 That's device is the hashtag to use at Y254 channel and today we have come to know to the tech sport on tech segment and we're talking all about technology today's topic is blockchain and cryptocurrency we want to know the ABCs of this we've had you know the terms it sounds something difficult sometimes but we want to break it down and that's why we have our guest his name is Keith Baraka he's the CEO and founder of pizza technologies to help us with this discussion. Kareem, what's your name? Sanjasana. How are you? I am awesome. Okay so tell us what you do first. I am as you heard the CEO of pizza technologies I founded this company two years ago as a way to run away from employment I remember telling my mom once that I'd never be employed in my life because wealth really doesn't come from employment if you want to get rich and you are employed you're stealing from your employer so I wouldn't want that so I decided let me create employment for others instead. Okay so you're a job creator. Precisely. All right and why did you decide to name your company pizza technology you know it's pizza we know it's food so why pizza? All honesty it was supposed to be grape technologies and at first because honest my my role model is Steve Jobs and he was April so I was thinking grape. Get you okay. Then again when I went to register Steps ahead of you. Yeah somehow. So pizza because I love food and it's actually intuitive. I say pizza technologies everyone wants to know what that is. Hey pizza technologies what is it about there you manufacture in pizza but it's good what you do so we want to know about blockchain and cryptocurrency. Once people think that you know when you speak of cryptocurrency the first thing in it's a get rich quick scheme so is this the case before to add in Danny? No this is not a pyramid scheme it's a get rich quick scheme so this is different how is it different? It is different because this is actually digital currency this is a technology where transactions are done like a bank. Okay so it's like a bank transaction but it's done digitally so now with that tell us what is blockchain what is cryptocurrency and then maybe you can explain to us what is bitcoin. Okay blockchain in a nutshell is a ledger it is a system with enough power to get a lot of data put it in a transaction and send it to a place without leaving a footprint. Okay so in a layman's language it is that like a technology that allows the transaction to go on. Yes. Yeah basically the transactions to go on is the technology behind crypto. Yes. So what is crypto? Now crypto on the other hand these are now coins or tokens that are used for the transactions themselves within the blockchain circle. So examples of the cryptocurrencies? Ah can a bitcoin, light coin, a herm is a new coin until yesterday I actually had there is an african coin called 10 coin. Yes so bitcoin basically it's a digital currency. Yes. Okay let me try to get you know to make it simple on your way from corrects or from wrong comparing the traditional form of transactions and the bitcoin form of transaction. So I go to the supermarket I have my bank card I you know I give I give to them after shopping so they swipe it now the supermarket checks to the bank if the money is there right. So the bank confirms the money is there and then it deducts come on 1000 in the vector 1000 it that's from it and then you know Pellecheo Pesaco supermarket now I have my card back. So the digital transaction bit of it for bitcoin. Now it's my money is not in a central is not uh regulated by a central institution like the bank so my money is uh decentralized basically. So my ledger the the one that you've said uh behind with that is uh with blockchain so my ledger is distributed in different machines that operate it single so when I'm doing any transactions it confirms it checks with all those uh ledgers and then it's uh in a deducts basically for me basically Pellecheo Pesaco you met up a card to you and you met up a card so controlling them to module so that's the difference between the traditional and the digital yes one is centralized so what's what is the purpose behind that the purpose behind it is mostly to buy digital stuff Akina NFTs because most NFTs uh those are non fungible tokens most NFTs are bought via bitcoin specifically so so if one wants to get into before we get into NFTs that's another term so before we get into NFTs so bitcoin someone wants to get into cryptocurrency fast so what are the what are some of the options about what are the approaches you can get into trading bitcoin or cryptocurrency or you can go into mining so there's mining and trading yes so let's start with trading trading now trading has different approaches there's day trading there is range trading and there is scalping now day trading is where you are trading for a specific day you may have done orders for hundreds of orders within hours or minutes of that day before we get into date trading and all that because we haven't still gotten how it works how does bitcoin work basically i mean gear one is fresh from you know the world you don't know about uh how crypto cryptos work so how do you get