Magic Money: The Bitcoin Revolution | Full DocumentaryFeb 27, 2020
so here i have two devices and i will transfer a dollar from this device to this device instantly in the amount and i will send it i am looking at the transaction now and there is what you just witnessed it is what looks like a standard financial transaction
moneywas transferred electronically from a account to another, but while it looks like an ordinary bank transfer, it may be the most
revolutionary technology you're likely to see in your life. This technology is called Bitcoin. Money makes it possible to exchange many different goods and services. among many people everywhere we go we see
moneybeing 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 credit card company 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 really one of the most important inventions in human history that big it will be the impact it will have on our lives and it sounds really difficult and complicated and difficult to understand hearing about this if you had only heard of email it would sound difficult and complicated and difficult to use Bitcoin is literally easier to use than email, so for starters, what exactly is Bitcoin.
Bitcoin is not really a currency. Bitcoin is a new form of money. A currency that lives solely on the Internet. money I think part of the confusion is that
bitcoinis actually two different things it's a currency and a payment network and we've never had a thing that's both at the same time so the dollar is a currency but not is a payment The PayPal and Visa network 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 instantly callable. eported to anywhere in the world like this almost for free and there is nothing anyone can do to block these teleports, no one can do anything to intercept these teleports and if you are careful how you use
bitcoinyou can do these teleports anonymously, so with bitcoin with the push of a button you can pay anyone anywhere in the world or receive payments from anyone anywhere in the world after the global financial crisis an author using the pseudonym Satoshi Nakamoto published a nine page paper on An online forum documented Entitled Bitcoin, a peer-to-peer electronic cash system would soon become the cornerstone of what is today the first
fully functioning decentralized money concept.
These are the Bitcoin daily candles, they're just in the background, but I want to talk about these are trending. You have seen the lines in other presentations even today. I started working at Bear Sterns in 2007, so about a year and a half earlier. When the financial crisis really started to hit and after Bear Stearns I joined JP Morgan where I became a vice president and that was my last job. now he spends his time studying and educating audiences about Bitcoin. Bitcoin is generally hard to explain. You want to try to break it down as simply as possible, so the simplest way is basically it's like a message.
It is a digital message that you. it's happening and normally we're all used to computers we all send emails we all send photos but you always send a copy every time we hit 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 a middleman the bank that is moving money from one account to another and this is the problem that Bitcoin solved, it was able to take something digital and when you hit the send button you're not actually sending a copy, actually you are sending a digital object in your cool 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 the Bitcoin platform is a of the things that make it so unique and world changing we are all familiar with PayPal, Visa or Ban k or whatever, all these traditional services that were used to control who is allowed to have an account who can send money from whom and from what countries users can send money to other countries users with Bitcoin there is no entity that controls any of that , there's 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.
Anybody who is also using 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 code of programming is freely available to add and redistribute in this way Just like c Anyone who can add a new website to the world wide web, programmers can add new products to the Bitcoin network. This is very late because he is in Australia and we are about to make Jason's first Bitcoin transaction over Skype. our medium so everyone can see how quick and easy it is on my end.
I'm going to hit submit and I'm going to hit Request so when I hit Request a QR code should have been displayed in the middle of your screen and it's going to put it on the skype camera so I can scan it with my cell phone camera okay I see the QR code my phone is trying to scan it and there it is I scanned it so I'm feeling kind of generous let's send Jason five bucks for me Ha I just sent Jason five bucks worth of Bitcoin and they let me know when he's signing up on his behalf which has five dollars worth of bitcoin and it's ok so it took about 10-15 seconds.
Bitcoin allows users to send and receive money instantly without the involvement of a third party This digital breakthrough allows the user to effectively become their own bank This is a complex idea to handle, but the possibilities of this new bank list currency are huge hey Jenny Maas with the exception of the actual handling of the physical geocache we usually have to rely on third parties for many different payments but credit cards or international bank transfers or even keeping cash under the bed storing large amounts of cash we use banks and what Bitcoin does is allow us to do all those things without any third party 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 it can do all these things without relying on any other third party, that's what Bi tcoin allows us to do before bitcoins all these companies like PayPal and defend Bank of America and you know any business had a ledger that kept track of all their account balances so PayPal has a ledger that it keeps track of exactly who had how much money they need for the PayPal account and that ledger is stored on PayPal's servers in PayPal's data center somewhere and before the invention of Bitcoin people thought it was impossible, all those mathematicians and computer scientists.
