 You know if you ask me the absolute worst thing about cryptocurrency is the fact that people can make money off of it Okay, most of the people in Bitcoin in other cryptocurrencies. They're thinking about one thing. They're thinking about gains They're thinking about I don't know having these thick returns. They're thinking about being rich They're thinking about Lambos blah blah blah and that annoys me to know when not just because you have a bunch of people in the sphere who care I mean it's nothing caring about money is not wrong Okay, that's not what I'm saying But there are so many people who will prioritize that over everything else and they seem to be burdened with the assumption that that is What Bitcoin exists for like the Bitcoin white paper was like a get rich quick scheme or something like that Which it wasn't I mean there was no there's obviously nothing about that in the core workings of Bitcoin It is a happy accident. It is an epiphenomenon that Bitcoin ends up Producing returns. I mean that that is inevitable with digital scarcity if someone had sat down and thought it through They probably would have realized that would have happened, but that is not the reason it exists Okay, so I will go ahead and say whenever I do a video This goes without saying whatever I do a video on Bitcoin on my channel. I will have the same people every time say Bitcoin Cryptocurrency that's a scam dude stop doing videos on that because they are they are resting on that assumption as well that it's about Money or something like that when in reality on this, you know, frankly on my channel, let's be real I do a lot of technology videos on Self-hosting things let's say having your own website having your own email server your own social media sites Hosting them your own a hosting your own chat set like all these kind of things that you can do yourself That exists out there, but you can host yourself like it's it's Technology in your control that technology is out there right it works. It works pretty well I mean some of it is still under development, but I mean, what do you think everyone else is doing right Google is hosting their own Either way Bitcoin cryptocurrency that is exactly the monetary equivalent Okay, that Bitcoin is just free and open source money. That's it In fact, there is no other way to have self-hosted money aside from using blockchain technology right now That is what proof-of-work developed this idea, you know before proof-of-work before Bitcoin, right? There was no way of having a decentralized Consensus, okay proof-of-work is a decent Decentralized consensus. So for example, you would just have to trust some party to tell you which transactions are legitimate Or not You know proof-of-work change that you can now have free and open source money. That is what the blockchain is That is what that's what Bitcoin is that that is the purpose of it Okay, and I think a lot of people they get twisted and a lot of people are actually afraid to invest Because they think investing is about making money when it's really about having a share of this free and open source a monetary system that that's what it's about and Since we have every reason to think it's gonna get bigger and bigger because this is there is a massive need for this in the world That is why the price is going up That you know, that is why it's gonna be you know, it's gonna go up It's gonna go down but in general it is something the world needs more of So it'll solve a lot of problems the bigger it is. Okay, so that is one of the big issues I have like this obsession. I mean, I understand it like I'm not mad at moon boys I'm not mad at people who talk about the price all the time but that's not the reason Bitcoin exists and You know a lot of people myself included right I knew about Bitcoin back in 2011 when like Max Kaiser was going on about it on RT like around like Occupy Wall Street I knew about it back then but I was actually afraid to get it because I thought it was like it was like the stock market It was like, oh, this is about making money or something like that There's kind like you feel like you're getting into a rat race and I'll just tell you it's not like that Don't think about it just If you're thinking about getting Bitcoin or Monero or something like that Don't really think about the price. Just say this is a way for me to transact peer-to-peer Now, let me give you some examples as what as to why this is so valuable because frankly the reason the financial system is so expensive Nowadays is because it is bloated. It is it has all of these extremely inefficient things that would not exist There would be no need. I mean frankly there are no need for banks and I mean Of course, there are need for banks, you know in our the way we do do currency now But you know in Bitcoin or in crypto currency, it is easy for you to store your money securely You just have a seed free seed phrase You can put it in a safety deposit box or like different words and different safety deposit boxes You can keep them secure, right? You do not need like a bank with guards and locks and stuff like that To hoard all of your many pounds of gold, right? That you know that is one of the advantages of it and because it is a current it's a hard currency You don't really have to worry about inflation. In fact inflation is sort of good for you. I mean Debateably, but you know if fiat inflates, you know Bitcoin is going to go up in terms of fiat goes without saying Now on the short term that's actually debatable because people might be scared and they might want more fiat because blah blah blah But I mean you understand what I mean like a long term. It's a it's a generally good thing But here are some examples of inefficiencies of of the financial system as it is so let's say Let's say you want to give your friend money over the internet, okay? Let's say or you have a favorite content creator or something stupid like that actually on that for the longest time I've accepted donations via PayPal and stuff like that and I'm honestly I feel like that is sort of against my principles So I don't know maybe sometime next year. I'll just say crypto only maybe that's gonna be my new thing But either way, let's say you want to send someone money. Let's say 20 bucks. Let's say your bud So you want to send your bud $20 now a lot of people will use something like PayPal or Venmo for that I mean Venmo is basically just something on top of PayPal But if you want to send them money on Venmo That that of course is linked into PayPal and of course both of you have to have a bank You trust your money with that bank. They're in control of it. They can say no We don't want to do this transaction or yes, we do Okay, so you have two banks you have PayPal between you have Venmo between and actually In a lot of cases you will be using a credit or debit card Which will be based on Mastercard or Visa or AmEx or whatever So instead of just sending it to him you are I mean your transaction is going through your bank Visa or Mastercard