What Happens if Bitcoin Becomes the Currency of The Future?

Here’s a bit of information that might sting
a little… If you invested just $100 dollars in bitcoin
in 2012, you would now have 482,666. 67 today… The growth shows that it’s here to not just
stay… But the question is, What happens if, Bitcoin
becomes the World’s only currency? (que intro) (intro vid) hold on hold on hold on….. what
the fuck is a bitcoin? WHAT IS BITCOIN? Bitcoin is a crypto currency that was created
in 2009 by an unknown person using the alias Satoshi Nakamoto. If I were to take a crack at his true identity…
mmm I dunno… Nicolas Cage… Bitcoin is a digital crypto currency that
can be transfered from person to person through the internet without going through a bank. The bitcoin network is secured by people called
miners which is a third person that verifies the transaction between a buyer and a seller… every verification is then recorded as a code
that is then put onto a public ledger where anyone can review the code, creating the perfect
transparency and advanced security. Now, you might also think that we already
have digital currency like paypal or even credit cards, but the difference again is
that this currency is completely independent of banks and the government. While credit cards and paypal is digital…
it’s still moved as currency that belongs to a certain country without the security
or speed to instantly use it across the world without a bank slowing down the process. THE END OF THE DARK WEB AND BLACK MARKET? So far, the black market on the internet and
bitcoin seem to go synonymously like Bill Cosby and leaving your drink unattended…. They both lead up to unwanted illegal activity. ….
Hackers ransoming companies for bitcoin has been a recent problem where even Disney was
hacked and held ransom with the threat of releasing Pirates of the Carribean if Disney
didn’t pay their demands in bitcoin. Which is kind of ironic because that’s kind
of what real pirates do… minus all the rape, blood shed, and early childhood onset diabetes
from their frosted sugary cereals. However, this is currently based on a system
where bitcoin ISN’T the only form of currency… If bitcoin becomes the ONLY form of currency,
then it’s a totally different story. The real nature of bitcoin leaves perfect
paper trails and proof of acitivity because of the nature in which bitcoins encode every
transaction. Therefore, if no other forms of currency existed,
it wouldn’t be as easy to convert and launder the bitcoin into another form of value or
currency. Also, if bitcoin were the only currency to
exist, countries would probably enforce stricter account creation that ties to a persons real
identity, for the sake of preventing tax evasion, so people wouldn’t be able to create anonymous
accounts as easily. All purchases would be transparent and THAT
puts a real damper on illegal activity. The darkweb and blackmarket in general would
either seize to exist, or have to adapt a new barter system to exchange their goods
for something other than money in order to hide their illegal activity… Like, for every photo of an underaged child
you buy, you’d have to ship the seller a loaf of bread…. or an equally enticing picture
of your younger self. Keep in mind that the fight against the darkweb
isn’t an infringement on your legal rights to purchase things anonymously… I’m not talking about your right to buy
korean bootleg dvds or fake iphones… I’m talking about the more serious illegal
items like drugs, dangerous weapons, bombs, and every person in Liam Neesons immediate
family. But it is a good question to ask how people
would feel then about having all their purchases an open book? ANONYMITY GONE Anonymous spending would seize to exist. There are definitely benefits to having currency
that doesn’t leave a paper trail. Bitcoin did afterall, have a key role in helping
anonymously fund WikiLeaks, an outcome that had good results. Also, some people like to do positive things
like donate to certain charities, but for some personal reasons, not want to have their
name affiliated with an organization with strong political or social ties. A wife may ask her husband why he’s donated
so much money to the LGBT foundation and wonder if it’s the same reason he calls her Chad
during foreplay. The Chad… A poll taken in Britain showed that 70 percent
of Britons would not be happy if governemnt agencies had record of their spending… They valued privacy…. But then again… what the fuck does “privacy”
with your spending really mean? What are you trying to hide? When someone invites you over to their house
and tells you, “Oh, you’re welcome to go into any room… EXCEPT for the one with the sound proof door
locked with padlocks and a chain”… your first thought isn’t that it’s a wine cellar… It’s probably a sex dungeon…. But whether it’s a secret human centipede
farm, or just a surprise present for your spouse… secret spending would be eliminated
for better or for worse. GETTING JACKED AND HACKED If credit cards and loose cash no longer exists,
there’s all of a sudden much less reason for burglars to hold you up on the streets
or break into homes. They could force you at gun point to transfer
bitcoin to them, but that would then just leave direct evidence and paper trail to the
fact that they just robbed you. Because each transaction isn’t just between
you and the seller, Multiple signatures in the chain allow a transaction to be accepted
by the network only if a certain number of a defined group of persons agree to sign the
transaction. This then allows for better mediation if there’s
ever a dispute of a transaction or any fraudulent charges taken from a shady business. But of course, everytime something is dealt
in “digital form”, there’s always that fear of hackers being able to manipulate computers
some how to have access to. Has bitcoin been hacked in the past? Well, yes and no… There are often misconceptions about thefts
