcoinstaken off man there's no slowing it down right now and I think it's not going tostop especially right now with income tax season coming my projection iseverybody's about to get a Fiat USD airdrop in their bank account of someshit coin you can take this new shit coin you just got free and buy Bitcoinwith it and all my friends and family say I don't have money to invest wellthey're about to get an airdrop of money Fiat coin and they're probably gonna buysome Bitcoin with this so I'm predicting all the way throughout this whole incometax season Bitcoin will be going on its way up but again this whole all coinFiasco hopefully people learn sooner than later Wow tax returns pumping upthe puppet of the Bitcoin price I thought about that one yet Jockamo wereMichael woody any thoughts on the all coins bitcoins anything to add a lot hasbeen said well when I was your guest last time I was in the industry me wediscussed about institutional investors coming soon what I have to say is that Iworked I work mainly for banks and I'm doing Bitcoin stuff for mainlyinstitutional investor mainly Switzerland and what they have to say isthat the price farm that we just we have just seen in the during that at the endof the 2017 isn't even yet connected with the real incoming of institutionalmoney so in switch our money yeah okay now we have the future market that willadd a liquidity and some stability yeah ETFs are closed some bank is starting toexperimentally opening opening beacon deposit fork for fans and clients butthey they in expressed a buying pressure that I was feeling back in AlassaneSeptember is still mostly there many of the counterparty that I speak withevery day are still not legally or technically capable or or or safe enoughto really start accumulating so yeah that's probably going to be interestingyeah yeah so so I'm hearing a little echo there you guys can you hear me okaymm-hmm okay cool yeah so so I think yeah one of the things for me and I don'tthink I'm the only one because I sort of had those trader instincts you know theWall Street instincts that been a lot of people that are involved in Bitcoin nowhave as well um I got a little worried you know when when ripples started whenwe first we saw that you know the the B cache then the litecoin pump to whatlike 350 and then immediately after the ripple pump and they all seem to begetting crazier and crazier and actually dumber and dumber that worried me youknow I mean I and I'm I've been the Bitcoin pole for years and I but I wasjust like this is not good you know this this says something bad about this faceand I think a lot of people felt the same way and I think that was part ofthis this recent drop in this recent weakness people just think you know whatthe whole space feels a little hot to me I'm gonna take my exposure down buthere's what's interesting the action lately I mean were you were saying wewere at like almost 17,000 now I mean that's that's impressive I mean you lookat the if you're a chart person for one thing and you're gonna start this thingis looking pretty good again now and the resiliency of the price the high thiswe're almost back to all-time highs here that's pretty incredible so so so peoplewith instincts and people with a lot of trading experience that's what they goon they look at stuff like that and they say wow bitcoins back at 17,000 I wantto get a get back in so yeah it looks it looks pretty good it feels pretty goodand I was one of these people who to you know week ago or so I was saying youknow this this ripple that all this stuff is is scaring me but now you lookat the price of Bitcoin it's held up so incredibly well that yeah I mean wecould we could see all-time highs again really soon here I actually wouldn't besurprised strong hand people I wasn't you are the strongest hand if you watchthis show people you wouldn't you would have been worried about ripple and lightkoi now first of all I like point of a lot different than ripple do they valueyour wealthy Bitcoin litecoin didn't even reach an all-time high and Bitcoinman it didn't you know people are they call it diversification these young kidstoday and they're buying their 50 or all coins and with that you know let themlearn the hard way what diversification does to you but again yeah it's Bitcoinonce again bounces back every time there have been huge drops it eventually getsback to an all-time high I expect that to happen againpeople are always what's it gonna be a bike in the year I don't know use I knowby the 2020 having though because that's long term it will be worth more so Imean if you don't have patience enough for that I don't know what to say youprobably you're gonna make a mistake if you're not patient if you don't have20/20 type of patients can you're about to say something I was just gonna saywhat do you guys think of coin based custody for the institutional investorsminimum ten million dollar investment at a time and $100,000 sign-up fee I meanthe institutions are just getting ready to put money into this up into theminimum of 10 million dollars an investment so again just to touch onwhat everybody was saying this hasn't even started yetpeople don't even understand the amount of money that's about to come in theBitcoin you know a millionaire can't buy a million dollars worth of Bitcoin likeyou were saying they have to go around it or by the time they actually buy itthe next time they buy some they hyper inflated the price on themself so likethis is going to be where those rich people get