Magic Money: The Bitcoin Revolution | Full Documentary

so here I have two devices and I will transfer one dollar from this device to this device instantly to the amount and send it. I look at the transaction now and there's what you just witnessed, it's what looks like a standard financial transaction. was transferred electronically from one account to another, but while it looks like an ordinary bank transfer, it may be the most

revolution

ary technology you are likely to ever see. This technology is called Bitcoin. Money makes possible the exchange of many different goods and services. among many different people everywhere we go we see

money

being used as a medium of exchange

money

is the core of our existence every day we transact with each other today almost all of our daily transactions involve a third party, a bank, a card company credit or remittance provider and ultimately it is these institutions that carry out the transaction on our behalf, this is until the invention of Bitcoin.

Bitcoin is truly one of the most important inventions in the history of humanity, that's how big the impact it will have on our lives and It sounds really difficult, complicated and difficult to understand hearing about this, if you had only heard about email, would sound difficult, complicated and difficult to use. Bitcoin is literally easier to use than email, so what exactly is Bitcoin? For starters, Bitcoin isn't actually Bitcoin. A

bitcoin

currency is a new form of money, a currency that lives only on the Internet, one that some have even called

magic

al Internet money. I think part of the confusion is that

bitcoin

is actually two different things: it is both a currency and a payment network and we have never had anything that is both at the same time, so the dollar is a currency but it is not a payment network.

PayPal and Visa are payment networks but they are not currencies. Bitcoin is both at the same time, but it has this other property when that other property is that it can be instantly teleported anywhere in the world for almost free and there is nothing that anyone can do to block these teleportations, there is nothing that anyone can do. do to intercept these teleportations and if you are careful how you use bitcoin you can perform these teleportations anonymously, so with bitcoin, with the push of a button you can pay anyone anywhere in the world or receive payments from anyone person anywhere in the world after the global financial crisis.

The pseudonymous Satoshi Nakamoto posted a nine-page document on an online forum. The document titled Bitcoin, a peer-to-peer electronic cash system, would soon become the cornerstone of what is today the first

full

y functional concept of decentralized money. These are the daily Bitcoin candles. It's just in the background, but I want to talk about these trend lines that you've seen in other presentations even today. I started working at Bear Sterns in 2007, about a year and a half before the financial crisis. started to be successful and after Bear Stearns I joined JP Morgan where I became vice president and that was my last job.

All of these jobs were in Midtown or downtown Manhattan. Vaes is a Wall Street veteran, former vice president of JP Morgan, now spending his time there. studying and educating the public about Bitcoin Bitcoin is generally difficult to explain. You want to try to break it down as simple as possible, so the simplest way is basically it's like a message, it's a digital message that you're transmitting and usually we. We're all used to computers, we all send emails, we all send photographs, but you always send a copy. Every time we press the send button on a computer, you always keep a copy, you always keep the original and when it comes to financial transactions, you press the send button and you have an intermediary, the bank, who moves money from one account to another and This is the problem that Bitcoin solved, it was able to take something digital and when you press the send button, you're not actually sending a copy, you're actually sending a digital object.

It's great. Bitcoin is basically a new monetary system; However, Bitcoin is unlike any other system we have seen in the past because it is not centralized in one place, this decentralized nature of Bitcoin. The platform is one of the things that makes it so unique and

revolution

ary that we are all familiar with PayPal, Visa or Bank or any of these traditional services that were used to control who can have an account, who can send money and from whom. from which countries users can send money to other countries users with Bitcoin there is no entity that controls any of that, there is just this software protocol that anyone can write software to interact with and then anyone can install that software on their phone or on their computer and once they have the software installed, they can now interact with anyone else anywhere in the world who is also using the Bitcoin software.

This software that runs the Bitcoin protocol is commonly called a wallet, a digital wallet that stores and allows the holder to move bitcoins from one wallet to another, the Bitcoin protocol is open source, meaning that the programming code is freely available to add to it. and redistribute it this way, similar to anyone being able to add a new website to the world wide web, programmers can add new products to Bitcoin. network, this is very late at night because he is in Australia and we are about to make Jason's first Bitcoin transaction through Skype as our medium so everyone can see how quick and easy it is on my end.

