 So I got this question for Mark and Mark states what will it take for cryptocurrency to scale? It's been around for a while. Bitcoin came out roughly about eight years ago Cryptographic technology has been around forever fun fact is actually illegal until not too long ago For example in blockchain technology is not a new technology It's a it's a it's a layering different stack of different technologies from distributed system to cryptography to hashing Etc. It just how it was implemented and how it was actually organized with different technologies that we have cryptocurrency today So that being said I'm going to go through seven different reasons why I believe we haven't reached global tipping point And in fact some people actually say that the penetration rate of cryptocurrency is only roughly about 0.01% globally speaking so not even a percentage has penetrated the marketplace Okay, so in all particular order, we're gonna go through seven of them if I find them. Okay, so number one Number one learning curve, you know when I first start off in this space I got first introduced to Bitcoin maybe about three to four years ago obviously as one of those individuals where I heard about it, I'm like, yeah, what is this weird thing and Slowly but surely I got more addicted to it and then more opportunities arose and then took it took a while for Me to really understand it. But once I understood it once I had that aha moment That's when the light bulb came in and I really understood the power and the beneficial aspects of Bitcoin and blockchain technology So number one is a learning curve think about it. First you have to understand that People don't even know what money is today. People have a They're very convoluted of what money is, you know, how is money generated? How does a central bank system work? And now you want them to learn about cryptocurrencies where nobody controls it There's no generally governing body, you know, it's run on Oshin economics as opposed to Keynesian economics This is technology online, you know, call internet money, etc So it's very difficult for the majority of the public to really understand what cryptocurrencies are and it's gonna be I would say it's gonna take a while before certain people even understand what it is But majority people will not need to understand it. So there's for this to hit a tipping point There has to be a subset of people who really get it and that subset of people will continue building the ecosystem And then eventually it's gonna come to a point that people don't even know they're utilizing it same thing when people go to get a bank mortgage to go inside they negotiate and the person clicks a button and Magically money comes out of thin air and now you have your mortgage now You're in debt $800,000 plus and yada yada yada. Welcome to debt slavery for the next 20 years Okay, but we're cryptocurrency people just I think they're just gonna be using it They won't really know they're using it. It's gonna be front-facing. It's gonna be simple But that's the first thing is a huge massive learning curve to understand what this is number two onboarding process So what I mean by onboarding process is the actual ability to purchase crypto even still today in 2017 it's a pain in the fucking past to buy cryptocurrency. I need to go to an exchange is for example Kraken or Quadriga They need to know my AML and KYC. So AML is anti-money laundering KYC is no your customer policy It's very simple stuff to do in the banks. So, you know, show my driver's license show a bill hydro bill, etc That takes some time. They're gonna only maybe ask for my cell phone, etc Then I got to walk to my bank I got to do a wire transfer have to fucking time the wire transfer gets screwed up It takes roughly a month for me to buy say $10,000 $20,000 worth of cryptocurrency and that's a huge problem And a lot of times these exchanges a lot of people in certain places around the world don't have access to the exchanges and even Here in North America and Canada and United States you're still limited by one or two and the time frame to buy this is ridiculous There are services like Coinbase, which I do like I don't know a lot of people don't like them But I love the fact that they're introducing a lot of people in this space I think they're onboarding like 40,000 people a day some ridiculous figure And then people get a taste of this and think about Coinbase So it's really good about them for their KYC is all you need is driver's license You can buy up to like 200 bucks, which is great You know people aren't really gonna spend $10,000 on the first go 100 bucks 50 bucks, etc So that's a huge issue is onboarding and I think I think decentralized exchanges crypto cards more More ATMs more options for people to easily purchase this will increase the Utility of crypto will increase the adoption of it. So that's number two is the onboarding process of actually buying it Number three liquidity use case. So let's say you have crypto great. I have crypto Why am I using it? So for the most for most people they use money to live their life Mortgage food car, etc kids yada yada yada that being said today as a stance think about it You know, let's not kid ourselves Bitcoin is a hedge people speculate it on against other assets, Ethereum its speculation Literally all the cryptos and tokens are speculation people aren't using crypto to go buy bread People aren't using crypto to pay their mortgage yet people aren't using crypto, you know for their daily needs That's not it's not happening. There's a multitude of reasons why not happening technology is not there yet You know, it's the scalability issue transaction issues cost, you know, sometimes very expensive It's