into it how does it work before we get into scalping you first create your account like you just go to a bank and create account in something of the sort create your account so you create uh okay yeah how do you create that account that account they are some specific exchange places to do that like uh bitmines coinbase unstoppable there is a vault so you go to the trading platform and then you create the account yes after that after you create an account it will give you an automatic wallet with a very unusual address how to address and then it will give you a passcode of 12 words within those 12 words it will always ask you for a different maybe six or five words every time so maybe it will be number one number seven number 12 number five number five number three your tiny security measure your insecurity measure okay and then after that it will ask you to activate two-step verification this is where you put in your password and then it will send you an OTP one time password onto your phone it will never repeat itself so you put it there or you can use google authenticator or microsoft authenticator for the same it's a term here you can log into your account and that information is only for you where to and join exist so you have your account ready you've gone to the trading platform you've created your account you've gotten your password and everything so now what after that what's next after that now you can fund your account you can fund your account via maybe people or scrill currently there is actually a funding called crypto it even gives you a bank a card so this is okay funding my account means paying for my account yes like you add cash into your account okay this is the same situation so the cash is for trading yeah right so how does it work how does it work when we were in high school to live on your probability it's a 50-50 situation it's the worst one to use it's like betting okay okay the best one to use it's basically it's like stock so you buy when it's very low you sell when it's very high so it's like the stock market yes and uh risk in as a in as a shuka yeah so you go on a loss okay so how much does do i need for funding my account around 50k kenya shillings which is five hundred dollars so 50k you know in a show i've funded my accounts now i can start yeah so do i start with that it turns automatically am I there's something else that is needed because i hear there's a boat a robot that works for me now uh if you want to add the fact that you want to put a boat there you have to buy the boat first so funded my account now i need to buy a boat yes so how much is the boat cheap side five hundred dollars five hundred dollars is around 50k around 50 55 so 55k i've started with around the same money 50k and then i also need 50k for buying the you know that's the cheapest prize for a boat that's the like the bare minimum the bare minimum so with that 50k you got a boat in there didn't you find your cause so what i do i continue with my business if i have you know then the job i go to my workplace this boat does the bidding for me and all that when i open my account i find my figures are going up and everything yes but point of this claim these boats are used best best on a long-term situation come at six months one year if you have that kind of a trade-off say money and money because if for extremely long time kabila kujek chukwari returns where's your 40 bob 50 bob every day you know so it's better when they it takes a longer time yes okay and then what next then sasa see you let it do its work you give it some parameters because they are set on factory defaults and you may want your own defaults so you give them some parameters when they can't go high when it goes higher on something they can't buy when it goes lower than something they can't sell something of the sort okay so you okay back to the day trading and all that yeah so you know the time time time frame yes so tell us about those time frames i understand that three yes that's right there is a day trading day trading yes which is actually a strategy not a time frame where you get one as a trade between one hour to 24 hours before you get ready on a Wednesday then we'll do another day of the same same work but it gives you trickles of cash on as a partner come on we'll leave up saying he's on a book but you're two dollars two dollars so upon a petty cash like you let me you let me pocket change the next then there is range trading which usually goes to maybe up to a month two months which gives you a higher payout is actually way high it's an audible profit payout okay yeah and the third one the third one is scalping scalping now you say so much here but it's different because here most of the time only in Giga corner stock exchange really not when i come a bitcoin come on as that janam chan come 11 bitcoin is 45 000 dollars by the time niki lala was equal to 43 000 dollars that's a drop and that drop is actually very significant to when to the boats when they're doing the trading for you in scalping because they they will it reduce the amount of profit you are supposed to get or in the event because you are in bitcoin at a point and then