do you think crypto or digital currencies will replace the physical ones that we have right now?

Fitz: For me, I don't think it will be replaced, but I believe that crypto and digital currencies will be part of the mainstream way that we do commerce in the future. And in fact, this is what the people who are hodling. That's their term, HODL, hodling cryptos. They believe that cryptos and digital currencies will replace the physical currencies. And if you can read through the Reddit threads that discuss this, then they actually make good points. But personally, I believe that it won't replace the physical currencies, but it will become part of our commerce. So that's my answer to this.

Sean:  Patrick, it's so interesting that you use the word physical currency. You know, if you read the book Elon Musk, which is a biography of the guy, Elon Musk. He mentioned there that the founding of PayPal actually came from a one big idea. And that idea is money is low bandwidth. What that implies is, how many times a day do you actually hold the physical paper money? Not a lot, especially nowadays during the pandemic. How many times a day do you hold that versus the transactions you make on Grab, on Lazada that are completely digital?

So currency is a lot less physical now. It's mostly digital. It's mostly bits and bytes. And money's low bandwidth. PayPal was founded years and years ago and was sold to eBay years and years ago. And that's the start of the digital currency, but it's now being transformed into something that would be called the cryptocurrency. So digital currency has been around for quite some time already, but the cryptocurrency which uses the block chain technology, that's pretty much a new one.

And if you're asking, will it replace the physical currencies? Personally, I believe that there's a high chance that it would, but someday we don't know when that someday is, if it's near or far away, we just don't know. But there are a lot of regulations that have to come in between before we finally embrace that as an official currency.

With that, I'm going to go ahead and follow up with his question. What is your take on Bitcoin?

Fitz: I'm one of those people who believe that it will continue to go up as more people get interested in cryptocurrencies. Of course, there's always a chance that Bitcoin will be the first cryptocurrency that will be widely accepted as a form of payment. But if you want to make money out of Bitcoin right now, the best way is to still trade it. I don't really believe that it's a good long-term investment, but it is a good short term trade.

And one warning that I give people is that try to avoid those cryptocurrency or Bitcoin investment mining opportunities, because a lot of them, 99% of them are scams. At this point in time, it's really hard to mine Bitcoin, you will need a lot of resources already. So some website asks you to invest or crowdfund people's money to be able to mine Bitcoin. Most probably those are scams. So be very careful.

So if you really want to make money from Bitcoin, trade it, learn technical analysis, learn charting. Go to threads where they discuss cryptocurrencies, because that will really help you understand the market movements of Bitcoin. And you can make money from the price movements of the cryptocurrency. So, yeah, that's my take on Bitcoin.

Sean: I couldn't agree more. Same. I think it's good for trading. I also trade. I buy and sell and I use technical analysis. Who else taught me? I went into Marvin Germo's Stock Smarts. That's where I learned it all. Really, really good workshop. So do yourself a favor if you want to trade Bitcoin and any form of other stocks, enroll, I don't know when he'll have it again, but definitely enroll in his Stock Smarts workshop.

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