in but they haven't gotten inyet so this is the time for you me and everybody that has you know the firstmover advantage to get in before the institutions yeah it's it's verysituation that the common man finally has a time that finally has anopportunity to beat the institutions usually it's the you know withtraditional IPOs with Facebook I mean it was the institution's got therethe whole Facebook were for regular people this is a reversal and I'm notthe I'm not the one who came up with this theory it's been talked aboutbefore easy it's good it's good to bring it up it's unique and I actually made avideo I guess in 2015 and said this is just like a Facebook I see oh you knowget Buy It Now at $400 people town that like button Adam was pretty right backin 2015 when he said Oh a lot of people back then were like oh 400 dollars is alot of money I don't want to get ten I don't want to spend $4,000 110 uponthat's what I said to do and then a thousand dollars you get 10 ofeverything you'll see what happens but again anyway don't know me too it'sstill a bright future people no need to go back to the past there because againthe institution's aren't in there yet these guys they all they all see itthey're trying to creep in there silently with just like what Ken saidthey don't want to boost up the price too high so they won't have to pay toomuch so we're gonna see fun we're gonna see more be cash fun we're gonna seeit's all cyclical again Giacomo brought it up before we saw this with thetheorem we've seen this with B cash we sigh see with ripple there's going to beanother next Bitcoin again it's supposed to scare the weak hands just have astrong hand and he is oh good okay enough of me enough talk too much justthen who Michael or a jack or do you anything to add before we we move on toother subject matters here I don't know if it's already another subject but it'salso connected with our feelings about the price I I hate to say it is becauseI know that is that Jesus puts a lot of pressure on very very few guys that areworking very very hard with a lot of expectation but lighting Network iscoming live finally there is a lot of expectation around this technology butthis will be paramount not because people we start to buy coffee withBitcoin a mess not because of that but because people will finally understandthat what they have been told for for two years that bitcoin is not but theblockchain the underlying technology that that's what is that what countsactually it's actually it's actual oppositethe underlying technology the blockchain is it's fine everybody loves theblockchain we need it for trust lessness but it doesn't scale but the assetitself a fairly distributed zero collateral riskzero counterparty risk digital gold that concept itself can scale on differentchains on trusted Hardware all right and network on everything so lightingnetwork is not just important because because people will start to pay stufffinally instant without confirmation and finally very very cheap but also becauseit will mark the difference between in some years of people ups with theunderlying platform like like everybody instead of talking about the commercelet's talk about packet switching in IP protocol no it's not that you will haveto CP you will have HTTP you will have streaming you have a lot of layers andthe thing is not packet switching itself the thing is that now you have openaccess to information globally for everybody and now open access to valueforever and to finance and to trade and to payments for everybody so thesymbolic value of something like lightning I think will also affect thepublic perception perception a lot also putting put interests a lot of fut aboutyeah fees and stuff like that Krieger yeah yeah I was just going to say that Imean it's really important because uhm and it's one of the things that got didthat I've been that I've been preaching to a lot of you know like these goldguys who's like refused to just give up on the gold obsession talk about Bitcoinand this is that this is the beauty of Bitcoin Bitcoin is this living thingeven though like the core protocol and the 21 million and and all the stuffthat makes it popular is digital gold is there is there you know hopefullyforever on the fact that we're now going to the next level and building on top ofthat and trying to make a whole nother layer on top of the original blockchainit proves to you that this is this is this is the livingthing this is a creative thing this is this is something that's constantly canchange and change the world and adapt whereas like with gold you're justbuying a piece of metal and you're putting it in a drawer and then you'relike maybe hoping for the world end and so so Bitcoin is where human creativitycan flourish at the same time as being a global store of value like gold so sowhat's better than that what's better than the digital gold that you can thenimprove upon on another layer to allow payments potentially and stuff so yeahit's a key point and and this is why young people and this is what I'velearned recently young people I talked to about like I mentioned gold - didjust don't care they know interested and and they're all interested in the cryptoschool and the reason is young people are gonna have to be around for a longtime and and they want and they want a cool world right they wanted a dynamicworld like if you're if you're 25 and you have a little spare money you'regonna go buy like a few ounces of silver and then just like a look at it all dayare