 Hi everyone, it's MJ the fellow actuary and in this video we're talking about the benefits of Bitcoin and Why it's actually better than money and we're recording this video where Bitcoin is as of this year down 50% and That's kind of like what I like to do talk about the benefits of Bitcoin during a bear markets Just so that people don't lose hope completely, but you know me when it's always the bull market Guys just be a little bit careful on it So because this bear market we're gonna be talking about some of the benefits of Bitcoin and in this video like I say I want to say why it is better than money. So first let's have a very quick history of Money because to many of us we've actually been told an incorrect narrative And this is coming from good old Adam Smith in his wealth of nations He put forward the idea that Bitcoin Sorry, not Bitcoin money was created to replace the bartering system yet Anthropologists have shown that bartering wasn't actually as widespread as First believed. Yes, maybe different communities might have come together and exchange one good for another But within societies it was more likely that people Kind of went through a bit of a debt system where it was like I will hunt today and share the spoils of the hunt with everyone and then tomorrow I will get to enjoy the benefits of the water that somebody else brought from the well The thing with the society was that it required a memory You needed to remember who had done what to see if every person was Allow to enjoy in the benefits of the society because the last thing you wanted was a freeloader Who just took from the society and didn't contribute now? the problem is is our memory is severely Limited and we couldn't really get into bigger societies Because the bigger our society became the more strain it was on our memory the less we could Basically keep track of who the freeloaders were and it was because of this that tokens were then introduced as a Form of memory tool to kind of remind us of who had done the most work And we started using let's say shells that we found on the beach The problem with tokens like this is that someone could then become wealthy not by contributing to society But simply by taking a walk on the beach So then we moved to gold and we started to try and use various other things for for our token Now you might be saying but no we don't call them tokens We call them money But if you ever thought where the word money comes from so money comes from the Roman word munita which was a Roman goddess and what the Romans used to do was mint their tokens in a circular form Inside these religious temples and it's interesting because even the American dollar today says in God we trust and Religion and money has this interesting parallel where in order for it to work You need the collective of society to believe in it if your society doesn't believe in your religion Religion's not gonna have an impact on your society If your community doesn't believe in the in the money or the token that you've put up It's going to also not have that much utility So very interesting that the Romans minted their tokens Inside a religious temple and like I said it was in the goddess called munita and munita was the Roman goddess of Memory because of course that is what money was used for and then just like how the US dollar says in God We trust they would write munita's name on the tokens and slowly that formed into the English word of money So if money's primary purpose was a memory tool Then Bitcoin is far far superior Because of its immutable property and what the mutable basically means is that we cannot change the past so if something's immutable you cannot go back and and change it and when it comes to memory that is a Property that is quite beneficial because think of the money that we have today We might at any given moment know how much money each person has but we don't have the history of those transactions Yes, I might have been done through a banking system and we might have a little bit of data But all the cash transactions there isn't that much information that is kept whereas Bitcoin all of that information is retained very useful for economic planning also very useful for rooting out corruption of You know certain political figures because if you're President to suddenly receiving a million dollars every month from an unknown source your journalists are gonna pick up on it and you know Corruption can get rooted out that way But the fact that Bitcoin has this blockchain, which like I say is immutable Aids more towards the memory than the money that we have of today Of course, like I say we've changed the narrative our money needs to be a store of value a medium of exchange You know and we assign all these other things But if we look at the history of money its primary purpose was to like I say assist us with our memory and the Immutable property of the blockchain is far superior to the paper-feared currency that we have today And I think what we're seeing in the whole crypto space is we've introduced stable coins Although there's not stable coins is a bit of a misnomer We should rather call them pegged coins because they're pegged to two currencies that aren't necessarily stable I mean to quote the great philosopher Kendrick Lamar, you know, what is a dollar worth the dollar itself isn't stable So just because the tokens pegged to that doesn't necessarily mean a sale But I'm getting a little bit of track and we'll maybe save all of this for for another video but I just wanted to bring to everyone's attention the immutable property of Bitcoin and Why it is very very powerful for a monetary system Essentially that was created to assist humans with memory. Anyway, hope you guys enjoyed this video and Yeah, I'll probably make a video soon I am heading to New York for the big NFT conference and Some of my art was featured in NFT Plaza So I'm gonna put a link in the description below so you can go check that out and see some of the NFTs That I've been releasing but until then hope you guys are having a great day and we'll chat soon. Cheers