I'll hit send and Jason will hit. Request, so when I press Request, a QR code should appear in the middle of his screen and it will place it on the Skype camera so I can scan it with my cell phone camera. Okay, I see the QR code on my phone. he's trying to scan it and there it is. I scanned it, so I'm feeling a little generous. Let's send Jason five dollars, so I just sent Jason five dollars worth of Bitcoin and let me know when you sign up for the part of him that's worth five dollars.

Bitcoin and there okay, that took about 10 to 15 seconds. Bitcoin allows users to send and receive money instantly without the involvement of a third party. This digital advancement allows the user to effectively become their own bank. This is a complex idea to handle, but the possibilities of this new bank listing currency are huge, Hi Jenny Maas, with the exception of handling physical cache geography, we generally have to rely on third parties for many different payments, but credit cards or international bank transfers or even keep cash under your control. In bed we store large amounts of cash, we use banks and what Bitcoin does is allow us to do all those things without third parties, so in that sense we can be our own bank, we can be our own payment system, we can be our own international transfer. system we can be our own remittance system we can do all these things without depending on other third parties that's what Bitcoin allows us to do before bitcoins all these companies like PayPal and defending Bank of America and you know, any business had a book of accounting that keeps track of all your account balances, so PayPal has a ledger that records exactly who had how much money you need for the PayPal account and that ledger is stored on PayPal's servers in the center of PayPal data somewhere and before the invention of Bitcoin, people thought that. it was impossible for all those mathematicians and computer scientists to think it was impossible to have consensus on a distributed ledger like this, but what bitcoin did was it came along and figured out how to keep track of this ledger that tracks us which bitcoins, but in Where that ledger is in a data center, it's on everyone's computers across the planet running the Bitcoin network, including my laptop.

Here I have a complete copy of the entire Bitcoin ledger. This public ledger known as blockchain is perhaps what could make Bitcoin a financial business. The revolutionary Bitcoin is what is known as a cryptocurrency, meaning that it is a digital currency in which encryption is used to regulate the creation of new units and verify the transfer of funds. New bitcoins emerge through a process called mining. A miner is a person. or entity that runs a very powerful computer in an effort to solve a complex mathematical puzzle known as a block. Miners around the world compete to solve or close a block and are rewarded with newly generated bitcoins if they are successful in all transactions that travel through the Bitcoin network are pieces of this complex mathematical puzzle, so when a miner solves a puzzle, he is actually verifying the integrity of each and every transaction.

Welcome, this is a giant abandoned recycling plant, we have incinerators there, those two big silos around this. wall, we have a megawatt in solar panels, that's a lot, about what we consume, so we will be able to offset our electricity costs completely. This is a work in progress, but a Bitcoin mine is a group of contributing computers. its processing power to complete Bitcoin transfers and network security, yes it is a big supercomputer and all these individual computers are throwing out guesses at this math problem so it is a very difficult problem, it takes a lot of computers to guess it Once that assumption is correct, it is sent to the rest of the computers and with that response they record all the transactions that have been made up to that point.

It is a very secure system to facilitate transfers, record transfers and ensure that there is no suspicious information. It's been worked on because there are some methods in financial transactions where you can double spend and this whole blockchain thing is a great method to make sure that doesn't happen, for example, if Alice wants to send Bob an email, what would happen under the hood. is that along the path of email through the network, your email is copied to many places on the network and eventually the final copy will be linked to Bob, that's how email works, that's how they work digital transfers, this is how it should work for most digital transfers, that's fine, however in the case of money, it would be disastrous if that was the way money was transferred digitally, you don't want copies to exist of the same dollar bill on the Internet. ruin the premise of scarcity of money and this was the problem that Satoshi Nakamoto addressed with the creation of Bitcoin and what happens with Bitcoin, the bitcoin blockchain, is that when Alice wants to send a Bitcoin to Bob, she creates a transaction and that transaction is copied. throughout the network, however, this is different than saying a single email because that transaction has built-in instructions to the rest of the network that says that from here on our control over this Bitcoin is now vested in Bob and the rest of the network honors him.

