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A ‘Digital’ Run on the Bank?! How Crypto Will Take Over All Fiat Currencies (Part 1)

Episode Highlights:

  • 00:01 – Cryptocurrency Is Here To Stay
  • 01:21 – Cryptocurrency Is Going To Displace Fiat Currency

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Transcription:

 

00:01 – CRYPTOCURRENCY IS HERE TO STAY

So, guys, I mean how do you actually think this is going to end?  How do you think crypto is going to turn out guys? I mean I’ve been thinking about this for a long time, and I’ve been trying to piece together okay, cryptocurrency is now coming into being. It exists it’s you know we’ve opened Pandora’s Box; it’s not going away. Cryptocurrency, Blockchain it’s going to be around for a very long time, and it’s only just now getting started. The cryptocurrency revolution is just beginning, but how does this end? How does this whole thing end? I mean I know the internet in the web is going to change; it’s fundamentally going to be gutted out and rebuilt from the ground up using Blockchain technology, using cryptocurrency technology and other similar technologies. We’re going to completely rebuild the Internet right. But what else is going to happen besides the internet becoming this huge giant stock market which it’s going to become right? Decentralized apps are being built and they’re replacing traditional internet business models, and they’re replacing it with new decentralized business models right. New decentralized browsers, new decentralized Twitter, and social media platforms, new decentralized data platforms, and marketing platforms and all these things are now just starting to be developed right. But how is this going to turn out?

01:21 – CRYPTOCURRENCY IS GOING TO DISPLACE FIAT CURRENCY

Because there’s another aspect to this which is money, money is involved right. Fiat currencies are involved in this whole cryptocurrency revolution right. Or I should say the displacement of fiat currencies in this cryptocurrency revolution. What do I mean by displacement of fiat currencies? Well, as more and more people get into cryptocurrency, and as more and more people buy cryptocurrency that displaces the number of people that use that same amount of money in fiat currencies like US dollars or Euros or Yen or whatever currency you may want to use right. Whatever fiat currency you may want to use; So, as people start taking their dollars and their Euros and their Yen and they start taking those and they start buying cryptocurrency what do you think is going to happen? Well, the market capitalization, the total market cap or the market share of fiat currency is going to go down. It’s going to shrink right. while the value in the total market cap of cryptocurrencies is going to expand in rise right. So, there’s going to be a displacement of fiat currency being you know basically being pushed into or a funnelled into cryptocurrency which is going to expand the cryptocurrency markets right. And as the cryptocurrency markets grow, what’s going to happen right? Well, first crypto currencies value is just going to go up right. There’s going to be more people involved in cryptocurrency and investing in cryptocurrency. And the total supply of a particular cryptocurrency may be fixed right. In many cases it is with Bitcoin with Ethereum with others it’s fixed right. And so, the more people that get into crypto the more the market cap goes up in general, the more scarce those cryptocurrencies become and ultimately the more the price goes up in value right. And so, slowly people are entering cryptocurrency, slowly it’s getting adopted and it’s gaining more and more a mass adoption and it’s gaining speed right. December was a test. Last December, 2017 was a test and we saw some of the big players have a lot of money in the financial world they started dipping their toes into crypto right. And you saw the price go way up, you saw the media hype go way up right. And because the media hype and everything went up, the price of Bitcoin went up. The price of all cryptos went up really there’s a huge, huge increase in crypto currencies purchasing in that time period, because it was being adopted right. Then that slowed down and they you know banks and governments and central banks and IMF and everybody’s been trying to say that cryptocurrency is a fraud. It’s a scam, it’s going to collapse. It’s not sustainable. All these different things all of this is BS, all this is complete bullshit. It is not going to change any of this. Cryptocurrency is around. It’s going to stay around forever. We have opened Pandora’s Box. There’s no way to close it. It’s going to continue to grow. Fiat currencies are going to continue to be displaced and what that’s going to do is going to be very, very interesting over the next not 20 years, maybe 10 years, maybe 5 years. I think it’s going to go a lot quicker than people actually think. So, my question is and this maybe could be a part two of this video, but my question is what do you think is going to happen as this transition happens? Like as we enter this new phase you know is the dollar going to be displaced? Is the dollar going to be replaced? As the world reserve currency with cryptocurrency whether or not that’s Bitcoin we don’t know, but it will likely be one or another cryptocurrency or multiple cryptocurrencies right. I think it’s going to ultimately be one cryptocurrency that’s dominant or has the predominant market share. But I think there will be a place for multiple and many types of cryptocurrencies in the market right. From privacy coins to you know coins and tokens that provide a platform to build applications. All of this is going to happen, but mark my words, there’s going to be a very, very large displacement of fiat currency being put into cryptocurrency. And that is going to devalue the dollar and other fiat currencies. It’s going to devalue it by hyperinflation. Hyperinflation is going to kick in; the value of cryptocurrency is going to go up as people start to realize that this transition is real, that it’s happening that people are moving away from fiat and into cryptocurrency. It’s going to have a snowball effect right. It going to increase and increase, increase, increase and as it gains acceleration, as it gains momentum and accelerates up. It’s only going to gain more and more momentum. It’s going to be publicized the more, it’s going to be talked about in the media more you know more businesses are going to be talking about it and getting into it and investing into it. Financial institutions are going to start getting into it, and it’s going to snowball out of control. This is going to have a profound effect on the US economy, on the world economy. And I hope you guys are ready, because what is taking place it’s clear as day. I’m going to make another video after this that shows you why this is clear as day. It’s happening in front of our eyes. It’s happening relatively quickly although; it’s not always on the mainstream news and mainstream media. It is happening and I’m going to show you here in the next video that I make guys. So, stay tuned let me know your thoughts. I’d love to know if you agree with this disagree with this. What do you think is going to happen? How is this all going to really turn out in the end? Or banks going to disappear, government’s going to disappear? I don’t know. I don’t think that’s going to happen, but they will change. Government’s function is going to change. Central’s functions are going to change regular banks are going to change. Their functions are going to change. They’re not going to go away but, they are going to dramatically be disrupted and they’re going to completely change the nature of what they do, how they handle it, what they can and can’t have access to so forth and so on. Anyway I’m Dan from cryptocamacho.com love to know what you think about this guys. Subscribe to my YouTube channel by clicking on that little red button below and I’ll talk to you next time.

