 Hi everybody, this is Bruce Wagner, host of the Bitcoin Show on OnlyOneTV.com. I want to talk with you today about what I've been calling for months the top three challenges of Bitcoin, which I say the top three challenges of Bitcoin are now solved. All right, let me explain what I'm talking about. I've been saying the top three challenges of Bitcoin are number one, security, number two, liquidity, and number three, currency risk. So let me first explain what each of those are. Okay, security is pretty self-explanatory, actually. That just means the safety of using Bitcoin, the safety of your Bitcoins. Bitcoins are stored in an electronic computer file, obviously. So they are actually at risk because unlike credit cards or PayPal or transactions that are issued and processed by a central bank or corporation, they cannot be reversed. They can't even be traced. So security is very, very important, obviously. It's very easy to steal Bitcoins or to erase them, delete them even accidentally. So security has been the number one issue. Okay, come back to that. Liquidity is a fancy word that just means it's hard to buy Bitcoins. Liquidity means the ease of being able to buy Bitcoins for cash and also sell Bitcoins for cash and to even be able to shop for a wide array of products and services and things that you would actually shop for in real life. So that's liquidity. So now we'll come back to that. And then the third is currency risk. Another fancy word that just means receiving Bitcoins and then having the value go down. Okay, that's a problem. The value of Bitcoin goes up and down as compared to the US dollar. It's a little bit volatile, more than a little bit volatile at times. So currency risk means that you're taking a risk. If the merchant, for example, receives $100 worth of Bitcoin and then the Bitcoin goes down in value before they have a chance to actually convert those Bitcoins to dollars, that's currency risk. Okay, so now let me address each one of them and how I believe they've been solved. Now, this doesn't mean that these are the end all be all solutions. Obviously technology is continuing to improve every single day, new products, hardware, software, all sorts of things are coming out that are making it better and better and better and easier. But I'm saying that they're actually solved even for today. And Bitcoin is now poised to take off like a rocket because I believe these major challenges have already been solved. All right, so number one, security. If you go to bitcoinme.com and click on the security tab, you're going to see a video that I made that explains what I recommend for security, all right? Now, when it comes to security, I describe it as two separate amounts. One is an amount that you would invest if you're investing in Bitcoin and how to store that offline on paper, believe it or not, to absolutely secure and protect your Bitcoin from theft or accidental erasure. Okay, and then the other is transactional amounts. You could think of it as a checking account amount of Bitcoin and how to secure that using Mt. Gox with this device called a YubiKey, a USB security device. So that's the security tab on bitcoinme.com. You can watch a video about that. So I believe security has been addressed with those two in place. Bitcoin is very, very safe and secure to use even right now today. Okay, liquidity is the second challenge. And that's probably the biggest challenge, the most difficult to solve. That means that it has to be super easy to buy and sell for cash. And also to be able to shop for a wide array of products and services. So liquidity I think is being solved by this new project that we have started. If you go to bitcoinme.com and click on the buy tab, you're going to see a video that we created that describes in detail this new project called the buybitcoin.com hotline. Buybitcoin.com is a service that we have started that will help people all over the world buy Bitcoin with whatever form of payment they may have. Whether it's credit cards, PayPal, check, cash, whatever, as easily as possible for zero fees or as close to zero fees as possible. And we also consult with people to help them sell bitcoins for cash similarly. Because again, there are so many different ways to do it. We're basically offering hand-holding personalized service to help people buy bitcoins very easily and sell bitcoins for cash for zero fees or as close to zero as possible. So we're doing our part to really, really improve liquidity in the Bitcoin economy, okay? Similarly, we have another project. If you click on the accept tab under BitcoinMe and watch that video, you're going to hear all about this new project we have called bitcoinsolutions.com, which is about help, again, hand-holding personalized services for businesses to help them get set up to accept Bitcoin in their business, no matter whether it's a brick and mortar retail shop or an online business or both, okay? And then on the shop tab on bitcoinme.com, you'll see a list of all the directories in various places where you can find merchants that accept Bitcoin. The first one is bitcoinshop.com. Bitcoinshop.com is going to be basically a list of the customers of bitcoinsolutions.com. So you're going to see that list of retailers and merchants growing very, very quickly. So that's what we're doing here to improve liquidity for the Bitcoin economy. And I think that by us helping people buy Bitcoin for cash in so many different ways, so easily that you're going to see Bitcoin take off like crazy. All right, and now the third is currency risk. And this is actually the easiest one to solve, really. I just basically thought of this idea last week, and that is that if you are going to invest in Bitcoin, that's when you should keep your money in Bitcoin. If you're going to keep your money in Bitcoin, it should be because it's an investment. And if it's an investment, then it really should be something that you're going to keep in there at least six months to a year or longer. So in other words, if you're going to keep your money in Bitcoin as an investment, then you want to keep it in there at least six months to a year or longer. Then you don't have currency risk. Now, if you're just using Bitcoin as a transactional for processing to make purchases online or to sell things online or whatever, if you're just doing it for transactional processing and currency risk is an issue, then I believe this is the solution. I call it CSC. CSC, it means convert, send, convert. Okay, here's the idea. If you have $100 and you want to buy something online, and the merchant wants to end up with $100, but you can still use Bitcoin as the intermediary transition-transmission form, what you do is you keep your money in US dollars. On mountgox.com, mtgox.com, you can actually keep dollars in there as a dollar balance, and you can keep your $100 in there, and then right before you want to shop with it, you convert the dollars into Bitcoin, then you spend them. Okay, on the other hand, if you're a merchant and you're the merchant who's receiving the $100 worth of Bitcoin, you can do the opposite. As soon as you receive the Bitcoin, you can immediately sell them for $4, and now you have $100. So the customer starts out with $100, converts them into Bitcoin, sends the Bitcoin, the merchant receives the Bitcoin, and converts them back into dollars. So the $100 was still $100 on both ends. There's no currency risk at all, and you still retain all the benefits of Bitcoin. So the transaction was sent electronically, there were zero transaction fees, and it's irreversible, and the transaction's as anonymous as you want it to be. But nobody took any chances and risked that Bitcoin value could go down. In fact, it doesn't really matter what the value of Bitcoin was at the time. If Bitcoin was $1,000 of Bitcoin, it wouldn't matter, because you're buying $100 worth of Bitcoin at whatever the price is, and then the merchant's immediately selling that $100 worth of Bitcoin at the same whatever the price is back into $100. So it ends up being the same thing. $100 doesn't really matter what the price of Bitcoin is as long as it's bought and sold at the same time. So that solves currency risk. And again, if you want to invest, keep it in there for six months or a year or more. So I believe those top three challenges of Bitcoin have now been solved, security, liquidity, and currency risk. So I believe that Bitcoin is poised to take off like a rocket. Obviously, these new technologies, products, hardware, and services are still evolving and coming out every single day, but Bitcoin is now ready for prime time. I hope you agree with me. Be sure to go to bitcoinme.com and check out the Use tab for information about how to use Bitcoin for the non-technical. Buy how to go to buybitcoin.com and find out how to buy Bitcoins and sell Bitcoins. Accept how to accept Bitcoins as a merchant, which is bitcoinsolutions.com. And also, the Value tab is all about the details about the price of Bitcoin charts, data, et cetera. Security is all about securing your Bitcoin safely. FAQ, all sorts of frequently asked questions. Conference is about the Bitcoin conference coming up. And more is all about the online forums, meetups, and all sorts of other groups that you can get involved with. And development projects, all sorts of things. So be sure to watch the Bitcoin show on onlyonetv.com. And I'll see you there.