you gonna say okay I'm gonna throw myself in this dynamic ecosystem thattruly has the potential to move this planet from the current Dominatorhierarchy model to a network model it's a huge transformation and again and it'sactually what the species needs to evolve and so you know we you knowpeople need to really think about Bitcoin in a much different way and youknow Adam like for me the political angle of Bitcoin is what I asked I haveno technology background what got me interested was the politics of it andwhen I found out in 2012 that WikiLeaks was able to avoid the block thefinancial blockade using Bitcoin that's when I said wait a minute this is a realdeal that's having real-life implications in the real worldon on a very political level and so you know let's never forget that and that'swhat Bitcoin was then and that's what bitcoin is now and it's important toBitcoin well this is some really deep stuff I'mloving it you're everyone's bringing their a-game and you know what you cansee the beautiful Rocky Mountains behind you there Michael but you are right wellyour pure Michael you're not taking advantage of all those lenient laws inColorado no no never I would never do somethinglike yeah this is the real yeah it's the devil weed Adam don't you know goodpeople don't smoke marijuana you know what people can do my god people can dowhat they want to do but man I love it when people have a clear head and you'rejust bringing their a-game because they work on their brain themselves theydon't need some mechanism it's just I love life that's all I'm trying to saypeople don't limit pure baby look at me but I did want to point out he's inColorado and actually that's always a good a segue in the Ken Bozak becausehave dabbled in all sorts of greenery - my a-game is brought to you by thedevil's lettuce anyway what do you have to say about you know he put up a greatpoint about no no young people don't want to store gold in their draweranymore that's not too cool they want something dynamic oh yeah your thoughtsall that yeah I mean seriously if you would have bought gold last year wouldhave been probably one of your worst investments when compared to any cryptoI mean at all any so anybody in this day and age you know the millennialmentality maybe they'll be considered the cryptocurrency generation instead ofyou know the millennial generation or something at the end of the errorbecause all these kids are going to grow up with digital currencies you don'thave to be 21 years old with a bank account to send your friend money overFacebook I can be a 5 year old kid who made a betwith another 5 year old kid and he beat me on Call of Duty so now I have to sendhim some Bitcoin because he kicked my ass that is possible now and more andmore kids that learn about things like you know steam it could you imagine ifhigh schools started to just swarm to steam it where these kids could learnthat if I post something that happened in high school and 50 of my friendsthink it's funny I can earn because I created a profit for the platformI gained value for the platform so I earned value from the platform so oncethese kids this generation coming into this realize how money works on theInternet and how easy it is and permissionless that's what got me intoall of this I don't need nobody's permissionneither do you I can just send you money if I need to like you can send me anemail with information if you need to nobody's permissions need it and oncethese kids realize that they can earn an income or you know send value to eachother without anybody's permission you're gonna have probably kids that areyounger than their parents retiring soon because of this you know like theseMillennials are going to retire before their parents get a chance to becausethey're the early adopters to this technology it clicks you give afive-year-old an iPad they just intuitively know how to use it they werenever taught they didn't read the white paper but they get it it just clicks thesame thing with digital currencies it once these children start using it theywill eventually be the adults you can't keep kids kids forever so whenthese kids are in their 20s they will be the people running for office they'll bethe people in charge of the bank they'll have this mentality that they'rebringing with them to this current system this current institution thatnobody can predict right now so I'm excited for all the new people coming inespecially the younger the better because they're the ones that are goingto be carrying this farther than all of us dude I love what you just said aboutthem the crypto generation retiring before their parents do it will havebeen retired before my mom God really it happens they gotta get into this nowthough they can't be they can't believe the thaad they can't get distracted byripple and you're it's just an incredible opportunity the way you justjust raise it like that but the question is will any of them or will any of us beable to convince Peter Schiff he's on his own path he's gone his own way he'son the I natural religion man's financial religion sometimes people arejust so like they said it for so long if they were to change their opinion nowthey'll be mocked by everybody and they'd rather be wrong than be mockedcan see Doug Doug Casey sort of changed but he gets distracted by various wellwe won't even get to say who he gets but at least he's willing to considercryptocurrency Schiff he's on that yellow brick road toobscurity or to who knows who his grandchildren might