you know, micro payments right now on Bitcoin make no sense Usability the ease of it, you know, obviously there's some debit cards Isn't that but that still doesn't solve the problem and then let's talk about taxation like for example in Canada If I want to buy a Snickers bar, I gotta pay now sales tax on it and I'm gonna pay Capital gains tax based on the arbitrage so depending on where you live the taxation makes no sense for you See for you to use cryptocurrency as legal tender It makes absolute no sense because the government depending on where you live sees it as an asset like a house So, you know, we have a long way to go Before we see liquidity uses of crypto besides speculation besides arbitrage Besides people just trying to put in a dollar make a dollar back or put in a dollar make a hundred dollars back Okay, that's number three number four security. Okay, so It's gonna be a mind fucker people to understand of what private keys are what are mnemonics What are you know seed phrases, etc. And that's why we see a lot of people Losing cryptocurrencies Bitcoin or Ethereum because they misplace their seed phrase or they forget to store their seed phrase Or they forget their pin and there's no, you know backup or they don't back up their wallet Or they keep their a lot of money on their online wallet and they get malware and they get they don't even get hacked You know people can literally see what you type on your keyboard and just copy or password and get in Or your phone is cloned for to a fe for text messaging, etc So the security is a big issue and you can't expect for example Your mother or my mother to use cryptocurrency and remember all these processes. No, there has to be amplified When you buy amplified is there has to be some contingency where if something is misplaced if some I don't know If your private keys are misplaced or you lose your seed phrase or has to be some backup You know for for for a broad mass adoption. It can't be like this and the people who choose to be like this Well, obviously we have extra security we control our private keys, but I'm gonna tell you the truth A lot of people in the world. They don't give a fuck about that. They don't care about controlling your own private keys They want other people to control it. They want comfort. They want ease. They want security and they don't want to worry about things, okay? That's number four number five I briefly touched this on number three is taxes are going back once again the whole issue with the government regulation How does government regulate cryptocurrency as an asset? Is it a currency? For example, Bitcoin is a currency in Japan in North America Bitcoin Ethereum is an asset You're not gonna be using assets to buy bread or snicker bars You're gonna be paying double tax and makes no sense. How do you track crypto daily moving average? So there's so many different variabilities when it comes to taxes and where you are and where you're buying it And how it fluctuates. So I think until governments figure out what they really want to do with crypto and maybe create some kind of legislation which you know, you know me guys I'm The less the less government is involved the less regulation the better let entrepreneurs become entrepreneurs and do what entrepreneurs do Build amazing products let innovators do what innovators do innovate amazing products, you know The more regulation we have the more we're putting the box But the whole taxation issue a lot of people are scared a lot of people really don't know what to do with this Okay, so that's number five number six Actually number six. I just touched on his government regulation. So we'll scratch that out because it tied into taxes And finally number seven timing. So a great example. I always like to talk about is electric card electric card The first one I think came around like 1870 Google era around that time in the 1800s and here we are in 2017 and finally we're getting around for mass adoption What does that tell you? This tells you for the most part that even though your technology is amazing The timing might not be right, right? I think Bitcoin came at a perfect time during the 2008 crash And with the right people the the evangelists, you know The core team at the beginning to propagate and propel this forward, you know So even though this technology is amazing Bitcoin, Ethereum all these different blockchains, etc Timing you cannot manipulate timing. You cannot push timing timing a market. It's a natural organic symbiotic entity by itself. And so The light bulb, you know took a while to a hundred years from a candle to light bulb It take it took an hour more than a hundred years to go from electric car to Modernizing electric cars where people actually want to drive it makes sense from a budget standpoint It makes sense from a consumer standpoint consumers can actually afford electric cars lithium batteries are more affordable, etc So it is really difficult to say, you know When will we see a mass adoption crypto based on the timing of market and product market fair and different geopolitical issues in the world? So that being said those are my my key points when it comes to scale in cryptocurrency mass adoption And you know, I think we're still at the very very early phases We have a long way to go based on all the different touch points as said But the future honest to God every single day is looking brighter and brighter and brighter and empowering more people as Individuals as opposed to giving your power towards government becoming a self-governed citizen of the world All right guys, if you guys want any more videos like this leave a comment below this video for more suggestions And I'll catch you guys later. Peace