I once realized that while Bitcoin is really hard for people to understand, I spent all night explaining Bitcoin to a friend of mine and then I came home that night and she posted on my Facebook page and said, Yeah, i was thinking more about bitcoins and you were explaining bitcoin mining and does that mean bitcoins are originally underground? I realized that it is a difficult concept for people to understand and especially Bitcoin mining because bitcoins are not originally underground for new users. Bitcoin can be a difficult concept. To understand that bitcoins are not physical and certainly not underground, however, there are some interesting similarities between Bitcoin and a precious metal found underground.

Around the world, the amount of gold that can be extracted from the ground decreases over the life of a mine until finally miners, exhausted of all their gold bitcoins, similarly mine it as well. The Bitcoin algorithm is programmed to reward you for mining new ones. bitcoins is halved every four years until the year 2140, when all bitcoins will be considered to have been mined, perhaps the mysterious creator behind Bitcoin was trying to imitate the attributes of gold almost as if creating a digital gold coin that could split and then sent instantly around the world. I try to explain it in a really simple way, how miners become miners, they receive the reward just because they maintain the security of Bitcoin mathematically, it means you need to solve quite difficult problems, it's just a guessing process. to generate millions and millions of millions of gases and if you are right and you can close this entire transaction within one block, you will be successful and you will receive 12.5 bitcoins as a minor.

Originally,This reward was 50 bitcoins every four years. for miners it is twice less, so the real world will decrease over time. The creator of Bitcoin, whoever he was, was a very, very, very smart guy and he obviously really liked mathematics and he sat down and did some calculations and thought to himself whether everyone in the whole world or to start using Bitcoin, How many bitcoins will it take to be able to accommodate everyone who uses Bitcoin for this and each Bitcoin can be divided into one hundred millionth of a Bitcoin and if everyone in the entire world?

If they started using Bitcoin as their money, the smallest unit of Bitcoin, which is called Satoshi, is 100 millionth of a Bitcoin, it would still be worth less than one US cent if the whole world started using Bitcoin, so who is this Satoshi Nakamoto? Years after publishing the white paper for the peer-to-peer electronic cash system, this mysterious figure disappeared and was never heard from again. The only clues to his identity can be found in the white paper. Some speculate that he is of British origin. Due to the writings containing some British slang, others believe that rather than one person, Satoshi, was a group of hackers working together to create a new monetary system that would decentralize money as we know it.

I think he was a smart guy, he was not a normal geek, he had good knowledge about decentralized technology or centralization. he knew the financial system and had a pretty good culture, but Bitcoin is definitely not the best, so it's definitely possible that You Tube writes better code. There is also a conspiracy theory whether the Bitcoin code was written by a single guy or many different guys, it's hard to say. Anyway, I especially appreciate that it's the first

full

y functional money fountain concept. It's very interesting, like who Satoshi is. There is a lot of speculation, especially among the early adopters of Bitcoin, but what difference does it make if we know who created Bitcoin?

I don't. I know I don't know if it makes any difference, there are many things that we use and we don't know who created them and yet it gives us many advantages and our daily activities. I have no idea who we are Satoshi. I know very little about Satoshi, so he could be at an event, he could be someone we know, he could be someone I talked to, he could be a friend of mine, for all I know, I don't know who he is, I don't know. If we will ever know that it is a fun game, I am Satoshi?

I don't think I can answer that question, regardless of Satoshi's true identity, what he or she has invented could have profound effects on how our world evolves in the future because Bitcoin allows the user to act as their own bank, in essence, freeing the user of the traditional guardians of his wealth for our Christopher doesn't stand out, look at her, I lost height above my mom, Estella, she moves hey, no, Chris, you need support. Oconee creates something of a unique almost ikuraga. Mary should know that yes, she is just a Scalia semen. Otherwise, we all use keys in our daily lives.

