THE FUTURE OF BITCOIN – Andreas Antonopoulos

Uber has been rumoured to be taking it, but I’m guessing we’re not expecting that that wasn’t yeah, that rumor was debunked pretty quickly
[there’s] a lot of complexities [for] allah
But the sharing economy quite interestingly is a great opportunity for for bitcoin
You expect that to protect off before the retail does right? Yes, okay, but more
Important bit Coin is a very cumbersome cross-Border transactions
And there are three categories of that the first one is companies that need to pay suppliers
subcontractors and partners all across the world
Google has 20,000 affiliates they need to pay every month
many companies have outsourcing partners
sales Partners all over the world
Travel and hospitality companies Airlines, ETc [ETc] parts companies automotive companies
And these cross-border transactions are horribly expensive very slow extremely cumbersome
They have huge overheads and friction the second one is basic import-export if you’re doing transnational trade then using a trans national
currency actually makes a lot of sense
[there] are disadvantages with the dollar there are disadvantages with traditional wire transfers that bitcoin solves
So it’s practical and then the really interesting one for me is foreign remittances
[there] are
maybe [100] million people who are working as
immigrants in
Developed countries, and they send five hundred and sixty billion dollars home every year
Through companies like Western Union and Moneygram and things like that and for that they pay nine percent as the average fee
Netting Western Union a really handsome profit. It’s a yes shocking
It’s absolutely shocking and a lot of that has to do with political
Constraints more than anything else
[but] that is an area where bitcoin can not only have an immediate technological impact, but that impact translates into
An enormous source of income for some of the poorest people in the world now if you to put that in perspective
[the] [175] billion dollars that goes to fees in the international remittances market is
Larger than the entire foreign Aid [budget] of all of the world governments put together
so and you would instead of putting this in the hands of
Governments and trickling down you give it directly to the poorest people in fact you give it directly to women in the poorest countries
Because they’re usually the recipients of remittances
And they will take every single dollar and create five dollars of investment in clean water
Sanitation Health Care education food
Which has an enormous?
impact on Poverty
So you see some statistics on banking you said more than [2] and [1/2] billion people have no access to banking services [4] billion have
extremely limited
Banking services probably like you mentioned only one and a half billion people enjoy the kind of international banking that you and I do yes
what that means is that I can open a brokerage [account] in 24 hours and
24 hours later I can be trading on the tokyo stock exchange in yen that I use dollars to buy on equities
I could even get a loan from a Japanese Bank or then I could be trading in South Africa
I can repatriate all that money my government is not going to try [to] take half of it or kill me for doing this
[I] can get loans. I can incorporate companies all around the world I can wire transfer anywhere
I want
that is
privileged banking very few people have [that] so what does it mean if you take that capability and you turn it into a
capability that can be accessed from a text messaging, Nokia
[1004] that is in the hands of four billion people more people that have access to clean water in
the most role in remote parts of the world
They now have these devices because they give them a landline to the world they give them a lifeline to the world of communication
What if that phone?
Simultaneously is a banking terminal a loan origination terminal a remittance
terminal [an] international credit terminal and equity trading terminal and import-export payment terminal
That has much greater
Implications for happens in the world then the enormous impact we’ve seen of cellular telephony in Sub-Saharan Africa
Southeast Asia and Latin America where it’s brought?
Communication to the Furthest the world if you go into some of these rural places
and I’m not speaking out a first-hand experience for most of them, but I have seen it myself in a few places if
You see a solar panel on a hot
That solar panel is not used to cook it’s not used to watch TV
It’s used to [charge] the only cell phone in the village. That’s what it’s there for and that one cell phone
connects an entire village [to] the world now that cell phone is a bank and
[that] is why I’m in Bitcoin are we getting any closer to that?
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