What's a beautiful people it is your homegirl miss shameless all up in your building with another Tech Talk, and this video is all about
cryptocurrency
My latest obsession. I had to do this video for my boos for my friends and my family because it is new, it is exciting
and it's confusing as %$#@
So this video is for my beginners, for my boos out there
Keep in mind. I'm a girl with a camera on YouTube. I'm not a financial adviser. I am a hustler.
And I'm super savvy, but any ways do your research.
And watch a lot of videos. I'll put links in the info box below on
More ways to learn about this fascinating world so what is cryptocurrency. What is Bitcoin
Bitcoin is the largest most popular cryptocurrency out there on the market. It is also the transfer of value using digital
Currency the transfer of value is the key here so you have to believe that this thing this
Bitcoin this, US dollar this Canadian dollar has value it is also the very first
decentralized cryptocurrency out there
Lots of words we don't understand okay. Now decentralized meaning it takes
the traditional model of central banking in the US
The Federal Reserve is responsible for printing money. Now Bitcoin was created by Satoshi, Nakamoto
Which is a pseudo name for someone
Who we don't know who this person is which makes it even more elusive and weird and creepy in crypto
But I don't even know who invented the dollar. I could google that and find out
but whatever, the point is this guy or girl created this system as a
response to the financial crisis in 2007 and 2008
But if I was the owner of the Federal Reserve, I personally would print money for myself my friends and my family
I'm just saying let's be real so
there are pros and cons with having our centralized an extreme example of
Power, that's miss used is Zimbabwe. The reserve was printing lots and lots of dollar dollar bills son and
their currency lost its value. The medium of exchange was
Valueless you couldn't use money to buy groceries
They printed a trillion dollar
Banknote that had zero value so currently Zimbabwe uses the USD
I believe the use of South African Rand. They use everything but their own dollar they don't have a currency because that's
how the value just completely dropped
An extreme case of hyper hyper inflation, and you can watch documentaries on Netflix, Banking on Bitcoin is a good one
Capitalism: A love story by Michael Moore is a good one
It doesn't talk about cryptocurrency
but it does talk about the financial crisis.
Now supply and demand is a thing in economy.
When you keep on printing money
and there's no end, how can you store value in that exchange?
With cryptocurrency, there is a fixed supply
There is a market cap on how many coins can circulate in the market and that is 21 million
That's the most in theory that can ever be
Generated in the system. Beyond it being a fixed market cap system that in
theory creates value. There's only 21 million collect all 21 special edition coins
It relies on
Blockchain technology. Now blockchain technology is what
Has blown the minds of everyone in the space
with blockchain it is
recording
transactions and verifying and ensuring that that in fact happened. That you got this money from this person and this money went there and
With blockchain it can't be duplicated, it can't be counterfeit
It can't be double spent. Everything is accounted for and verified and that takes a lot of time
to process. So the act of
verifying these transactions
is time consuming with Bitcoin
So they are now considering Bitcoin, instead of a currency that they hope to use in the system day to day
It's now considered a commodity like gold
Are you still with me?
Bitcoin is the popular cryptocurrency, but there are other cryptocurrencies out there
And they are referred to as alt coins
Alternative coins besides the Bitcoin. Now there is a Ethereum. There is Lite coin
There is ripple. There is OMG there is
Monero there's Neo. There are a ton of coins out there and
Your job is to research the tech behind it, and you could read the white papers which is
basically a document that the creator has listed what the purpose of the
Technology is and does, but nobody really reads that. Well the beginners
I doubt will, but you know what you should actually just read it just for some giggles
Right now we're in the very early stages of cryptocurrency
It isn't widely adopted yet.
The idea is
Cryptocurrency will be the new currency and we're gonna shift from what we use today
USD, Canadian, euro, pound
Pesos. We're gonna shift from that system to the crypto system.