PayPal Venmo Then his PayPal Then you know the bank over there and his Visa or Mastercard How are like there's so many intermediary parties between this and a lot of them are taking a cut You know PayPal is gonna take a cut Visa and Mastercard. You don't see them take a cut, but they do take a cut That's always how it is when you buy buy something on a credit card Your credit card processor is actually taking a little bit of that money And it would be a lot easier if you could just if there were some way of just sending $20 to someone without that And that's what crypto is right the only thing in cryptocurrency You have to worry about is the transaction fees which in Bitcoin right now are pretty big But again, there's technology built on top of Bitcoin like the Lightning Network that alleviates that and also, you know Things like Monero, which are better for privacy anyway You know transaction fees are like, you know half a cent something like that. They're really negligible Either way that that is the efficiency you're getting like you're no longer relying on all these different parties And of course all these different parties will just change the deal all the time They're always adding on more things your banks might decide. Oh, well, we're gonna have a monthly minimum for your, you know bank account now You know PayPal now just lets the ADL monitor and censor their transactions because why not like there are all these crazy things Happening because you are trusting even one party But in the case in using PayPal you're trusting like seven eight nine parties and of course They're all giving your information to third parties as well. It's just a freaking mess. Okay. It's just a mess Cryptocurrency just does it better It is something that you are in control of you do not have to rely on anyone else Other than the fact that you know, Bitcoin mining is going on like that. There is a network out there, right? You can send money to someone without worrying about anything just the other week in fact Well, I'm just gonna I'm just gonna talk about the annoying things about the financial system because I don't know a lot of people don't Maybe you haven't experienced this in your life, but I just want to say how annoying it is So the other week when I did a video on the website I started lindypress.net where I reprint out-of-print books Everything was going great. Their site works fine works perfectly, but I noticed that some When on my side when I was paying like the costs for printing and shipping and stuff like that Which should be done automatically. There were some things not going through well after calling a whole bunch of Indians and robots I realized that what was happening is one of the credit cards I was using as a business credit card had a maximum of 20 transactions a day, okay So I could only take 20 orders on that or at least pay for 20 orders So I had to figure all that out now doesn't everyone your your books are coming don't worry about that, but You know I on my side I had to worry about I had to put all these things on other credit cards and figured this out and you know Again call a bunch of robots and Indians And it was just such a pain like that is the thing you when you are trusting another party To do your financial stuff that is something you have to worry about and all of them They have their own policies that are not all listed in the contract that you sign even if anyone read that like That was a good example. I actually looked for that and that the contract I signed there was nothing about a 20 transaction a day limit But that is the things you have to deal with and all of them Of course since they are custodians of your money. They are going to have to do anti money laundering law You know comply with all these laws and stuff like that And that is one of the annoying thing, you know That's one of the stupid things about people who use custodial cryptocurrency wallets because you're just you're just setting yourself up to Recreate the existing financial system if you if you do not have Cryptocurrency in a private wallet in a wallet that you control with private keys and no one else has those private keys Or a seed You don't have it like you're just I don't know you just have IOUs for Bitcoin, which could be worth nothing And I've said before you know, there are other things as well just being able to sin You know, I think I mentioned want to talk about like buying a car or something like that I bought a random used car from someone And of course if I want to buy if like he doesn't trust me. He just met me So we have to do this thing where I leave him a check He makes sure that it gets deposited in a couple days that I'm not like ripping him off I'm not you know gonna have a check that's gonna bounce or something So I have to wait a couple days for that to the process then we come back and do it now with cryptocurrency You didn't have to you won't have to deal with that at all because oh well He sent me this money. I see the transaction right now that it's legitimate even if it hasn't been approved, right? It's in the mem pool or something. I can see that it's a legitimate transaction So anyway, those are the kind of things so in the movement to You know Bitcoin or other cryptocurrencies as a kind of global financial System, which I do think is gradually gonna happen. I don't know exactly what it's gonna look like But there are so many efficiencies that we will gain because people finally have the right to actually script their own money They will have the right like money is now free and open-source technology. That is the point That's the point of Bitcoin. That's the reason that it exists. Okay. It has nothing to do with making money if you make money That's great But I will go ahead and tell you like and I will say if you're one of those people, right? If you're one of those people who like Who was like me and you felt antsy about it because you feel like it's a month like it's about making gains Just relax. Don't worry. Hey, if you buy a thousand dollars in Bitcoin, there's a good chance is gonna go down to $700, you know in the next week because that's always I mean that it's it's a roller coaster ride But you know a lot of people frankly, there are a bunch of no no coiners who are governed by the psychology of Oh, I want to I want to hate Bitcoin I want to dislike it because I know if I if I decide to like it I would be proving myself in the past wrong for not having bought it if that makes sense So a lot of people are like, oh, I didn't buy it. Therefore. I have to knock it down But I just want to say it's not about money. It really just is not money is a nice It's it's it's a sweetener can make a difference in your life, but the reason it is out there I mean the reason this technology is out there is to make things more in individual people's control Make them more private more decentralized more peer-to-peer and just deal with a less Frustrating financial system that everyone can trust because no trust is required. Okay, that is it