Keys allow us to access and control our valuable possessions. They also protect our valuables from theft. Take your car as an example, holding your car keys allows you to access it whenever you want, but let's say you've had too much to drink and your loyal friend confiscates your keys, the car may still be yours but now it's no longer yours. you control. and you must ask for a ride home, the same can be said for our finances, although you may have the debit card and password to your bank account, the funds are not directly in your possession every time you make a withdrawal or transfer from your bank account to the bank. actually acts on his behalf and moves the funds for you.

This is where Bitcoin is fundamentally different. Bitcoin allows an individual to have the private keys to their own wealth, so with almost every asset we have we do not directly own ownership or control over that asset, for example, the ROE Bank of Scotland, they had 700 thousand accounts. The ATMs just stopped working over the weekend, no one could access the ATMs, you couldn't withdraw money, you have a credit or debit card and it turns off because of suspected fraud or you made a charge in an unusual location I assume the credit card company has those private keys, they get to choose, not you.

Bitcoin is very, very different in this sense, it is based on public private key encryption and what that means is that you send bitcoins to the public key and then in order to send the bitcoins you must be able to sign with the private key where they currently reside. bitcoins and that, literally, is a number. That private key is a Bitcoin number that no one ever gets to. turn it off if you have the private key, you can access it and use it with your Bitcoin wallets which are associated with what are called private keys, and these are literally what they sound like, like they are private keys that can open an unlock. your access to your funds, but let's be clear, if you lose any of your private keys, you lose access to your funds, simple as that, so we just bought some bitcoins at a local Bitcoin ATM and what actually comes out is what what we call a cold.

Wallet is a small piece of paper with two squares or two things that look like large roche ink tests and a bunch of alphanumeric characters under each one. Now the top is the public key, which is what people would use to send bitcoins to this address and the bottom is the private key, which is what you would use to scan in order to get a tree of bitcoins from this address. Now it's very important to note that that private key is something that you really shouldn't show everywhere because whoever scans it. This one will first be able to withdraw the bitcoins from this address and if you were to lose this piece of paper, then you have essentially lost your bitcoins because no one else has a copy of this private key right now, there are actually some bitcoins. at this address so if you are seeing this for the first time you can scan it yourself and take the bitcoins for yourself so here is a Satori coin there is a value of 0.001 bitcoin inside at the current exchange rate which would mean around forty-five cents, so it's a minimal amount, but it's true that there is Bitcoin inside.

Now, to redeem the value of this token, you would have to remove the hologram sticker on the back, here we go, and then a QR code would be exposed and this. The QR code is the private key information which is essentially like a password and with this private key and only with this private key one can redeem, you can import that value into your Bitcoin wallet. Anything else physical has a very strong sense of authority or authenticity and making the barrier to entry into Bitcoin as low as possible. I think everyone who worked on their project felt that it was really important that someone could have a piece of Bitcoin that they could hold in their hands, that was portable, and that didn't cost a lot to get started.

It is a kind of low-commitment object because Bitcoin is based on private public key encryption. The entire workflow for sending payments, especially online, is fundamentally different than for credit cards. Credit cards were never created to be used on the Internet, I'm talking about credit in the first place. Cards were made, there was no Internet, so a survey system is that you have given the merchant or credit card issuer authorization to withdraw it from your bank account whenever you feel you have the right to do so with a credit. card every time you want to initiate a transaction, you are effectively giving the keys to the merchant and you give your keys to every merchant you deal with, so every time you make a transaction, for example online, you are taking a risk because We are trusting the merchant with fees for this very personal information which they could then use to initiate transactions as well if they so wish, whereas Bitcoin Segel is a completely different model where the control is more tilted towards the consumer, the consumer then sends them their funds. . and then if you're properly providing an internet service, you could broadcast a Bitcoin address and anyone in the world could send you a Bitcoin if you were a band, a musical band, and you were performing at the concert and at your concert. was streaming, you know, all over the world, if you put up a sign on stage that had a Bitcoin address on it, well, whoever was watching that stream could fund you every time they watched it from that point on.