I thought it was impossible to have a consensus on a distributed ledger like this, but what Bitcoin did is it came along and figured out how to keep track of this ledger that keeps track of what bitcoins, but instead of that ledger It's in a data center, it's on everyone's computer on the entire planet running the Bitcoin network, including my laptop, here I have a complete copy of the entire Bitcoin ledger. The public ledger known as the blockchain is perhaps what could make Bitcoin a financial game changer. Bitcoin is what is known as a cryptocurrency, which means 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 arise 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 from around the world compete to solve or close a block and are rewarded. With newly generated bitcoins, if successful, all transactions that travel through the Bitcoin network are pieces of this complex mathematical puzzle, so when a miner solves a puzzle, they are actually verifying the integrity of each and every one. of transactions welcome this is a giant abandoned recycling plant we have incinerators there those two big silos around this wall we have a megawatt of solar panels thats a lot thats as much as we use so we will be able to
fully offset our electricity costs , this is a work in progress, but a Bitcoin mine is a group of computers that contribute their processing power to complete Bitcoin transfers and network security, yes it is a huge supercomputer and all these individual computers throw up guesswork about this math problem, so it is a very difficult problem, it takes a lot of computers to do it. guess it once the guess is correct and 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 the transfers and make sure they haven't been done any kind of shady work because there are some methods in financial transactions where you could spend double and this whole blockchain thing is a great method of making sure that doesn't happen, let's say if Alice wants to send Bob and send him a email with what you want.
What happens under the hood is that along the email path through the network, her email is copied to many places on the network, and eventually the final copy will be linked to Bob. This is how email works. This is how digital transfers work. This is how it should. works for most digital transfers, that's great, however, in the case of money, that would be disastrous if that was the way the money was transferred digitally, you don't want copies of the same dollar bill to exist . in the network that would 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 create a transaction and that transaction is copied to the entire network; however, this is different than saying a single email because that transaction has built-in instructions for the rest of the network which is s from now on, control over this Bitcoin is now given to Bob and the rest of the network honors that I once realized that while Bitcoin is really hard for people to understand, I spent the whole night explaining Bitcoin to a friend of mine and then I came home that night and she posted on my Facebook page and she says yes, i was thinking more about bitcoins and you were explaining bitcoin mining and does that mean bitcoins are originally underground?
I realized that it coins a difficult concept for people. understand and especially Bitcoin mining also because bitcoins are not originally underground for new users. Bitcoin can be a difficult concept to understand. Bitcoins are not physical and certainly not underground. However, there are some interesting similarities between Bitcoin and a precious metal that is found underground gold gold has been money and a store of value for thousands of years today gold is mined all over the world the amount of gold that is can be mined from the ground decreases over the life of a mine until eventually miners, who have used up all their gold bitcoins, are similarly mined as well.
The Bitcoin algorithm is programmed so that the reward for mining new bitcoins is half out of 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 mimic the attributes of gold almost as if he were going to create a digital gold coin that could be divided up and then sent instantly around the world I try to explain it in a really simple way like miners become miners they get the reward just because they keep Bitcoin safe mathematically it means you need to solve quite hard problems it's just a guessing process you have to make millions and millions. million gas and if you are right and you can close this entire transaction within one block, you are successful and received 12.5 bitcoin As a minor, originally this reward was 50 bitcoin every four years.
This reward for miners is twotimes less, so the real world will decrease over time. The creator of Bitcoin, whoever he is, was a very, very, very smart guy and he obviously liked math. lot and sat down and did some calculations and thought to himself if 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 up to one hundred millionth of Bitcoin and if the whole world started using Bitcoin as their money, the smallest unit of Bitcoin, which is called a Satoshi, is 100 millionth of Bitcoin, it would still be worth less than one US penny if the whole world started using Bitcoin, So who is this Satoshi Nakamoto?
Two years after publishing the white paper for the peer-to-peer electronic cash system, this mysterious figure disappeared forever. being heard again the only clues to his identity can be found in the white paper some speculate that he or she is of british origin due to writings containing some british slang others believe that instead of being a person Satoshi was a group of pirates computer scientists working together to create a new monetary system that would decentralize money as we know it. I think he was a smart guy. He wasn't a normal geek. He had a good understanding of decentralized technology or centralization. he knew the financial system and had a pretty good culture, but cold Bitcoin is definitely not the best, so it's definitely possible for YouTube to write better code.
