Episode Highlights:
- 00:26 – Advice You Will Receive In This Video
- 00:50 – If Amazon Were To Accept Bitcoin
- 03:31 – Satoshi Nakamoto And Bitcoin
- 05:14 – Programmable Money
- 06:20 – What Is The Potential Of Bitcoin
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Transcription:
Hey guys, it is Dan again from cryptocamacho.com.
Today is going to be a little bit different than usual. As you can tell I am not in front of my computer. I am actually out in the countryside in sunny California. California, if you are familiar with the area and it is a beautiful day outside. I thought I would get outside and give you some of my thoughts on BitCoin on crypto currency and where things are at today.
00:26 Advice You Will Receive In This Video
So I have been making a lot of videos about BitCoin, about how to trade BitCoin, about different resources that you can use. Tools that you can use to help you improve your trading, to help you to learn to use BitCoin and so forth. I have been thinking a lot about this and I’ve been reading some articles recently talking about whether or not Amazon is going to be accepting BitCoin or not.
00:50 If Amazon Were To Accept Bitcoin
Can you even imagine if Amazon were to accept BitCoin. Can you imagine what would happen there? Look at the BitCoin’s price today, it is about $5700. Last week or early this week it went past $6000 I went up to about $6500. And that has come down a little bit but it is continuing to go up. Think about this, BitCoin is at the very very early stages of adoption. Today we don’t have much adoption, we do not have the majority of folks in the United States, Europe, and South America, in China, so forth and so on are not using BitCoin. Most people haven’t even heard about BitCoin or what BitCoin is. Sure people probably have heard the term BitCoin a few different times but they truly don’t really know what it is. When I asked my wife, when I asked my friends, when I asked my siblings; they have all heard of BitCoin but they don’t really quite know what BitCoin is. We live in California, very close to Silicon Valley and so we are fairly familiar with technology. My point is that although many people have heard about BitCoin they don’t really know what it is. They don’t really know the power of BitCoin and the potential that it has. Something that is a really important thing to consider when you’re thinking about Amazon.
So Amazon is one of the biggest retailers in the world, it is the biggest online retailer in the world. They sell hundreds of millions of dollars’ worth of products every year, probably every month, I don’t know where their numbers are. But if Amazon were to all of a sudden turn on the ability to accept BitCoin as a payment to buy Amazon products, that would be a complete game changer for BitCoin. It would be a complete game changer for crypto currency. It would literally usher in hundreds of thousands of people that don’t know anything about BitCoin today to start using BitCoin to make transactions on Amazon. So if that ever did happen, BitCoin would go through the roof.
Right now at about $6000 and if Amazon tomorrow, were to turn on the faucet, if you will, to accept BitCoin is a payment that price of BitCoin would jump up immediately and dramatically. I think it would jump to several thousand dollars within the first few days of trading. If not more. And that is just from Amazon because they have such such power in the retail and online buying space.
03:31 Satoshi Nakamoto And Bitcoin
And so another thing that I thought was very very interesting, I was just talking to my friend about BitCoin in crypto currency and he knows very little. And I was talking about Block chain, I was talking about the founder, Satoshi Nakamoto who created BitCoin and I read something today that said Satoshi Nakamoto has not taken out or used any of the BitCoin that he originally created. And today the BitCoins that Satoshi Nakamoto has access to and can use is $5 billion. He knew are the group of people that claim to be Satoshi Nakamoto, then you what they were doing when they were creating BitCoin. These are not just stupid folks are hacker punks that created BitCoin, they knew exactly what they were doing. They knew that their identities had to be anonymous. They knew what would happen if they tried to overtake fiat currency system or monetary system as kind of a house of cards built as a pyramid scheme. And so they hid their identities. They cover their tracks, they built a BitCoin in a way that is so scalable, so secure and encrypted that nothing like it has ever been developed before in the past. And what they have done is truly truly amazing. There are literally taking on the current monetary system and the current financial world order of the entire monetary system. And it is unbelievable how far they have done so far. It is actually pretty damn impressive how far they have gotten so far, that they have been able to get such a widespread adoption in such a short amount of time.
05:14 Programmable Money
It started in 2009, now it is 2017 – and although it hasn’t heat mass adoption yet, we’re about $80 billion in market capital almost $100 billion in market cap from just BitCoin alone. And that’s not even talking about all the other crypto occurrences that are out there. With all the crypto currencies combined, it is hundreds of millions of dollars. And what this revolution has spawned is a very very new paradigm, a new framework for monetary systems, for transacting payments. We have essentially entered an era of programmable money. If you look at anything around etherium, around the founder of etherium and what it is; he literally coined the term programmable money. He essentially created a protocol with etherium which is built off Block chain to program money, to program how money goes in and out of systems, how it is calculated, how it is kept in the books and in the ledges. And so we have entered a period of time where we literally can program money.
06:20 What Is The Potential Of Bitcoin
So the point of me making this video isn’t to just show you all of California but it is really to get you to start thinking about the potential of BitCoin. The potential of BitCoin is massive. Very very few online retailers are currently accepting BitCoin today but that is changing. What if eBay, what if Amazon, what if PayPal, what if all of these things started embracing BitCoin and started using it, it would very quickly get massive widespread adoption. And I think that time is coming, I don’t think it is going to happen quite yet, I don’t think it is what happened this year but I do think it’s coming and I do think that you should be prepared for when that happens because it’s truly going to be a game changer when that does happen.
And the fact that the system was built in the way that it has been built, these founders, these people knew exactly what they were doing. They knew what they were undertaking and what it meant to governments, what it meant to monetary or financial systems and institutions that are already in place.
So anyway, be thinking about this as you by your first BitCoin, and you look at bit pay and look at ways to make Bitcoin more liquid when you are trying to spend it. Just think of all this, what would it mean if Amazon all of a sudden accepted BitCoin tomorrow. What would that mean? What would that do to the price of BitCoin? What would that do to your interest level in BitCoin? Would that change it? Would that make you more interested in BitCoin? Would it make it less interested in BitCoin? Would you all of a sudden go out to coin base and by $100,000 worth of BitCoin? Probably not. But it was certainly be a game changer. I mean there is hundreds of millions of customers on Amazon and if they have the ability to transact in BitCoin… Literally think about this, you can transfer funds from California to some remote place in Indonesia and they can actually buy something on Amazon and have it delivered to them with a drone. The world we’re entering is fascinating, it’s remarkable and it is like nothing else we’ve ever seen before.
So again, starting in about this. What would you do if Amazon enabled bit can tomorrow? I am Dan, I hope you enjoy this video. Subscribe to my YouTube channel and I will give you some more tips on how BitCoin works, how crypto currency works.