My name is sanshiro Fujimoto. and I play the saxophone and other instruments, I compose and I love forming and making CDs and I make a living being a musician, today is a small live show that I did with no entry fee and if you appreciate my music you can tip me You don't know how much I could get zero or if your performance is excellent, you might get more than you think, that makes me play better. The direct interaction has more to do with the art itself and if you tip someone on the street, you don't do it.

If you tip a lot of money, you tip 10 cents, quarters, and small money, but sending small money online costs more than you're supposed to, so Bitcoin is a much better way to tip. Tip someone on the Internet. Bitcoin payments are a push system, meaning funds are sent from sender to receiver, making it faster and cheaper than traditional systems such as credit card transactions. This in turn also means that Bitcoin transactions are final and cannot be reversed. Credit cards actually have a settlement of about six months, even though the transaction appears to have gone through, the person can then call back and say it was a fraudulent transaction and then the credit card will take that money from the merchant in some cases, in some cases, the credit card will assume the cost and that is a chargeback. now we pay for this, this is the 3% fee.

Merchants typically pay this 3% to accept credit cards so that Bitcoin transactions have no chargebacks. I consider it a good thing, as much as people like to say like me. How good it is to dispute things, this happens very very rarely, you almost never order something from a legitimate company and are not satisfied and then the company did not solve your problem. Most of the time this situation happens when your credit card is actually stolen and your credit card can always be stolen everyone's credit card is on the internet it is just luck or bad luck if your credit card is used in a fraudulent transaction, we have some companies that accept Bitcoin, mostly restaurants, for example, we have some The restaurants here installed in Acapulco for merchants when they accept Bitcoin it is so that they have another option and an innovative option and for them they have many advantages , we don't charge what credit cards charge every time they cheat. card three four five even 10% depending on the credit card we do not charge anything we do not have a minimum fee you can pay 10 pesos 50 pesos we do not have a minimum with Bitcoin payments lowering the cost of doing business and eliminating the possibility of fraudulent transactions companies that go from mom and pop shops to multinational corporations have started adopting this new way of transferring value and this is what about you our business here is from 1997 to 1999 Bogra i am a captain mosquito more email Facebook toka SNSD Masuda machine demo passport Omo Picasso terrazzo knee Ikaruga traditi mas de Gotha Fox I love me renato sastra loco touches plays Sagara organizations are O'Meara Dona moça to Keaney's castle toga the universe macaque our odd builder even a photo cannabis the sweeter the photo canary Toto Pony ah Herrera teratoma Peru to Yokota most met a tiki bar no, heaven Yadkin above actually survived Antonius ricotta Pig orogeny neotech Pete 0.00 CEO circle in the killer delegate, macaques, the first major publicly traded company to accept bitcoins has excess of stock and they now ship products to over 200 countries last time I checked Amazon only ships to about 50 to 60 countries so they serve entire markets with entire populations in the billions that aren't even fighting for that share of market, furthermore, if Amazon accepted Bitcoin, there would be no fraud, there would be no chargebacks to reduce your costs would greatly increase Amazon's profit margins accept Bitcoin Bitcoin allows merchants to accept payments for their products and services seamlessly and, Although it is becoming a great tool for traders to offer their products to previously untapped markets, it is the people in these developing countries who will benefit the most.

Bitcoin is the best option, the easiest, the safest, the fastest, for people who do not have bank accounts or who do not have identity documents or who have nothing more than a smartphone and there are many people in the world that's the position they're in and bitcoin is this fantastic solution and theopportunity for them to participate in the global economy without having to deal with banks and having to jump through all these hoops, they just install an app and now they are part of the global economy, something like 33% of credit card transactions They come from Africa or are fraudulent, so no one wants to do business in Africa.