There is also a conspiracy theory if the Bitcoin code was written by one guy or many different guys. Anyway, I especially appreciate that it's the first fully functional concept of the money fountain. It's very interesting, like who is Satoshi. There is a lot of speculation, especially among the earliest Bitcoin people, but what difference does it make if we know who created Bitcoin? I don't know I don't know it makes some difference there are many things we use that we don't know who created them and yet it gives us many advantages and our daily activities I have no idea who Satoshi is we know very little about Satoshi so it could be at an event it could be someone we know it could be someone I talked to it could be a friend of mine from what I know I don't know who it is.
I don't know if we'll ever know that it's a fun game. Am I Satoshi? I don't think I would answer that, regardless of Satoshi's true identity, what he or she has come up with could have profound effects on how our world evolves into the future because Bitcoin allows the user to act as their own bank, in essence, it frees the user of the traditional keepers of his wealth to our Christopher does not stick out there look at her I lost height on my mom did it Estella transfers hey no Chris you need support Oconee creates a kind of almost unique ikuraga Mary should know yes it's just a cum from Scalia 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 being stolen, take your car as an example.
Holding your car keys allows you to access it whenever you want, but suppose you've had too much to drink and his loyal friend confiscates your keys. The car may still be yours, but now you no longer control it and must ask for a ride home. The same can be said of our finances. Although you may have your debit card and bank account password, the funds are not directly in your possession each time you make a withdrawal or transfer. from your bank account, the bank is acting on your behalf and moving the funds for you. This is where Bitcoin is fundamentally different.
Bitcoin allows a person to have the private keys to their own wealth, so with almost every asset we have available, you don't directly own the Domain or control that asset, for example ROE Bank of Scotland had 700,000 accounts The ATMs ATMs stopped working over the weekend no one was able to access the ATMs they were unable to withdraw money you have a credit card or debit card and it shuts off due to suspected fraud or you made a charge in an unusual location . I assume the credit card company has those private keys. They make the decision, not you.
Bitcoin is very different in this regard. it's based on public private key encryption and what that means is you send bitcoins to the public key and then in order to send the bitcoins you need to be able to sign with the private key where the bitcoins currently reside and that's literally a number that key private is a bitcoin number no one can 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 ok and this is literally what they sound like if they are private keys that they can open and unlock your access to your funds but let's be clear if you lose any of your private keys you will lose access to your funds just like that so we just bought some bitcoins from a local Bit coin ATM and what really It comes out is what we call a cold wallet it's a little piece of paper with two squares or two things that look like large roche ink proofs and a bunch of alphanumerics under each one aho r 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 tree scan bitcoins from this address now its very important to have note that that private key is something that you really shouldn't be showing everywhere because whoever scans this first will be able to remove the bitcoins from this address and if you lose this piece of paper then you actually have lost your bitcoins because no one else has a copy of this private key right now there's actually some bitcoins at this address so if you're looking at this for the first time you might be able to scan this yourself and take the bitcoins for yourself so here's a Satori coin there's a 0.001 bitcoin value in at today's exchange rate that would mean about forty five cents so it's a minimal amount but it's true bitcoin in now how 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 QR code is the private key information which is essentially like a password and with this private key and only with this private key is redeemable you can import that value into your Bitcoin wallet anything other physical thing has a very strong sense of authority or authenticity and to make the barrier of entry to Bitcoin as low as possible I think everyone working on his project felt that it was really important that someone could have a piece of Bitcoin. hold in your hands it's portable and it doesn't cost much to get started it's kind of a low compromise object because bitcoin relies on public private key encryption the whole workflow for sending p Payments, particularly online, are fundamentally different from credit cards.
First of all, credit cards were never created to be used on the Internet. I mean credit cards were made. There was no Internet. the merchant or credit card issues to draw from your bank account as long as they feel they have the right to do so with a credit card anytime you want to initiate a transaction you are effectively giving the merchant the keys and giving them your keys for every merchant you deal with, so every time you make a transaction, say online, you're taking a risk because you're entrusting the merchant with fees with this very personal information that they could then take to initiate transactions as well if they wanted to, while Bitcoin Segel is a completely different model where control is more skewed towards the consumer, the consumer then sends you their funds and then if you do.