This system is referred to as fiat. Not the car
Fiat the money, and we're going to shift to the cryptocurrency system
now
the only
Place I've seen accept cryptocurrency actually there are a few there's a Lamborghini store that accepts Bitcoin
Monero is another
currency out there and
on the news
Mariah Carey, G eazy and a few other
Musicians were saying that they would be accepting Monero, so I went to their site to try to purchase
But I'm trying to wrap my head around ok, so if all these currencies are out there
Which one is gonna be the one that wins and that's the biggest question
We don't know. The system that we use today is very long for me to send money home to Toronto
Not only does it take a couple days for the wire transfer to clear?
Because there's banks between. There's the US Bank. There's the Canadian bank, and then there's the actual banks, so there's like
four banks in the whole process
The idea is cryptocurrency eliminates all of those banks, and I can send money to my family
Right away without the fees and without the delay
That isn't the case right now because in order to convert
Your current currency, your fiat currency into cryptocurrency you need to use an exchange
now this exchange to me defeats the whole point of
Decentralized networks because now it is centralized
Coinbase which is a very popular app I use coinbase is
An exchange place where I can convert my US funds
into
Lite coin Bitcoin, Ethereum, Bitcoin cash they're gonna be adding more
But that process took me a week to convert my
U.S. Funds to crypto funds.
Coinbase is the easiest place to exchange your fiat for crypto
However, there are other exchanges out there
and also depending on the country you might have another exchange that's more popular
I don't know those ones.
Most exchanges that have
Affordable cryptocurrency under $100. I'm talking a dollar, five, ten dollars, they only accept
Bitcoin or Ethereum, not your typical cash/fiat currency
So you have to do two steps: The first step you have to exchange your fiat currency at the exchange for
Bitcoin or Ethereum. The second step you have to exchange that Bitcoin or Ethereum that you just
acquired for the more affordable currency that you really want to get but now you have to back up your information onto a
cryptocurrency wallet
Now a wallet is
Not like a traditional hard wallet, although they do sell hardware wallets that you can store your information on it
But it's software that stores your private keys
It sounds crazy
I know
But you need your own personal wallet to store your information
because of this exchange goes bankrupt and closes you still have your
Blockchain, your private keys, your information on this wallet
Hmm. I'm not an expert. I just did my homework. I'm doing my best to articulate that to you, but for the real deal,
steal? here, here info, okay?
And they will break it down for you better than I have. So I've taken a small amount of money that I'm okay with losing
And I've already
Tripled that. It can become very addictive, so I do say put in what you're willing to lose and no more than 10%
But it in
Investing in the whole game of cryptocurrency. It's blown my mind and opened
my wealth of knowledge into a space I was never really paying too much attention to
money, what is it besides getting paid by the hour or paying bills like how to build wealth and
I don't come from a family that has stocks
invested to pay for my college tuition or whatever the case is, buy me a new car, I have to buy my stuff with the
Money that I earn
I'd like to hope that cryptocurrency right now
It's kind of like stocks. It's investing in something that may or may not
materialize the difference is stocks are
Regulated. Stocks are regulated, but I do this because you could still lose it
But it's way more secure because it's been around
That much longer. With cryptocurrency this hasn't been around that long and even more unsettling is it is not regulated so
It is going to a casino and playing your hand
At the table. But it's fun and that's exciting and if I can learn and grow
I'm just way more aware of money and now when I'm in stores
And then when I'm talking to like my boyfriend or my friends we talk in
Satoshi's and in coins like that is like
0.0067 of a Bitcoin
I'm gonna pass. (laughs)
But be a part of the conversation and the way to do that is to
Invest you can even put in $10 $50. You can put in 50
You can put in $10 into a Bitcoin
I'm trying to invest in something to believe and like I wanted to grow over the course of a few years, so ideally you know
In five to ten years, I can I can have my money that grew I want my money to work for me
Okay, and I I don't want to I want to hustle, but I'm gonna hustle smarter
And I feel like cryptocurrency is an opportunity to do that
I'm just saying
just saying
Those are my 2 satoshi's. Take it or leave it.
image source link
https://arstechnica.com/tech-policy/2018/02/bitcoins-lightning-network-a-deep-dive/