It's too risky with Bitcoin, you know the funds are good so it's a trader yeah hey. with Bitcoin also anything you want, you know it's legal in Africa, then they will be able to start having property rights and property rights is really what will help them get out of poverty so that Bitcoin will enter this niche of the underserved people. in the banking industry, so many third world countries may not have access to bank accounts, they may not even have identity documents to open a bank account, but if they have cell phones and internet access, they may now have the equivalent. from a bank on your cell phone according to the latest figures from the World Bank there are approximately 2 billion unbanked people throughout the developing world the adoption and use of Bitcoin in these countries could transform this human rights issue and allow the world's unbanked population participate in the global economy for the first time in the entire history of the world, anyone can now send or receive any amount of money with anyone else anywhere in Siddalee basically for free and it is impossible for anyone, including governments, stop them from doing it and as much as I love gold, gold, gold, I can't do that, okay, first think about that, yes, anyone in this room, can now send and receive any amount of money with any person anywhere in the world right now and there is nothing anyone can do to stop that.

It was not possible before the invention of Bitcoin and that is a technology that fundamentally changes the world for every human being on the planet. WikiLeaks was able to find funding through Bitcoin and this was amidst a financial blockade that WikiLeaks was facing at the time from the United States. had ordered a visa, I think it was MasterCard and Bank of America to block any donation to WikiLeaks, say what you want about wiki, you know WikiLeaks, another story that I approve of everything they do, but I think it is very important forThere is freedom in the world for people to have the ability to donate money uncensored to any political cause they want, so I thought it would be extremely powerful for at least a week to be able to challenge the United States.

In that sense, because Bitcoin puts the private keys to wealth in the hands of the user, it can be used to support activist causes, but Bitcoin can also be used for a night out on the town. My name is Ken Ashido. I am the main organizer of Tokyo Bitcoin. We're getting together to have this special event tonight with burlesque dancers getting bitcoin tips. The reason I do this is that sometimes we want to make our meter interesting instead of talking about really technical or political things, so this is one of the events. We want to make it really fun and see what can be done using Bitcoin today.

If you live in most countries, buying things is not a problem. You have credit cards. You can still use cash and to me that's not the real use. Bitcoin, the true use of Bitcoin is to provide financial privacy, which I found extremely important during the global financial crisis as cracks in the financial system spread. Institutions once considered invincible proved vulnerable, as we now know, governments around the world were forced. to bail out financial institutions a bailout is when the government takes taxpayer money and gives it to an irresponsible financial institution to redeem its mistakes a bailout is different in that laws are written that allow financial institutions to take funds directly from clients' accounts to shore up Their losses something like this happened in Cyprus in 2013 when I started learning about Bitcoin in 2013, especially during the Cyprus event when banks were closed and people's money was confiscated.

I remember telling my co-workers some of the doctors, the Kwan. really bad, this will probably start happening in many other western countries and everyone was laughing at me saying no it's only in Cyprus, it will never happen here and that's when I knew someone must have come up with a way to fix this problem. When a depositor deposits dollars or euros in the bank, title to the dollars or euros is transferred to the bank and those depositors become unsecured creditors of the bank if the banks make a mistake for any reason, laws have now been passed in many Jeff Berwick is an entrepreneur, financial commentator and podcast host who founded the brokerage Calm, Canada's largest financial news website.

Jeff's writings and analysis videos have been viewed by millions of people around the world. It's hard to say exactly what's going to happen in the future, but it's definitely going to continue to happen. He said that after Cyprus it will happen in Greece and then they closed the banks in Greece for months and it is of interest to people who live in Europe. On January 1st this year they passed legislation and a European bank guarantee, so it should be a big wake-up call to people that they are doing that, so in Cyprus they didn't actually pass a law before us, in Cyprus they closed the banks and then they came up with legislation and said that the banks could just take their customers' money to stay afloat, so they didn't have that legislation and they did it.