you left yes so what happened exactly so nicely and he will buy 1500 bitcoins and then give them for free You can sell 300k, Kenya shillings. Wow. Even though, that's how volatile it is. You can't be sure whether it's twelve hundred or fifty-fifty fifty. I would like to ask you if you have any problems. Next time you will ask me to follow you, you will find it is zero. It's not zero, it's because it's a lot of things you can't get. Ah, okay. Check it. This machine is going to serve you the office instead. They got it from you? Yes. It was sold to me and I will tell you the story. Okay. about mining. We have learnt about the trading bits. Basically, you buy it when it's low. So Bitcoin at some point when it started, it was less than $10, around less than a thousand Kenyan shillings. At full size, it's trading at 43,000, which is around 4.3 million. So it's trading at 4.3 million. So I'm going to buy one Bitcoin here. I'll have to buy Kulipa 43 million. No, 4.3 million. Oh, sorry, 4.3 million Kenyan shillings. So now, if I want to start trading, what coin should I buy? What coin should I start with? Start with maybe Ethereum. If you have the kind of cash, because you're near around 300K. Or go lower. Start with a NIO coin. NIO coin is around $114 or you could go lower. There is Litecoin. Litecoin is $2900, like $2300. So it's affordable. If you buy Litecoins, the more they stack up, now they get into Bitcoin territory. But that is also another gamble because I'm not sure if it's a pick for Zuri. Yeah. So it's a risk that you should be willing to take. And tell me about the African coin. Last day, I think it was launched the 10 coin. 10 coin. How reliable is this? I mean, I want to support Africa. Where? How reliable is this? So yesterday, I was checking it out. It was $0.00. It was $0.00 before 1. So it was $0.00 before 1. And it has the tokens that have been let out to the public around $10 trillion. And that is what $10 trillion has in our value. So there's no chance that that coin will pick after... It's not going to pick. But after a long time. A really long time because considering Ethereum, it will be at $0.0005 as a 2020 size equal to $300K. That is $3,000. So what if someone, you know, from the tech world, maybe in Kenya or Africa, you know, hammer Elon Musk comes and says, I will buy from the African coin. So you, it's a probability that it will pick. Let's say you have a lot of financial presence, like Forbes, you know, it's very high. Ah, okay, so that is the way to go. So now tell us about mining. So there's no trading maybe, but they can do mining. So tell us about it. It feels easier but it's not. It's harder than... It's harder. It's way harder. It's harder than I thought. It's harder than I thought. You may have to actually resign your job to do this. So okay, that's the first difference. In Kenya, you can do your job as the boat does the work for you. Here you have to quit your job to do it. Why? You also need skill as well. You may need to quit your job because you need time dedicated to it. Before you actually start mining, you need to build a machine. For those who can't buy the machines, you need to build one. Building one requires you to be there and have skill. How is your money? And I also have a graphics card. If you don't know what they're doing, they won't know what they're doing. They're specific. Yes. There are some specific graphics cards that I used for... I'm about to go technical now. Take a slow. Okay, graphics cards are NVIDIA and AMD. Those are the two current leading graphics card producers. Now, NVIDIA, the recommended one is 1080. No, it's 2080, not 1080. 1080 is the recommended one. And for AMD, in a Radeon 9X, it is as powerful as they come. Okay, so basically this machine... You need a powerful machine to get into mining. And this machine, how much do they cost? A rough initial investment to buy all these parts, to buy the cooler because these machines need to be cooled. 24x7. Because it's a heavy processing going on. So how much a rough estimate? 500K, Abu. 500K? Yes. Okay, to start with it. So how do you work? Once you have built the machine, the machine will always need to run on an operating system. Normal computers need windows. That is okay. Because windows can run on a game, on a VLC, on YouTube, it's good. But when you go into Bitcoin mining, if you decide to use Windows, there is a specific software in it called Bitcoin. But if you don't want to use it for anything else, you can give it a dedicated operating system for Bitcoin mining in it called Hive OS. Okay. So when you understand the concept of mining, you can draw mining in a gold mining, you have mine. So you mine, you get the gold. So how now are you mining for Bitcoin? It's the same aspect. It's the same thing. When you're starting to mine, you're on the surface, like where we've got two harpers, like ground level. When the machine keeps running, now you're digging for it. When you first get, you will first get, Before you get gold, you will get minerals, you will get land, you will get land, you will get land. But before you get minerals, you will get land, you will get the Litecoin. Litecoin. Yes. And