 Many people don't know how to buy Bitcoin, but it should be as easy as sending an email. There are past ten years already. Why is this problem not solved? Because buying Bitcoin requires you to touch the banking system. Every part of the banking system has already been regulated into becoming a bank, including all of the exchanges. So the answer is really simple. Don't buy Bitcoin. Repeat after me. Don't buy Bitcoin. Let's say once more, don't buy Bitcoin. You're thinking, what is this guy going on about? I thought he was the Bitcoin guy. He's going to tell me to not buy Bitcoin. No, earn it. Don't buy it. Stop treating it like an investment. Start treating it like money. Do you buy euros? No. You get paid euros for your work, your products, your crafts, your macrame, your pastiche, your whatever else you're doing. One of my good friends actually got all of his Bitcoin by baking baklava and bacon weaves. Okay, how many people know what baklava is? Very good. Now, what happens when you sell baklava for five Bitcoin a slice in 2011? You retire in 2016. That's what happens. My friend also sold bacon weaves. You know what a bacon weave is? It's how you managed to get a heart attack by the age of 15. So what it is, is you take bacon and you weave it one over the other, and you make a square mat made exclusively of bacon woven together, and then you put it in the oven and it crisps up and turns into basically a plate made of bacon that you can put other things on top of. But why would you? You can just eat the plate, and it's delicious. He sold those for a few Bitcoin apiece in 2011. Now, maybe you can't do that today, but what you can do is you can sell whatever you do. Whatever it is, you can sell your belongings. I sold my car for Bitcoin in 2014, which was a very successful sale, because the only way you can sell a car for cash at 11 pm at night in the parking lot of a supermarket without any bankers involved is with crypto, otherwise I would either get shot or ripped off. And neither of those things happened. Three confirmations later, here are your keys, sir. Thank you very much. Nice seeing you. That Bitcoin is mine. Three confirmations, one Mini Cooper. Enough security for me. So earn it. Don't buy it. What is my take on the energy inefficiency of Bitcoin and other cryptocurrency? I don't understand this question. What energy and efficiency of Bitcoin? Bitcoin uses energy in the most incredibly efficient way, and converts every bit of that energy into robust security for a nation-state-resistant global network that is the most secure, time-sequenced recording of immutable truth that we have ever built on this planet. A monument of immutability that cannot be shut down by the most powerful forces in the world. That sounds like a really awesome efficient use of energy. I say we should ban Christmas lights and war, because both of those are very inefficient uses of energy. One kills people, and the other one, well, so I'm not going to ban Christmas. I take that back. Apparently some people like it. So let's not ban Christmas, but how about we stop war? What's the best way to stop war? How about you take control of money away from governments that fund war exclusively by inflating the debt away generation after generation? As a result, since they've been able to go off the gold standard, have increased their war-like activities through debt by several orders of magnitude. How about taking away that power by building a global monument of immutability on the most efficient use of energy and a secure mechanism for proof of work? Let's do it that way. Which tools would help the Bitcoin ecosystem the most? The boring stuff. Wallets and decentralized exchanges that allow people to use multiple different currencies and trade with each other through cash. Systems that have no controllers, systems that are open source, easy to use, securely and intuitively by people who are not trained in computer science. How does an unbanked person without fiat or mining equipment practically get some Bitcoin nowadays? They earn it through their labor. I pay people in countries where they cannot get PayPal. I pay them in Bitcoin. And you would think, what are they going to do with the Bitcoin when they get it in their country? Do not worry. The demand is so high. This is the experience of someone who is unbanked. From the first experiment I did, paying a contractor in the Philippines, in Manila in the Philippines, Western Union charged more than 15% to transmit money to the Philippines. PayPal charged a minimum of about $5 plus another percentage point plus an exchange rate spread to send money to the Philippines. When I am paying someone to do video editing or audio editing or something like that, they are making $150 a week, maybe even $150 a month, which to us isn't a lot of money. To them is a middle-class salary. It is actually very respectable. Now, if PayPal takes 10% of that, that is more than the government taxes