wasn't beautiful people in his younger my Shameless all up in your building with a nail that and this video is all about cryptocurrency my latest obsession I had to do this video for my for my friends my family because it is new. It is exciting And it's confusing As the This video is for many beginners from a booth out there. Keep in mind, I don't grow with a camera on YouTube. I'm not a financial adviser.
I am a hustler. super savvy. But anyways, do your research and watch a lot of videos I'll put links in the infobox below on more ways to learn about this fascinating world. So what is cryptocurrency what is bitcoin Bitcoin is the largest and 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. 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 and crypto. But I don't even know who invented the dollar. I could go there and find out but whatever the point is, this guy or girl created this system as a response to the financial crisis in 2007 in 2008. If I was the owner of the Federal Reserve I personally would print money for myself my friend and my family. I'm just saying, let's be real. So there are pros and cons with having power centralized, an extreme example of power that's Miss used 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 they use the 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 See but it does talk about 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 At 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 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 is 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
kind of store 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 few Em there is Litecoin there is ripple there's OMG there is money Arrow, 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. Nobody really needs that. Well, the beginners I doubt well, 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 crypto currency will be the new currency and we're going to shift from what we use today USD Canadian Euro the pound pestles we're going to shift from that system to the cryptosystem this system is worth 40s Fear not the car fear Got the The Money And we're going to shift to the cryptocurrency currency system Now, the only place I've seen accept cryptocurrency actually there are a few. There's a Lamborghini store that accepts Bitcoin Mineiro is another currency out there. And on the news, Mariah Carey Jeezy and a few other musicians were saying that they would be accepting Mineiro so I went to their site to try to purchase, but I'm trying to wrap my head around. Okay, so if all these currencies are out there, which one is going to be the one that wins? And that's the biggest question. We don't know. The system that we Today is very long for me to send money home to Toronto not only Take a couple days further wire transfer to clear because there's bad In between there's the West Bay There's a Canadian bank And then there's the actual thing So there's like four banks in in the whole process the idea is cryptocurrency eliminates all those games and I can send money to my family right away without the fees and without delay that isn't the case right now because in order to keep 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 Are us fighters into Litecoin Bitcoin Aetherium bitcoin cash They're going to be adding more but that process took me a week to convert my US 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 about $1.05 $10 they only accept Bitcoin or Aetherium, 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 Aetherium. The second step, you have to exchange that Bitcoin or Aetherium that you just acquired for the more affordable currency that you really want to get. But now you have to backup your information on to 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. But it's software that stores your private keys. And sounds crazy, I know but you need your own personal wallet to store your information on. Because this exchange goes bankrupt and closes. You still have your blockchain, your private keys, your information on this wallet. And an expert. I just did my homework. I'm doing my best to articulate that to you. But for the real deal. Still, here here info, okay. And then we'll 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%
in investing in the whole game of cryptocurrency, it's blown my mind and open 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 I have to find my stuff with the money that I earn I like to hope that cryptocurrency right now is kind of like stocks it's investing in something that may or may not materialize the differences stocks are ready waited stocks are regulated but I do this because you can 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 the hand at the table It's fun and it'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 my boyfriend or my friends we talk in sudo cheese and coins that that is like 0.0067 of a Bitcoin I'm going to pass but be a part of the conversation and A 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 that believe and like I wanted to grow over the course of a few years so Ideally you know in five to 10 years I can I can have my money that grew I want my money to work for me okay I don't want to I want to hustle smarter and I feel like cryptocurrency It is an opportunity to do that
But you're saying you're Sam was a MACUSA pal fish They're gonna leave it
but let me know if you guys have questions and I will address it probably in on Twitter or even Instagram am i doing Instagram live so check me out on those platforms even these ones but yeah I hope you found this V You're helpful and until next time remember to do you be you and stay true
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