Using an internet service, you could transmit a Bitcoin address and anyone in the world could send you a Bitcoin if you were a band, a music band and you're performing at the concert and your concert was being broadcast. the world, if you put up a sign on stage that has a Bitcoin address on it, you could be funded by anyone who was watching that broadcast every time they watched it from then on, my name is sanshiro Fujimoto and I play saxophone and compose other instruments and i love laying out and making CDs and i make my living being a musician today its a little live show i did with no admission fee and if you appreciate my music then you can tip me if you dont know how much i could get zero or if your performance is excellent you could get more than you think so it makes me play better. like 10 cents a quarter ers and small money but sending small money on the internet costs more than you are supposed to tip so bitcoin is a much better way to tip someone on the internet.
Bitcoin payments are a push system, which means that funds are sent from the sender to the receiver. makes it faster and cheaper than traditional pool systems such as credit card transactions, which in turn also means that Bitcoin transactions are final and cannot be reversed. then you can 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 absorb 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 Bitcoin transactions have no chargebacks.
I consider it a good thing, since people like to say how I am. How good it is to dispute things, it very rarely happens, you almost never order something from a legitimate company and you were 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's just luck or bad luck if your credit card is used in a fraudulent transaction we have some businesses that accept Bitcoin mostly restaurants for example we have some restaurants here established in Acapulco for merchants when they accept Bitcoin it is for them to have another option and an innovative option and for them they have many advantages we do not charge what credit card fees charge every time they cheat the card three four five even 10 % depending on the credit card we do not charge anything we do not have a minimum rate you can pay 10 pesos 50 pesos we do not have a minimum with payments of Bitcoin Considering the cost of doing business and eliminating the possibility of fraudulent transactions, companies ranging from mom-and-pop stores to multinational corporations have begun to embrace this new way of transferring value and this is how you are our business here is from 1997 to 1999 Bogra i 'ma shot captain mosquito more email Facebook toka SNSD Masuda demo machine passport Omo Picasso terrazzo knee Ikaruga traditi more from Gotha Fox love me renato sastra loco touch touch Sagara organizations son O'Meara Dona moça to Keaney castle toga the macaque universe our odd builder couple a photo cannabis the sweeter the photo canary Toto Pony ah Herrera teratoma Peru to Yokota most knew a tiki bar not the Yadkin from above heaven indeed survive Antonius ricotta Neotech pig orogeny Pete 0.00 CEO circle in the delegate killer macaques the first great publicly traded company that accepts bitcoin has excess stock and is now shipping They were selling products to over 200 countries last time I checked Amazon only ships to about 50-60 with not even trying so they are settling entire markets with entire populations of billions not even fighting for that market share, Also, if Amazon accepted Bitcoin, there would be no fraud, no chargebacks, so it would lower your costs, greatly increase Amazon's profit margins for accepting Bitcoin.
Bitcoin allows merchants to seamlessly accept payments for their products and services and while it is becoming a great tool for merchants 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, easiest, safest, fastest option for people who don't have bank accounts or don't have IDs or have nothing but a smartphone and there are many, many people in the world that that's the position that they are and bitcoin is that fantastic solution and the opportunity for them to participate in the world economy without having to deal with the banks and having to jump through all these hoops they just install an app and now they are part of the world economy something as well as 33% of credit card transactions that come out of Africa or are fraudulent, so no one wants to do business with Africa, it's too risky with Bitcoin, you know? funds are good so he's a trader yeah hey with bitcoin also anything you want you know it's legal in africa then they can start to have property rights and property rights isreally what will help them out of poverty so bitcoin gets you into this niche of underserved people in the banking industry so many third world countries may not have access to bank accounts they may not even have IDs to open a bank account but if you have cell phones and if you have internet access now you can have the equivalent of a bank on your cell phone according to the latest figures from the World Bank there are approximately 2 billion unbanked people worldwide developing world the adoption and use of Bitcoin in these countries could transform this human rights issue and allow the world's unbanked population to participate in the global economy for the first time in the entire history of the world, now anyone can send or receive any amount of money with anyone. everywhere else siddalee is basically free and there's no way anyone including governments can stop them from doing that and as much as i love gold gold gold i can't do that ok first think about yes, anyone in this room can now send and receive any amount of money with anyone anywhere in the world right now and there is nothing anyone can do to stop that which was not possible before the invention of Bitcoin and that it 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 in the midst of a financial blockade WikiLeaks was facing at the time the US had requested a visa I think it was also MasterCard, Bank of America to block any donation to WikiLeaks say what you want about wiki you know WikiLeaks another story I condone everything they do but I think it's very important e for freedom in the world so that people have the uncensored ability to donate money to any political cause they want, so I thought it was extremely powerful for a week at least to be able to challenge the US in that regard, 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 coming together to have this special event tonight with burlesque dancers getting bitcoin tips. The reason I do this is sometimes we want to make our meter interesting instead of talking about very, very technical or political stuff, so this is one of the events. We want to do something really fun and see what can be done using Bitcoin these days. 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 is not the true use of Bitcoin, the true use of Bitcoin is to give you financial privacy which I find extremely important during the global financial crisis as cracks in the financial system spawned institutions that once thought to be invincible and proven vulnerable.