have retired beforehim all right any thoughts any thoughts or anything anything you had no no nonot really I think we covered a lot of topics and I well I will try to becontrarian just a little bit right now I don't own physical gold I think that ifBitcoin will get to a certain point well I will have the luxury to reallydifferentiate my investment physical gold could still function as a very veryvery very let's say cow shows edge against like end of the world lifescenario of course we do like to think about positive scenarios but likesomething very bad that that destroys the internet that says probably Bitcoincan survive the internet especially now with the satellite mesh networks may bepaid with lighting so probably bitcoin is already at the point where beaconitself can survive internet itself but I will not really assign zero probabilityto some bad scenario in which cryptocurrency is a cone face becausebasically we are we are we we get too mad max' a kind of scenario thenprobably physical gold and bullets and the oil will be like physical oil in atank will be also a good kind of edge and not just Bitcoin let's say please donot invest in on dollars on stuff like that that that's doomed can I be can Ijump in here exactly because I think he made a really good point and this is howI've just and I do own gold and I've owned it you know for since I was onWall Street and I still do and I and I don't and I recommend people do but Ithink it's important to characterize it versus what's going on a Bitcoin andcrypto currencies and the way I'd like to say it is gold is like as acatastrophic hedge as he just said and and but the way you should see it islike a homeowner's insurance policy right you don't want your house to burndown but you have to have the home there's a church policy so you have alittle bit of gold in case right the the how the global house burns down in thatway but but the thing is this you don't buy a homeowners insurance policy andthen stare at it all day and then get on Twitter being like oh I love myhomeowners insurance policy it's really gonna pay out you know you you buy ityou put it away and you hope you never ever have to use it and that's thedifferent that but that's not how these gold guys Siegel they want to make afortune on gold right they they're rooting in a lot of ways for things togo bad so they can make money and that's just a very sick and unhealthy mentalityso that's what I take objection to I don't I don't object to people owningphysical metals at all I think it's smart to have some the difference thoughis you own it you put it away and then you buy Bitcoin and then you getinvolved in the Bitcoin community and try to change the world and that's whereyour energy should be going and that's the key it's like a lot of theseprecious metal guys their energy is all going to negativity and how bad thingsare and how bad things are going to be and that they're gonna make a fortunewhen things are terrible and that's just that's a horrible way to live life andif you live life that way I guarantee you you are going to be miserable sojoin us here you know in the Bitcoin world and let's let's let's let's try todo some good but yeah put you know put some metals aside sure but it's like ahomeowner's insurance policy that's how you should see it yeah there's a bandthis is you you just preaching when I preach on this channel there's a bigdifference between living paralyzed in a doom porn hole then having an insurancepolicy so it's good to have insurance it's bad to just not be in motion andlive in a hole and fear the worst is about an insurer for the worst diamond any any any thoughts on that or andwe're we got we're getting close to the end of the show here so everyone's gonnahave to do their story of the week their wrap up things that have been left outcandid what do you have to say I got two birds with one stone here I got somegold Bitcoin coin right here it didn't go up in value as much as Bitcoin didbut I got some gold so my story of the week is Bitcoin datarecovery a good friend of mine Jason Gann from micro soldering supply.
Com hedoes data recovery save photos of loved ones on phones that were broken oraccidentally factory reset he can remedy that situation somebody had a broken lgg3 with I think it was at the I think he recovered about 0.
6 Bitcoin off of itand at the time who cares it was who would pay a data recovery specialist torecover $100 or whatever worth the Bitcoin at that time they broke theirphone well they checked on the Bitcoin price and we're like yo I got like seventhousand dollars worth of Bitcoin on that broken phone might be worth payinga data recovery specialist to help recover the data so Jason at Microsoftsupply.
Com if anybody ever needs this service he actually took this brokenphone took the emmc chip off the embedded multimedia card the internalmemory chip and took it off of the LG g3 he put it on a Motorola of something andanyway he he ended up being able to recover this but it was a myceliumwallet so the customer his customer had a mycelium wallet on the lg g3 the phonebroke it was non functioning had water damage and corrosion everywhere herestored the internal memory chip put it on another separate hardware device andall he did was download mycelium the wallethe rooted the phone he he poured it over the recovered data into the file folderof the mycelium wallet on the new device and it had the access to the privatekeys instantly and I was like yeah this is awesome he was able to recover 0.
