What’s a beautiful people it is your homegirl miss shameless all up in your build 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 their own families because it is new, it is exciting and it’s confusing as %$#@ So this video is for my apprentices, for my boo out there Keep in thinker. I’m a girl with a camera on YouTube. I’m not a fiscal adviser.
I am a hustler. And I’m super savvy, but any paths do your search. And watch a lot of videos. I’ll put links in the info container below on More ways to learn about this fascinating world so exactly what he cryptocurrency. What is Bitcoin Bitcoin is the largest most popular cryptocurrency out there on world markets. It is also the transfer of value utilizing digital Currency the transfer of value is the key here so you have to believe that this thing this Bitcoin this, U s dollars this Canadian dollar has appreciate it is also the very first decentralized cryptocurrency out there Lots of words we don’t understand okay.
Now decentralized necessitating it takes the traditional framework of central banking in the US The Federal Reserve is responsible for publishing fund. Now Bitcoin was created by Satoshi, Nakamoto Which is a pseudo call for someone Who we don’t know who this person is which stirs it even more elusive and odd and creepy-crawly 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 person or daughter created such systems as a response to the financial crisis in 2007 and 2008 But if I was the owner of the Federal Reserve, I personally would publish money for myself your best friend and my family I’m just saying let’s be real so there are pros and cons with having our centralized situations of extreme instance of Power, that’s miss employed is Zimbabwe.
The reserve was printing plenties and lots of dollar dollar bills son and their money lost its importance. The medium of exchange was Valueless you couldn’t use money to buy groceries They printed a trillion dollar Banknote that had zero appreciate so currently Zimbabwe uses the USD I believe the purposes of applying South African Rand. They use everything but their own dollar they don’t have a currency because that’s how the appreciate only entirely declined 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 render and demand is a thing in economy. When you keep on printing fund and there’s no end, how can you storage appreciate in that exchange? With cryptocurrency, there is a set supplying There is a market cap on how many coins can circulate in world markets and that is 21 million That’s “the worlds largest” in theory that can ever be Made in the system.
Beyond it being a attached sell cap system that in theory establishes appreciate. There’s only 21 million accumulate all 21 special edition coins It relies on Blockchain technology. Now blockchain technology is what Has blown the mindset of everyone in the room with blockchain it is recording transactions and attesting and ensuring that that in fact happened. That you got this fund from this person and this money went there and With blockchain it can’t be duplicated, it can’t be forgery It can’t be double invest. Everything is accounted for and verified and that takes a lot of time to process. So the act of corroborating these transactions is time expending with Bitcoin So they are now considering Bitcoin, instead of a money that they hope to use in the system period to period It’s now considered a commodity like amber 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 builder has rolled what the purpose of the Technology is and does, but nobody genuinely reads that. Well the novices I doubt will, but you know what you should actually only read it just for some laughters Right now we’re in the very early stages of cryptocurrency It isn’t widely adopted yet. The theory is Cryptocurrency will be the brand-new currency and we’re gonna shifting from which is something 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 alteration 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 locate to try to purchase But I’m trying to wrap my head around ok, so if all these monies are out there Which one is gonna be the one that wins and that’s the biggest query We don’t know. The structure that we use today is very long for me to send fund residence to Toronto Not only does it take a couple days for the wire transmit 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 notion is cryptocurrency removes all of those banks, and I can send fund to their own families Right away without the taxes and without the postpone That isn’t the suit right now because in order to convert Your current currency, your fiat money into cryptocurrency you need to use an exchange now this exchange to me defeats the whole level of Decentralized systems because now it is centralized Coinbase which is a quite popular app I use coinbase is An exchange home 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 few weeks to convert my U.S. Funds to crypto funds. Coinbase is the easiest region 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 are accept Bitcoin or Ethereum , not your typical currency/ fiat currency So you were supposed to do two steps: The first step you have to exchange your fiat currency at stock exchanges for Bitcoin or Ethereum. The second step you have to exchange that Bitcoin or Ethereum that you only acquired for the more affordable money that you really want to get but now you have to back up your information onto a cryptocurrency billfold Now a purse is Not like a traditional hard purse, although they do sell hardware wallets that it was possible to 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 datum because of this exchange goes bankrupt and shuts you still have your Blockchain, your private keys, your information on this purse Hmm. I’m not an expert. I merely did my homework. I’m doing my best to express that to you, but for the real bargain, 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 misplace And I’ve already Tripled that. It can become very addictive, so I do tell put in what you’re willing to lose and no more than 10% But it in Endowing in the whole game of cryptocurrency. It’s blown my thinker and opened my asset 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 statutes like how to build fortune and I don’t come from their own families that has inventories expended is payable for my college tuition or whatever the case is, buy me a brand-new car, I have to buy my material with the Money that I give I’d like to hope that cryptocurrency right now It’s kind of like inventories. It’s the investment in something that may or is not able to materialize certain differences is inventories are Regulated. Stocks are governed, but I do this because you could still lose it But it’s behavior 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 discover and develop I’m just way more well informed 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 best way of 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 belief 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 developed 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 enables us to do that I’m just saying just saying Those are my 2 satoshi’s.
Take it or leave it. But let me know if you guys have questions and I will address it probably in On Twitter or even Instagram I might do an Instagram live. So check me out on those platforms even these ones. Okay? Just check me out everywhere But yeah, I hope you acquired this video helpful and until next time remember to do you, be you and remain true, boo be shameless