 

Cryptocurrency Will Transform Society (Plus: Sneak Peak at my IOTA Chart)

Episode Highlights:

  • 00:13 – What Advice You Will Receive In This Video
  • 00:54 – Where Is Cryptocurrency Today
  • 01:30 – The Future Of Cryptocurrency
  • 02:04 – How Is Cryptocurrency Used
  • 04:17 – How Does Cryptocurrency Affect Third Part Institutions
  • 05:44 – Do You Pay Taxes On Bitcoin Gains
  • 06:17 – Does The Irs Track Bitcoin Transactions And Gains
  • 07:18 – Why Is Government Loosing Their Ability To Tax The Public By Using Cryptocurrency
  • 08:35 – Cryptocurrency And The Barter System
  • 10:40 – The Future Of Cryptocurrency
  • 11:38 What Is Bit Torrent
  • 13:19 Difference Between Cryptocurrency And But Torrent
  • 13:59 – How The Blockchain Will Change The Way We Do Business

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Join Over 10,000 Members >

Transcription:

Hey what’s up guys, Dan from cryptocamacho.com. Hopefully you guys can hear this a video alright. I don’t have a mic on me right now. I’m just talking straight into my iPhone. So I hope it works out well.

00:13 – What Advice You Will Receive In This Video

What I wanted to talk about today was crypto currency obviously. But I’m thinking about crypto currency and I’m thinking Crypto currency is basically intangible money. They’re coins, they tell us they’re coins, they tell us they’re tokens but they’re intangible. We cannot touch them, we cannot taste them, we cannot smell them, we cannot hold them we cannot put them in a suitcase like we can with dollar bills or with gold or with any other physical asset. We can’t do anything like that would with crypto currency because they are literally just numbers in the ether on the Internet.

