Think about your level of financial literacy now
Crypto and the reasons
Before credit card everything was based on cash that flows through banks
We have needed to find out how to make money move faster
EX: Credit card swipers
We are seeing more advancement now with crypto
Crypto and blockchain are not the same thing6:06 Crypto built on blockchain
Blockchain has been around but not able to scale
It was created to make sure that data was safe in computers
Think about it in terms of a virus on a computer
If you get hacked, you probably have a cloud backup
Became cheaper and more efficient to run this way
Double spending: send a check here and there, etc.
Centralization like sending to a bank was an improvement but it is slow
We want money to run quickly = crypto
Used to be days of turn around because of paper and mail
Speed of money and protection against fraud are the two specific things crypto is solving for12: 00 Dollar Bill Example
Dollar bills used to be backed by gold and silver now its backed by government
We still perceive it as value
Because it is backed by government
Currency constantly changes
All it is a tradable asset
Agreed upon
People are saying crypto is liquid gold
Bitcoin has a limited finite amount
so it has a static value face
Only 21 million will be mined
We don’t know how much gold can be mined
It is important for people to understand because this is a global currency
Blockchain eliminates the possibility to hack the entire database
A block is a set of data
It is then sealed and another block of data is linked into it
Hence the chain link of blocks
Every block has an encryption in open and close
“You’re telling me block chain is a chain of blocks” -M 17:30 Gif
We have copied that blockchain amongst hundreds of computers over the world
Single cloud-computing
In order to hack blockchain
You need to hack the whole network all at once
Also safer against inflation and nobody telling you the value of your money21:10 socio economic standpoint
Country run by dictator
They can decide whether your money is worth any value
We are doing this from the internet handphone so you can build wealth outside of their country’s banking system
You can now use this to send money instead of using Western Union
All relative value based on governmental currency
Everything on the world is based on the petro dollar
Petrodollars are U.S. dollars paid to an oil-exporting country for the sale of the commodity
Backed more with oil then gold
27: 00 Crypto is not going away
Fastest technology in human history
Everyone wants more control of their money
Seeing impacts of this everywhere