those ones, you will get entry calls. So that part has two in it. But before you get your Bitcoin, if you don't have a powerful machine, it will take up to 21,000 years. Wow. So the more powerful, the easier it will be for you. So you will get your Bitcoin. You will get your Bitcoin. Now you have an account for you to do this. It's no way around that. So you have to have an account. Now, from your account, for you to get a payout, you have to sell. Out of the Bitcoin, more just trade. I don't use it. Out of it, I have seen it too. But it will take up to 21,000 years. So it will take up to 21,000 years. Yes. So the boards payout, you have paid for the boards? No, personally, I hadn't paid for the boards. I have built mine. Oh, you built yours because you are a developer? Yes. So for someone, you need a particular set of skills. So if I don't have the skills, I can't do mining. I can only do training. Yes. OK. If I come here, I might have skills, but you can't buy the boards. Can you do it? If you can't buy the board, why not? You don't know what it is. And that makes it easy for you. So how much between trading and mining? How much money do you have? I have money. Ah, because you do the hard work. You do the hard work? Yes. When you are in this situation, you regulate how much these guys will buy it. Yes. You know? If there is a problem, I will give it to you. After a month, I will pay out your 6 million. Kenya shillings. OK. Like a Menda home evo. OK. So as we come to your clues, tell us about, would you advise someone to get into Bitcoin? You know, so many youths don't have jobs. So, business paying again. So is Bitcoin the way to go if I have maybe the 50,000 initial fee and buy about a 50,000, so roughly I have a 100,000. Is it advisable to get into Bitcoin? Yes. OK. So roughly I have a 100,000. Is it advisable to get into cryptocurrency with Bitcoin or any other coin? And then what do you think of Kenya adapting the digital currency? Because this was also in the discussion paper by Central Bank of Kenya. For Kenya, you know, asking the public if we could go, you know, with the digital currency, like Nigeria, when you are in Nair. So answer those two questions as we come to your clues. OK. So these are 50-50 answer. It is a yes and a no. If you love your probabilities and you want them straight, that's a no. That's a no. It's an outrage no because, well, you don't want to fall into a situation where how could you, like, umesh kiliya tu hati ako 24-7. Ipese ki tere muka mimiku isha skuli maze, akuna rent, akuna niniu nuna. Kabeting. Yo-yo. But then again, if you're that person who takes risks and is OK with taking risks, chuku wa enda, you will be OK. You'll be very OK with it. Now, the other question is Kenya adopting digital currency. The Central Bank of Kenya adopting digital currency. I would say yes. Yes, 100% yes. Why? Because very many people have crypto. But they can't change it into Kenyan currency yet because one, it's illegal in Kenya. It is illegal, yes. It's illegal, but we actually ranked number five as the most active country in crypto. Nini ni o Kenya one of our Fanyangi? Si ni wale wa se. Do you? So if we adopt it, it will be good for us. Yes. Because one, we have the backup of the Central Bank of Kenya. So it's a more... It's not legal. It's not stronger. It's the current economical situation. It's a real thing. History, fuel, in 1934, it's not like there's a lot of money. You know, it's over to Zote. Everything will have to come back to, let me reset situation because people will know that it's not only Kenya shillings that is being used to purchase stuff anymore. OK. All right, so it will help our economy. Precisely. That's what you're saying. Tell us about your leadership forum as you tell us where the guys can get you. My leadership forum is actually not mine. That's my mom's leadership forum. We started a forum where men thought how to actually be men. And I said, men have started acting like baby girls. Ha ha ha. You know what I'm saying? What are you, what are you doing? I'm serious. I'm not talking about girls because the girls that I'm talking to are the ones that I'm talking to. I'm not talking about the girls that I'm talking to. Are you talking to them? I'm not talking to them. I'm not talking to them. I'm not talking to them. I'm not talking to them. It's not simple. I'm not talking to them. Respect her. She will respect you. Be the father of the home. Provide for that home. She will be the one who will take care of her. OK. So we usually meet on fortnight, Saturdays at Sunstar Hotel, Palega Dines State. The charges are only 2,500. OK. Yeah, per session. Where can people get you? I'm on Instagram. My Instagram is Kate Blessings. Kate underscore blessings underscore. There is Twitter, the same. There is Facebook, Kate Blessings. OK, thank you. Thank you for coming on board and sharing these amazing insights on blockchain and cryptocurrency. That has been Kate Baraka, who's the CEO and founder of Pizzatech Technology, talking to us about blockchain and cryptocurrency. I hope now you know better about this particular technology. We take a short break and we'll be back with Calla Miwa.