00:54 – Where Is Cryptocurrency Today

And so it made me think about crypto currency, where we’re at today, where crypto currency might go and it started getting me to think about all the all ICOs, all the different types of crypto currency popping up that are using blockchain. It got me thinking about iota which uses a technology called tangle, which is supposedly better than block chain. And so all of these different types of crypto currency apps are starting to pop up, all of these different types of crypto currency technology is popping up and we’re really just getting started. We’re at the very very beginning of the cryptocurrency revolution and there’s a lot more to come.

01:30 – The Future Of Cryptocurrency

But now I’m trying to envision ten years from now what is this going to look like; five years from now, ten years from now, fifteen years from now, twenty – what is actually going to look like? And when you stop and think about how many ICOs, how many coins, how many technologies are being built on blockchain every single day and that’s only accelerating now. In five years we’re going to have thousands upon thousands of different coins that utilize blockchain, tangle and potentially other types of crypto currency technology.

02:04 – How Is Cryptocurrency Used

And what is that actually going to do? What does that mean for us? I can imagine a world where somebody has a device whether a phone, whether smart glasses or whether the device is kind of embedded in them, whatever the device may be, whatever type of you know artificial intelligence or virtual reality people might be using there will be an element of crypto currency baked into all of that. And I can see that people will start using different types of crypto currency as money in different ways for them. and what that actually means for them is we don’t necessarily need any type of bank, any type of financial institution, any type of third party to let us transact with money for anything.

We really don’t need that. I mean think of insurance companies, think of banks think of mortgage companies, think of financial advisors, financial lenders, think of all title companies for housing, fire insurance for house, think of all of these different industries that right now we need to have a trusted third party to verify and validate that the transactions made between two or more parties are valid. we need a third party like an insurance company, a title company, a bank , whatever we need them to validate and verify that the transactions happening are actually legitimate. and that there’s nothing tampering with them, that they’re not fake, that they’re not hacked or that they’re not artificial, that when you make a transaction or contract with somebody it is what you say it is and what you guys agree on. We have these institutions today that enable us to do that. Crypto currency changes this entire paradigm, it changes the entire structure of the system. It changes everything. I mean I can envision a day when you will not need a title company, you will not need a bank to give you a loan, you will not need insurance to cover XY or Z because you’ll be able to do that individually with people, with parties with companies, with whoever you want using crypto currency.

04:17 – How Does Cryptocurrency Affect Third Part Institutions

And the trust factor, the validation or the confirmation that the transaction is valid, legitimate, not hacked, not artificial, not a hoax all happen on the block chain or tangle or whatever the technology is at the time. That’s how it will happen.

And what that means is actually a pretty profound thing, it means that we are not going to be reliant on these third party institutions; on governments, on banks, on mortgage companies, on insurance companies on a number of different industries that really make their money by exploiting the fact that we need to trust them and rely on them to validate these types of transactions. They make their money by doing that. They make their money by taking a percentage or taking a cut or charging fees or whatever it may be; that’s how they make their money. Those people aren’t going to be needed. When you buy a house you typically go through a mortgage company, you go through a lender, you maybe have to get a title for your house… all of that stuff happens because you need to preserve the integrity of the contract that was made when you bought the house. So that over generations, over multiple years you can actually track back to who actually owned the asset. Who owned it, where did it originate, where did it come from, who owns it now? And when ownership is transferred to somebody else, who that ownership goes to. This can all be done on the blockchain. This could all be done with crypto currency technology that we have today. And this is only going to get better and better and better.

05:44 – Do You Pay Taxes On Bitcoin Gains

And so when people start asking about taxes; and do I have to pay taxes on my on my Bitcoin gains that I’ve made. And the answer today is yes. I mean if you live within the United States of America and probably most other countries you do have to pay capital gains taxes on your Bitcoin gains or on any of your crypto currency gains – you do have to pay tax. And right now that’s about fifty percent. So if you’ve made a million dollars in bitcoin, you have to pay five hundred thousand dollars of that profit to the government. That’s not a small amount of money.