In Cyprus they now have it implemented so they know what is coming. I see Bitcoin as a way to protect and hide your assets and we are not saying this is bad. I'm not saying that only criminals hide their assets they know people who have worked hard and paid taxes and done everything and they like what happened in In Greece and Cyprus where money and bank accounts were just confiscated so If the next time the banking system has problems, it could be qualified user accounts to help fund the banking system, we are talking about people with a significant amount of money, one hundred thousand two hundred. thousands, but it is legal money, they have worked hard to get it.

Some economists believe that the global financial crisis of the last decade was just a precursor to a much greater calamity; if this is the case, how will governments react in response to the next failure of our system? The financial system, unlike the current banking system, Bitcoin allows people to have the private keys to their wealth; However, this also comes with the added responsibility of securing bitcoins with Bitcoin. You have 100% complete control of your own money, but that also means you are 100%. % responsible for what happens to your own money, so it's your job to make sure you keep your Bitcoin safe.

People are used to things like credit cards, bank accounts and PayPal, and if your credit card is stolen you just call a credit card company and they cancel it and that's it, if your bitcoins are stolen there is no no one you can call for help, but on the other side of the coin there is no one you have to call for permission to use. your bitcoins however you want, so cut both ways Mount GOx, the Tokyo-based Bitcoin exchange, has filed for bankruptcy. The announcement comes days after the exchange announced that up to $450 million worth of the virtual currency had disappeared from the CEO's mark.

Capelli apologized and bowed deeply on Japanese television. It's still unclear whether the missing bitcoins were stolen, voided by technological glitches, or both, so this is actually the old Mount GOx building. Mount GOx was the largest Bitcoin exchange to ever exist. I think they were doing it at some point. Over a hundred million dollars a day of volume and they crashed quite spectacularly in 2014. I think the size of the losses amounted to over $450 million. They claim to have lost 850,000 bitcoins of which 200,000 were later found in some old wallet people were putting up money and essentially giving them their bitcoins, giving them control of the private keys and the irony is that the exact centralization risk is what Bitcoin is supposed to liberate us and setting up GOx just took the whole decentralized nature of Bitcoin. and put it in a company with a lot of people's money and then, on top of that, put control of that company's finances in the hands of a person who has the keys to the kingdom that we've probably seen in the last two or three years.

My count probably ranges from half a dozen to over ten different major attacks on companies that are involved in Bitcoin and one thing you need to understand is that Bitcoin is fundamentally different from the security and asset that you know is held within the regular financial system. space with Bitcoin, if you ever gain access to Susan's wallet private key, you can initiate a transaction. I will activate the infrastructure of that company without their knowledge, that is unlike anything that currently exists in the financial space where if you want to withdraw money. You know that target you have to have infiltrated their infrastructure.

I think it's part of the mindset where people are trained not to trust themselves with their own money and so everyone puts their money in the bank to keep it safe and that's kind of the mindset. where you put your money into a joint venture whose sole purpose is to safeguard it, it's a really hard stigma to break to change and I think the most challenging thing about Bitcoin is that it challenges people to question that stigma. challenges people to take control of their own money and value and protect themselves, as we know right now, Bitcoin is quite safe, if you have more than half the coverage of the average meter, you can take control of the Bitcoin network, but technically this is really difficult when we consider the current Bitcoin bubble, it is almost impossible, so from this point of view, Bitcoin is much safer than the largest and most secure portals of some of the largest banks in the world. world.

The problem is that many people don't trust Bitcoin just because it exists. There was a lot of news about hacking some Bitcoin portals and some exchange services etc, the problem is that like all Bitcoins based services it is not a Bitcoin that you know so you can't associate it or not You can associate this security with Bitcoin-based services. With Bitcoin itself, the collapse of the Mount GOx Bitcoin exchange in 2014 caused much confusion and skepticism about the security of Bitcoin; However, years after the collapse of the largest Bitcoin exchange, Bitcoin is now on the radar of many institutions within the financial industry.