them. Why? Why should they pay a tax to Western banking greed? They don't have to. So here is how it works. I send them Bitcoin. They go there and they say, I don't know how I am going to turn this into the money I actually need, which is Filipino pesos. They go online and start searching for Bitcoin in the Philippines. They discover that a lot of people are looking for that too. They find ads and applications like localbitcoins.com. They meet someone in a coffee shop. At first they think this is a giant scam and that they are going to get ripped off. Then they meet someone in a Starbucks and give them $150 worth of Bitcoin. Then they get pesos and they walk away and look at the real pesos. They go, huh, it worked. Then as they are going home, they do the math in their hand and they realize that the Bitcoin price in the Philippines is 20% higher than the Bitcoin price in America. Which means they just made 20% on the Bitcoin. Which means that the transfer fee from America to the Philippines was not 5% like PayPal. It was minus 20%. Then they say, can I have all of my salary in Bitcoin, please? I have made another friend. People earn Bitcoin. One of my good friends works on a project where he employs Venezuelan software engineers who are getting paid in Bitcoin and Venezuela. Every three to four months he has to hire new software engineers. The reason is not because they are disappointed by their work. It's because they managed to collect so much Bitcoin that they can take themselves and 15 to 20 members of their extended family and exit that country and migrate as refugees. With Bitcoin in hand, or better yet, in a mnemonic seed that they've memorized, across the border so it can't be stolen by either the Colombian or Venezuelan officials and start a new life somewhere much better. Maybe they'll go back one day. That's what Bitcoin does for the unbanked. How do you introduce your children to the new currency system? You start with a fundamental conversation. Our children need to understand what money is. Children do not understand what money is. And the reason they don't understand what money is is because their parents don't understand what money is. This is how the conversation goes. Lil Annie asks, mama, what is money? It's what we get for doing our work. Mama, why can't everyone have more money? Well, because I... Do your homework. Have you finished your homework? Mama, why do some people have less money than us? Can I give them my money? I said, do your homework, right? How does money work? The correct answer is money is a system of bilateral obligations between floating exchange rate currencies that use special drawing rights at the International Monetary Fund and the framework built during Bretton Woods to enable a system of free trade through these exchange rates, which are then used to buy treasury bonds in each one of the countries to generate debt by the central government that is then redeemed through 10-year or 5-year bonds at an interest rate which is set by an independent body called the Central Bank, which meets every second Friday of the month to decide what the cost of money itself is in the same money that we're calculating that cost. This results in the phenomenon of inflation or deflation which determines the velocity of money and liquidity within the economy, which determines whether you have a job tomorrow or not. That's the correct answer. How many people can explain that? So instead we say, go do your homework, Annie. Now, what we should be doing is teaching people the fundamental basics of what makes our society work, but money is a taboo topic. So I say, first, talk to your children. Have the conversation about the birds and the bees. And then have the conversation about the private keys. So far it's not a currency that is used for daily payments. It's rather seen as an investment. Well, that has already changed. It is seen as a currency for daily payments in places where it is needed to be seen as a currency for daily payments. It's seen as a currency of daily payments where people don't have other currencies to use. Now, is it the most efficient currency for daily payments? No, it's not. Currently, it's not at all. Fees are high, it's difficult to use. That's not the case. But I think there are many solutions that are being worked on and many alternative approaches that give us a way to make it more suitable for daily payments. The bottom line is that daily payments is one component of money, and we're going to explore all the different components of money, but it takes time to build them up. Just because it's not used for daily payments doesn't mean it doesn't have value. And just because it's not used for daily payments doesn't mean it doesn't help the unbanked. That's a mistake to think. It is not important for you to be able to buy coffee at a Starbucks. It is very important for someone to buy a bus ticket to Turkey when they live in Syria with Bitcoin. And trust me, they can.