Inertable 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 bail out their mistakes. institutions to take funds directly from customer accounts to shore up their losses, such a thing happened in Cyprus in 2013 when I started learning about Bitcoin in 2013, especially during the Cyprus event when the banks were closed and money from the people I remember saying to my coworkers some of the doctors the Kwans this is really bad this is probably going to start happening in many other western countries and they were all laughing at me and saying no it's just Cyprus never It's going to happen here and that's when I knew someone had to do it. they have devised a way to solve this problem when a depositor deposits dollars or euros in the bank note of the dollars or euros trans transfers to the bank and those depositors become unsecured creditors of the bank if the banks err for whatever reason, now they are they have passed laws in many of the countries where they can be redeemed to the effect that their deposits can be converted into shares in the bank Jeff Berwick is an entrepreneurial financial commentator and podcaster who founded stock house calm, the largest financial news website from Canada.
Jeff's analytical writings and videos have been viewed by millions of people around the world. It's hard to say exactly what will happen in the future, but it definitely will. keep happening I said after Cyprus it's going to happen in Greece and then they closed the banks in Greece for months and of interest to people living in Europe is that on January 1st of this year they passed a European bank bond and legislation for that should be a big wake up call to people doing that so in cyprus they didn't actually pass before us in cyprus they shut down the ks ban then they came up with legislation and said the banks could just take the money from their customers to stay afloat so they didn't have that legislation and they did it in cyprus now they have it so you know what's coming I see bitcoin as a way to protect and hide your assets and we're not saying this is bad .
I am not saying that only criminals hide their assets. it happened in greece and cyprus where money and bank accounts were confiscated so if the next time the banking system is in trouble it could be user accounts who are qualified to help fund the banking system we are talking about people with a significant amount of money one hundred thousand two hundred thousand 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 only the precursor to a much greater calamity if this is the case how will governments react In response to the next failure of our financial system, unlike the current banking system, Bitcoin allows people to keep the private keys to their wealth;
However, this also comes with the added responsibility of securing bitcoins with Bitcoin and you are in full 100% control of your own money, but that also means that you are 100% responsible for what happens to your own money, so it is its job to make sure you keep your bitcoin safe people are used to things like credit cards and bank accounts and paypal and if your credit card is stolen i just call a credit card company and they cancel it and thats it . If your bitcoins are stolen, there is no one you can call for help, but the other side of the coin is that there is no one you need to call. to ask for permission to use your bitcoins however you want, so it cuts both ways Mount GOx, the Tokyo-based Bitcoin exchange, has filed for bankruptcy.
The announcement comes days after the exchange. GE announced that up to $450 million of the virtual currency had been lost. CEO Mark Capelli has apologized and bowed deeply on Japanese television. GOx montage GOx montage was the largest Bitcoin exchange to ever exist I think at one point they were making over a hundred million dollars a day in volume and they crashed quite spectacularly in 2014 I think the size of the losses amounted to more than 450 million dollars, they claim to have lost 850,000 bitcoins, of which 200,000 were later found in an old wallet. it's what Bitcoin is supposed to free us from and Mount GOx just took the whole decentralized nature of Bitcoin and put it in one company. ny with a lot of people's money and then on top of that putting control of that company's finances under a person who has the keys to the kingdom that we've probably seen in the last two or three years, by my count, would probably be somewhere between half a dozen to over ten different major hacks from companies that are involved in Bitcoin and one thing you need to understand as Bitcoin is fundamentally different from security and the asset that you know is held within the regular financial space with Bitcoin if you ever gain access to susan's wallet private key you can initiate a transaction i will excite the infrastructure of that company without your knowledge that is unlike anything currently in the financial space where if you want to withdraw money You know what objective, you must have infiltrated their infrastructure.