The question that the conversation that you would hear is that the question was whether transfer technology would impact the financial industry and now, if you go to trade shows and listen to the media, the question is not whether the question is how technology impacts both worlds. and transform the financial industry, it's now a foregone conclusion to see that technology will have a major impact on the financial industry so that's where we are now, but we weren't always there if you look just three years ago, two years ago, the attitude was that Bitcoin was an almost ridiculous concept and was an unsustainable system and could not be applied in the financial space in Japan.

The budget currency law was approved in the royal house and, hopefully, it will also be approved in the upper house. in the very near future, that means the government recognizes the existence of the virtual currency and then tries to establish some regressions and try to support the business of this Bitcoin, why it looks cool, you know, it's a good collector's piece, the you know better than the yen or a Let's focus on some of the areas where Bitcoin has been most popular so far, like China, which has a fairly high level of capital controls, other countries like China, Argentina, Iran, this is where bitcoins they really caught a lot of people because it's just not easy to transfer money in or out of the country without going through regulatory issues or having to meet someone in the government and things like that, it's definitely a big boost for Bitcoin, the advantages of Bitcoin continued to increase its popularity around the world, sometimes in most cases.

In an unlikely place, my name is David Hyatt and I operate Phoenix Rising and nimbin cafe. This is where our Bitcoin machine is located right next to the traditional ATM so customers have the option of using either. I saw that the current banking system was quite restrictive and the independence of people running their own banking systems really appealed to me and the fact also that it was digital and we live in a digital age. I just knew it was somethingwould have to gain ground over time. Bitcoin is definitely the biggest innovation in monetary science since Isaac Newton's complete gold standard revolution is how all of our assets are held, so it will alter the law, it will alter accounting, it will alter our financial industry, it will alter so much that it will also rapidly decentralize. the capital.

Millions of people will no longer accumulate all their capital in a big pile that will then be allocated by a senior vice president at Merrill Lynch or Bank of America; There will be millions of people that you will have to go and attract to get them out of their capital. going to fight a war in Afghanistan or Iraq once you decentralize all those private keys it becomes much more difficult to get people to pay for a lot of these goods and services that they wouldn't necessarily pay for otherwise. I'm just going to scan it and now I have your Bitcoin address in my wallet right here and I'm going to go ahead and enter $1 and we're going to hit submit.

Remember to send the transaction sent and if there you go, you heard the noise before Bitcoin. I was basically retired. I was just hanging. I enjoyed my life practicing jujitsu every day and it was a lot of fun, but it wasn't really going to make the world a much better place, if anything, and then I discovered Bitcoin and I looked around the world and I saw these wars being fought and The central bank is debasing the currency and basically preventing the world from being as good a place as it could be and I looked at Bitcoin and I saw this as a tool to take away all of their power to do something that most people are not interested in. pay to kill people they have never met in other countries most people are willing to pay for roads, schools and hospitals, so if the government says we need money for roads, schools and hospitals, I think people would probably be reluctant.

I'd say a good deal is that if governments say we need money to kill people in other countries that you've never been to in your entire life and probably will never go to in your entire life, people will say no, I don't want to pay for that. , but if you are using bank accounts and dollars and euros, governments can confiscate all the money in your bank account at any time, they can print as many new dollars or euros as they want to pay for these things at any time if the world is using Bitcoin, It takes those tools away from the government and I think that makes the world a much better place for the first time in history.

Bitcoin now provides the entire world with a completely decentralized payment system, in which each individual has ownership and control of their own financial wealth one where all users can transfer value and interact freely with each other instantly what the future of our world would look like with such a revolutionary tool the possibilities could be truly

magic

al bitcoin is magical money on the internet Bitcoin allows you to send and receive money with anyone anywhere in the world as if by magic. I won't do it. I'm speechless because it's so exciting that that world is changing with Bitcoin, you can take out your iPod, your iPhone, your tablet or whatever you install. an app and in less than 30 seconds you have the ability to send and receive money with anyone anywhere in the world basically for free and you can be ten years old and do that or you can be a hundred years old and do that and you can be in any country that's magical you you you