06:17 – Does The Irs Track Bitcoin Transactions And Gains

And so what I’m saying to you is that eventually this will not be the case. Eventually you know there will be no way for governments or third parties to really know the transactions that you’ve made. They will not know the gains that you’ve made. They aren’t equipped to do that right. And for them to be able to do that, they would need a serious overhaul on their technology stack today within the IRS, within the governments, right. There is no way possible for them to track all bitcoin transactions and gains today. It is just not possible. There’s just too much of it. And the I.R.S. and the other institutions just are not prepared to do that. They’re not tech savvy enough to do that, right. They’re trying to keep up and just understand what Bitcoin is and what blockchain is and they’re just trying to understand it let alone try to enforce all of this. What they are going to do is they’re going to make an example out of a few people that they’re following closely. Like people that are promoting You Tube videos like myself or people that are making big gains and publicly announcing them. They’re going to have ways to find that stuff out and they’re going to make an example of a few people so that other people don’t follow suit.

07:18 – Why Is Government Loosing Their Ability To Tax The Public By Using Cryptocurrency

But in reality the I.R.S. and the governments are losing control. They’re slowly slowly but surely losing control of the ability to tax the public by using crypto currency. And why is that? Because you don’t need any other third party system to validate any transactions or anything that you do with crypto currency. It’s done between the two users that make the transaction. so if I send you a bitcoin from my computer to your computer, my wallet to your wallet, I send you a bit coin, we assess the value right now based on fiat currency. So right now bitcoin is worth x amount of dollars because it’s tied to the fiat currency, the U.S. dollar. Once that goes away and I don’t know when that’s going to be but eventually that will go away and when that does go away it’s not going to be pegged to that. People are going to start pricing things in bitcoin and cryptocurrency. They’re going to start pricing things out that way. You’re not going to have to convert back to a fiat currency. It just is going to be what it is. Like I give you 0.1 Bitcoin for a car or whatever the case may be right. And you completely take out the need to use fiat currency, to use dollars, to transact in dollars, to do anything in dollars. You just completely remove that need.

08:35 – Cryptocurrency And The Barter System

And so a contract now can be made directly between two people. Let me give you an example like if I a buy a house today, I’m making a contract between another party, another person, another family, whatever; another organization. I’m making a contract and that’s preserved over time through these institutions. Through title companies, through mortgage companies, through government registries and things like that. All of this stuff is tracked and preserved through those types of organizations, those types of entities. That is going to change because that can all be preserved within the blockchain. That could all be preserved on the blockchain or any other type of similar technology; tangle or whatever. And in the future, you are not going to need these third party organizations to do that tracking and to maintain that ledger for you over time. It’s going to all be done within the blockchain. What that means is that we don’t need those third party institutions, we don’t need them. Think about it like this; think about it in terms of bartering. I was going to barter and I had shells and you had shells and we bartered shells; and we wanted bread for shells. That was kind of an economic system or monetary system we use. The currency we use was shells. If we want bread, we trade you x amount of shells for that bread.

We don’t need anybody else to tax that, to validate that. We don’t need that. the validation only comes in when you say ‘ok, I’m going to trade you my shells for your house or your hut or your whatever it is…’, then we need some way to record that that house or hut is yours, that you now own that because you gave x amount of shells. You agreed with that other person or party that you would give them x amount of shells and they would give you their hut or their house. You agree with them and the way we preserve that over time is through these institutions. Those institutions are going to be irrelevant once all that information is tracked, stored and preserved on the block chain. We don’t need those other institutions.