I think it's part of the mentality where people are trained not to trust themselves with their own money, so everyone puts their money in the bank for safekeeping and that's kind of a mentality where you put your money in a joint venture whose sole purpose is to safeguard it, that's a really hard stigma to break to change and I think this is what's the most challenging thing about Bitcoin is that it challenges people to question that stigma, it challenges people to take control of their own money and value and protect themselves as we know by now bitcoin is pretty safe if you are more than half mid-con metro covered you can take control of the bitcoin network , but technically this is really difficult when we consider that the current Bitcoin bubble is almost impossible, so from this point of view, Bitcoin is much more secure than the largest and most secure portals of some of the largest banks of the world.
In the world, the problem is that many people do not trust Bitcoin just because there was a lot of news about hacking some Bitcoin portals and some exchange services etc. Bitcoin-based services are not a Bitcoin you know, so you cannot or cannot associate this security of Bitcoin-based services with Bitcoin itself. The collapse of the Mount GOx Bitcoin exchange in 2014 caused a lot of 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 big question I would hear is if transfer technology would affect 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 to see technology impact and transform the financial world in the world; now it's a foregone conclusion that seeing the technology will impact the financial industry in a major way so that's where we are now but we weren't always there if you look back just three years ago two years ago the attit The bad thing was bitcoin was almost a laughable concept and it was an unsustainable system and could not be applied in the financial space in Japan.
The budget currency law passed in the royal house and hopefully if it will pass at the top. House also in the very near future, which means that the government acknowledges the existence of the virtual currency and then tries to set some regressions and try to support the business of this Bitcoin. Why does it look cool? the yen or a penny some of the areas where bitcoin has been most popular so far like China which has a pretty high level of capital controls other countries like China Argentina Iran this is where bitcoins 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 so that's definitely a big boost for bitcoin the advantages of bitcoin continued to increase in popularity all around In the world, sometimes in the most unlikely places my name is David Hyatt and I operate the Phoenix Rising cafe and nimbin this is where our Bitcoin machine is located right next to the traditional ATM so customers have the option to use me di realizing 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.
He only knew that it was something that would have to gain strength over time. Bitcoin is definitely the biggest innovation in monetary science since Isaac Newton's gold standard is going to completely
revolutionize the way all of our assets are held, so it's going to disrupt the law is going to disrupt accounting it's going to disrupting our finance industry is going to disrupt so much that it will also rapidly decentralize capital it will no longer be millions o If people accumulate all their capital in one big pile which is then allocated by a senior vice president at Merrill Lynch or Bank of America, it will be millions of people to which he will have to go and take out his capital to go fight a war. in Afghanistan or Iraq, once you decentralize all those private keys, it becomes much more difficult to make people pay for many of these goods and services that they wouldn't necessarily pay for otherwise.
I'll scan it and now I have your Bitcoin. address in my wallet here and I'll go ahead and enter $1 and we'll click send mind sending transaction sent and if you heard the noise before Bitcoin I was basically retired I was just hanging out enjoying my life practicing jujitsu everydays and it was a lot of fun, but it wasn't really going to make the world a much better place, if at all, and then I discovered Bitcoin and I looked around the world and I saw these wars being fought and the central bank was debasing the currency and basically keeping the world from being as good a place as it potentially could be and i saw bitcoin and i saw this as a tool to take all their power away from them to make most people not interested in paying to kill people i've never met in other countries most people are willing to pay for roads and schools and hospitals so if the government says we need money for roads and schools and hospitals and I think people would probably give them a good chunk of that if they governments say you need money to go kill people in other countries you've never been to in your life and probably never will in your life people will say no I don't want to pay for that but with if you're using bank accounts and dollars and euros governments can seize 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 away those tools to governor nment 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 fully decentralized payment system where each individual has ownership and control of their own financial wealth where all users can freely transfer value and interact with each other instantly.
What would the future of our world look like with such a revolutionary tool? The possibilities could be truly
magic, I won't, I'm speechless because it's so exciting in that world that changes with Bitcoin, you can take out your iPod or your iPhone or your tablet or whatever, 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 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 magic you you you
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