6Bitcoin relatively easy for a data recovery expert probably took him aboutan hour to and you know the customer made thousands of dollars he made somemoney and you know that's awesome but in my head I kept thinking you know thedooms the doomsday porn you know Adam I I couldn't stop it it was going off itwas like triple x-rated I was thinking man could you imagine if you broke anAndroid phone with your while on it but you had it you know backed upso who cares and you put it in one of those cell phones for soldiers boxes oryou give it to somebody for parts and whatever happens they could have accessto your private keys by simply doing a data recoveryit does sound complicated but you know most kids are pretty tech savvy so couldyou imagine saying oh i'm adam meister i'm selling my old android phone for abitcoin you want to buy my android phone for bitcoin you factory reset the phoneyou sell it to somebody they undo that reset and because there's no encryptionon the mike certain while it's like my ceiling did not encrypt the folder inthe root file the private key was just there so somebody could just restore thephone they bought from you knowing you're a bitcoin personality most likelyhave it on your hardware so it just made me go off like I'm never selling a phoneagain I will melt it in a fire before I ever give it to anybody again and rightbefore I got hacked recently I did sell a couple Android devices for Bitcoin andI'm thinking of myself like I probably put myself in a position where all theyhad to do is reset the phone and log into my email or whatever was there whenI didn't fact when it wasn't actually reset so the takeaway is it adouble-edged sword here great awesome recovery but unfortunately we found anexploit people should be aware of don't reset your phone don't give away anybroken phones if you ever had Bitcoin on it just hold on to that broken deviceand smelt it yourself down into ash well first of all that is an awesome storyand that and what I was thinking from that story is I don't I've always beensuspicious of keeping Bitcoin or phones I don't like it I don't recommend it Ijust keep it simple with the trees or or if you want to do the ledger nano um Iam a hardware wallet type of guy I am NOT a phone guy and many people in theshow know I don't even I don't own a phone I don't know any one of thoseiPhones and whatever those compliment I don't complicate my line all peopletrack me down all over the world where I am if they want to contact me they canemail me I would not even if I had a phonenot my Bitcoin there and so that is what I and you just gave a story that's uhthe shows like yeah man this is Michael Chris I'll get a hardware wallet forsure cuz you have to have a hardware wallet if you have more money investedin credit they know hardware while it cost you should buy a Harley IIIcomplete agree also because yeah money I mean phones cell phones are dangerousbut as we know even computers with an Intel or ARM processor not just thatsafe so yeah other wallet makes sense I willadd just for just for just to be complete that probably if you if you ifyou own a lot of bitcoins you should have one or more other wallet maybemulti-sig and if you receive a lot of bitcoins from exchanges from yourbusiness from whatever then you should also have a full validating full nodethat's something that we if that that's more complex than just a hard wallet sowe don't repeat it very often to people but the reality is that if you if youdon't have your wallet your private keys are our in danger to be lost or stolenbut if you don't have your validating full node then you can receive fakepayments with inflation violates valid violation of beacon rules everything ittakes is just a minor majority temporarily colluding in order to fuckyou like us or to to scamp you like like a b2x guys we're going to do well Iwould say this I say have three I've said this many times have three Hardwarebalance man it it's worth that's true that's insurance that's a cheapinsurance policy right talk about homeowners insurance get your cryptoowners insurance exactly I know everyone I you know we're gonna we're gonnatransition here to a Michael for his conclusionary story of the week in asecond but I wanna I want to say one thing I would have a conclusionary storythe week real quick also if you are in SanfordJanuary 15th and 16th world crypto economic forum South San Franciscoconference center I am going to be speaking there the link is below youcannot get a discount code is below also Benny lingham will also be speakingthere are all sorts of people you know will be speaking there and what is Ithink the Meister discount it's listed below anybody go go check it out that'smy little of promo story of the week Michael do have anything to add to whatwas just said about this whole phones storage device or do you have a storyany the floor is yours please take it away thank you thank you yes so no noton that front I actually want to just end with a little rant ondecentralization and sort of try to inspire some people so I I think BitcoinBitcoin and the Bitcoin community is the leading edge of where humanity is goingand I believe Humanity is going to a decentralized form of managing humanaffairs and so what happened this week with Jeff Sessions trying to take a stabat cannabis legalization is I want people to think about this from theconcept of we need to decentralize other things as well and governance andpolitics is a huge one and the fact that we in certain states