10:40 – The Future Of Cryptocurrency

So I can imagine a world where we have thousands upon thousands of cryptocurrencies and they’re all used for different things. They may be used for mortgage, they may be used for whatever, lending, they may be used for whatever you want them to be used for. And as long as there’s enough people in the network, in the ecosystem and enough people trust the value of a particular cryptocurrency it can be used for all kinds of things and you don’t need any third parties in between. You don’t need anybody to validate anything for you because it’s all encoded in the blockchain and it’s all preserve there. that essentially or affectively makes all of these third party institutions, governments, title companies, insurance companies, registries; all of these things, all these institutions that charge money and fees and exploit you because you’re using their services are going to no longer be needed. And that is a staggering staggering thought.

11:38 What Is Bit Torrent

This isn’t going to happen overnight. This isn’t going to happen tomorrow. This isn’t going to happen next week. It probably won’t happen even within a few years but within the next decade, if blockchain cryptocurrency keeps going the way it’s going and I don’t think that it’s going to stop any time, there’s nothing anybody is going to be able to do about this. It is just going to be the way society transforms. And it’s because this technology. Think about it as like a torrent. If you’ve ever used the torrent and that’s what you basically use to browse the dark web, if you’ve ever used the torrent or visited any .onion sites, if you’re familiar with that, you notice that Bit Torrent has been around for twenty years at least. Nobody’s been able to shut down Bit Torrent. Lot of illegal, illicit activity happens on the Bit Torrent network. Why hasn’t it shut down? Why haven’t the governments conspired to shut it down? Why hasn’t anybody shut it down? Because it’s too powerful. The protocol is too powerful. It’s a decentralized way of exchanging information in a peer to peer network. Think of Napster. It’s very similar. Napster, you were able to transact and trade music or songs back and forth with one another. The problem with Napster is that it was not decentralized. It was centralized around one single company and that’s how they got in trouble. The government said ‘oh, you can’t do that. That’s illegal. We’re going to seize your assets, we’re going to shut you down and they did. And that’s because it wasn’t decentralized. Now you have these decentralized exchanges like Bit Torrent which you can trade music, books, whatever you want, software and nobody can shut it down. Nobody can do a thing about it because it’s just too powerful. There’s too many computers using it. There’s too many individual people using it and governments just cannot shut it down because of that.

13:19 Difference Between Cryptocurrency And But Torrent

The same thing is going to happen with cryptocurrency but the implications are much much bigger than Bit Torrent. Bit Torrent, you’re trading information. Crypto currency, blockchain you’re trading money. You’re creating contracts with people through technology using money. And you could essentially program whatever you want into those contracts; whatever terms you want and those will be preserved over time. And you can actually execute different commands or different things at different points in time based on whatever’s encoded in the blockchain, whatever you want to happen; in twenty years, transfer this title to this person and charges fees to this person and that could all be encoded in a blockchain.

13:59 – How The Blockchain Will Change The Way We Do Business

Anyway my point of this video is to get you to envision a future, a world where there are thousands upon thousands of cryptocurrencies and everybody uses whatever cryptocurrency they choose. They’re not pinned down by a single cryptocurrency, they’re not pinned down by using a certain type of fiat money, like a dollar. They can use whatever currency, whatever system they want to to achieve whatever goals are in front of them and whatever possibilities they have using that cryptocurrency. And nobody will be able to interfere with that at all because it’s peer to peer. It’s strictly peer to peer. That’s the thing I find fascinating, that’s why I think blockchain is going to change society. I think that we have a ways to go before we get there. But I think you could already see some of that stuff happening now. And I’m curious of your thoughts, if you envision a future where we live without these third party institutions and just use cryptocurrencies to make transactions between people.

It’s going to be a fascinating world. It’s going to be a very very interesting ride along the way. I hope you make some money along the way. I’m hoping I make more money along the way. I’m Dan from cryptocamacho.com, I hope you enjoyed this video. Leave your comments and let me know if you want more videos like this or more technical videos about specific things on how to use bitcoin, how to trade blah blah blah blah… you know that type of thing.

Before you go, please go down, click the button, the red button – subscribe on my YouTube channel and I will talk to you next time.