 Our next question comes from Marcel. Marcel asks, what are real use cases today for the unbanked in Latin countries? This is an interesting question, Marcel, and I've traveled a lot throughout Central America, the Caribbean, and South America. So I've been to many Latin or Spanish-speaking countries, and I've had conversations with many people from these countries to see what are their primary motivations. The primary applications for the unbanked are not that big yet at the moment in Latin America, but that depends on how you define the unbanked. So if, for example, as the unbanked you're talking about people living in slums like the favelas of Brazil or the slums in other countries where you have populations that have no documentation, no bank accounts, cash-based societies, etc., the impact of Bitcoin today or other cryptocurrencies is probably fairly limited. We've seen a number of proof-of-concept trials where companies try to introduce closed-loop economy based on Bitcoin wallets and things like that, and they're generally treated with skepticism. One of the most interesting ones I was talking with someone about recently was an experiment that happened in Argentina, and there are one of the interesting things that happened was a generational difference in the way they treated it. So when introduced as this free money drop that happened with Bitcoin and a Bitcoin wallet inside a slum in Buenos Aires, the result was that most of the people over 30 treated this as easy money that probably wasn't going to be around for a while and with some suspicion, and they immediately cashed it in and converted it to Argentinian pesos or bought things with it as quickly as possible. They treated it as money that doesn't hold its value, which based on their experience of the Argentinian peso versus what they know as hard money like the US dollar or gold or things like that makes a lot of sense. People under 30 on the other hand ended up holding it because they were more familiar with the concept of cryptocurrency in some cases and saw this as an interesting experiment that they could afford to hold for a while. That's an interesting outcome. Generally speaking though, the fully unbanked are not yet served by cryptocurrency in South America. However, there are a whole category of underbanked populations, which includes the vast majority of the middle class throughout the Latin world. For underbanks, we would consider people who are under currency controls and do not have the ability to freely exchange their local currency for a stronger currency like the US dollar. They don't have the ability to freely move money in and out of the country to invest in a variety of investments without the kind of heavy confiscatory taxes you see when there is an economic crisis. That describes the vast majority of the middle class in places like Argentina, but also big chunks of the middle and lower class throughout Central and South America. For them, I think again the primary use case today for Bitcoin in those areas is the preservation of wealth. That means investing in Bitcoin as the means of saving, just like in the past they would have all of their savings in dollars. The advantage here is that in many of these countries, dollar-based accounts are either impossible to open or worse, the government has demonstrated more than once that they're quite willing to go in and confiscate the dollar-based accounts by converting them to the local currency forcibly at a ludicrous exchange rate that doesn't match the actual value, thereby confiscating the savings of the people who held those accounts. That happened in Argentina not too long ago. I think it was about 15 years ago when they converted all dollar accounts to pesos. The advantage of Bitcoin or another cryptocurrency is you don't put it in a bank where the government can go in and either forcibly convert it or seize it or come up with some new fangled imaginary tax to confiscate it. In any case, that's kind of preservation of wealth is one of the applications that we're seeing throughout Latin America. The other one, which again is still growing gradually, is remittances and outsourced workers. Either workers in Latin America who are working for companies, say in North America or Europe doing online work, and that could include working as virtual assistants, as data entry professionals, translators, or in the high-tech industry web designers, developers, system administrators, accountants, etc. Earning money from abroad and rather than paying exorbitant fees to get paid via PayPal, which again has all kinds of problems in its practical use in Latin America, instead getting paid directly in Bitcoin and then exchanging that money, either using a local exchange or over the counter with other people in the country who want to acquire Bitcoin. Finally, the classic case of remittances where people who work in other countries as immigrants send money home to their family and their loved ones and Bitcoin is a better mechanism in many cases to send money and instead of paying an exorbitant fee to Western Union or Wells Fargo or MoneyGram or one of these services, instead earn a slight premium because in most of these countries due to the lack of liquidity and the uncertainty around the local currency, Bitcoin trades at a significant premium, sometimes 10%, sometimes as high as 25%. If you move your Bitcoin from, say, North America to, let's say, Argentina to send money home to your family, and then your family in Argentina converts that Bitcoin into US dollars or pesos, they can convert any amount they want and the fees they're going to pay on that conversion are actually going to be overcome by the fact that they're going to charge a premium because Bitcoin is only available at a premium. People really want to get Bitcoin in those countries and they'll pay extra for it. Or if you think about it the other way, the Argentinean peso is trading as a discount against Bitcoin, which is really the case. Therefore, instead of paying 5% to PayPal or Wells Fargo or Western Union, they earn 10% as a premium by transmitting using Bitcoin. So it's a minus 10% transfer fee. That's pretty neat. So those are the kinds of applications we mostly see in Latin America. If you enjoyed this video, please subscribe, like, and share. All my work is shared for free. So if you want to support it, join me on Patreon.