like my state ofColorado here California now Washington State Oregon Nevada Alaska that thesestates have now decriminalized cannabis is a humanitarian thing it's a freedomthing and if it wasn't for states that had the power to do that on their own wewould never have that in America we'd not be having this discussion at all wewould not have progressed at all and and that's happening because of states andlocal governance and people taking power into their own hands and so I wantpeople to really start to think about this and apply the principles of Bitcoininto your everyday life because it it's decentralization and sovereignty andhuman freedom is applicable to everything not just money and so we needto really decentralize the planet not just money so let's do that and I wanteveryone to start thinking more and more about that what it means to politicsbecause for me the fact that 325 million people in this country are largely ruledby a bunch of corrupt cronies in Washington DC in the centralizedbureaucracy of just so penis is disgusting and we shouldn'tstand for it that's all I have to say Wowpound that like button people that was a that was a beautiful conclusion arearemarks right there Wow Wow decentralize it all alright Giacomo you're far awayhere away well so I'm Anita liebe but I just cameback from Bulgaria where with some partners I established a little ummining corporation because I'm trying to differentiate in that in that field aswell because it's very important strategically and a very nice thing isthat we were there funding the company in order to do research and developmentof mining during the third of January and it occurred to me just just in thatsame afternoon that that actually it was the the Genesis block day so I witheverybody.
Is Bitcoin: Future Currency for South Africa?
Bitcoin is a virtual currency. It doesn't exist in the kind of physical form that the currency & coin we're used to exist in. It doesn't even exist in a form as physical as Monopoly money. It's electrons - not molecules.
But consider how much cash you personally handle. You get a paycheck that you take to the bank - or it's autodeposited without you even seeing the paper that it's not printed on. You then use a debit card (or a checkbook, if you're old school) to access those funds. At best, you see 10% of it in a cash form in your pocket or in your pocketbook. So, it turns out that 90% of the funds that you manage are virtual - electrons in a spreadsheet or database.
But wait - those are U.S. funds (or those of whatever country you hail from), safe in the bank and guaranteed by the full faith of the FDIC up to about $250K per account, right? Well, not exactly. Your financial institution may only required to keep 10% of its deposits on deposit. In some cases, it's less. It lends the rest of your money out to other people for up to 30 years. It charges them for the loan, and charges you for the privilege of letting them lend it out.
How does money get created?
Your bank gets to create money by lending it out.
Say you deposit $1,000 with your bank. They then lend out $900 of it. Suddenly you have $1000 and someone else has $900. Magically, there's $1900 floating around where before there was only a grand.
Now say your bank instead lends 900 of your dollars to another bank. That bank in turn lends $810 to another bank, which then lends $720 to a customer. Poof! $3,430 in an instant - almost $2500 created out of nothing - as long as the bank follows your government's central bank rules.
Creation of Bitcoin is as different from bank funds' creation as cash is from electrons. It is not controlled by a government's central bank, but rather by consensus of its users and nodes. It is not created by a limited mint in a building, but rather by distributed open source software and computing. And it requires a form of actual work for creation. More on that shortly.
How can I spend it?
There are hundreds of merchants of all sizes that take BitCoin in payment, from cafes to auto dealerships. There's even a BitCoin ATM in Vancouver, British Columbia for converting your BTC to cash in Vancouver, BC.
Money has had a long history - millennia in length. Somewhat recent legend tells us that Manhattan Island was bought for wampum - seashells & the like. In the early years of the United States, different banks printed their own currency. On a recent visit to Salt Spring Island in British Columbia, I spent currency that was only good on the lovely island. The common theme amongst these was a trust agreement amongst its users that that particular currency held value. Sometimes that value was tied directly to something solid and physical, like gold. In 1900 the U.S. tied its currency directly to gold (the "Gold Standard") and in 1971, ended that tie.
Now currency is traded like any other commodity, although a particular country's currency value can be propped up or diminished through actions of their central bank. BitCoin is an alternate currency that is also traded and its value, like that of other commodities, is determined through trade, but is not held up or diminished by the action of any bank, but rather directly by the actions of its users. Its supply is limited and known however, and (unlike physical currency) so is the history of every single BitCoin. Its perceived value, like all other currency, is based on its utility and trust.
As a form of currency, BitCoin not exactly a new thing in Creation, but it certainly is a new way for money to be created.