and security breaches that happened on diverse exchanges and businesses. None of them involve Bitcoin itself being
hacked, nor imply inherent flaws in Bitcoin; For example.. if a bank gets robbed in some
spectacular shoot out heist… nobody ever thinks, “it’s that damn cash… there
must be a better way! damn that cash…” no, the fault is the bank secruity itself… Theoretically, there is no way to “hack”
a bitcoin that belongs to someone and somehow make it there own. There are only a handful of cases where there
was bitcoin theft, and quite often it was due to a security breach in a secondary software
program used to move the money or keep passwords. But then again, that does show that a chain
is only as strong as it’s weakest link, and more security will definetly need to be
put into place to constantly combat different ways people can lose money. So far, bitcoin has showed many new features
such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions. But in principle, no, it is theoretically
impossible, or at least insanely difficult to hack, steal or duplicate bitcoin. HOMELESS Poor people are gonna have it pretty tough
through the beginning transition of bitcoin taking over the world. Panhandling for money isn’t as simple as
it seems… You have to try and get sympathy with a just
a sign, but you can’t make it too flashy because no one wants to give money to someone
who can afford glitter and bedazzled jewels… you can use humour, but like Chris Rock says,
don’t give money to a homeless person with a funny sign, a REAL homeless person is too
hungry to be funny. So it’s tough… now imagine trying to find
sympathy for a homeless guy who’s waving around a smartphone asking for bitcoin transfers. You don’t want to help tech savvy homeless
people… you want to help a crippled Oliver Twist begging for another bowl of warm water
that he can imagine is soup… There are actually countries that either implement
smartphone programs for homeless like south korea. There would definetely have to be some sort
of transition period where people just get use to seeing the homeless ask for money that
is in another form other than change, and see smartphones as a way to do it. But even before then, bitcoin is already showing
a lot of benefits to the homeless JESSE ANGLE IS homeless, living on the streets
of Pensacola, Florida. Through a program called “BitcoinGet”
that drives artificial traffic to certain online clips, Angle gets 0.00004 bitcoins,
or about half a cent for every video he watches. He can watch up to 12 videos a day, which
gets him to about six cents.* And he can beef up this daily take with Bitcoin Tapper, a
mobile app that doles out about 0.000133 bitcoins a day – a couple of pennies – if he just
taps on a digital icon over and over again. On top of that, there are other apps that
allow for digital currency rewards through surveys that pay out change here and there. STRIPPERS , DOOR MEN, BAG GUYS, and TIPPING There’s a weird dance when it comes to tipping
on both ends… We palm the money or try and discreetly slip
it to the service without being noticed… It’s usually accepted with a small nod of
the head and the two part ways like nothing happened… Even with strippers… I mean, every now someone makes it rain…
but rappers aren’t always at strip clubs, rappers also participate in clothed events
too… But tipping a stripper is awkward in itself…
some dude on pervert row timidly holds out a bill and the dancer has to break routine
and some how seductively take the bill without looking greedy… Bitcoin transfers would definitely need to
somehow find a way to transfer with speed and discretion. The awkwardness of asking someone to take
out their phone, ask for their account id, and then wait for both parties to confirm
transaction could already be too much of a hassle for a customer to bother doing and
could really kill a tip. It is also very distracting to a perform who
is in mid helicopter dick or shooting ping pong balls from their privates to stop the
show and go through a long money exchange process. Money transfers would need to adapt in a way
where it would be as quick as tapping a card, or possibly a wearable accessory that isn’t
a phone. It’d have to be something you don’t have
to pull out of a bag or wait for an app to load…. Possibly a pay watch or even rings that people
could wear to be able to do quick transfers. THE ECONOMY: NO BANKS? NO GOVERNMENT? NO PROBLEM No banks, no government? no problem… The best change begins with economies that
have experienced high inflation, very poor fiscal health or a crisis in public confidence. The culprit of most economic evils is the
national printing press….The ability that governments have to just print off more money
whenever they feel like it whether they need or not, use it towards something useful or
not, or even for corrupt purposes is the main cause of inflation. The more money that’s printed off, the more
debt a country incurs, the higher the cost of everything goes… and most of the time,
the citizens don’t even know why. With bitcoin as the only currency, governements
will no longer be able to water down citizen wealth by running the printing press, or borrow
against unborn generations. Instead, they will need to collect every dollar
that they spend—or convince bond holders that they can repay their debts. Because bitcoins can’t be created on a whim,
governemnts will be forced to spend what they have, and most importantly, transparently
as every dollar is on record. Thanks for watching everyone! If you liked this video, please subscribe
to see all our new content that will be coming out! Give us a like and share it with a friend
for a chance to enter our channels’ bitcoin giveaway where the winner will receive 100
bitcoin… chocolates….

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