Bitcoin Cryptocurrency for Beginners

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/