The Greatest Crypto Explanation of ALL TIME (in Under 20 Minutes)

Drug Dealers Pornographers Criminals guess what that's what they Said at the first conference in 1993 About the internet they were wrong then They're wrong now this is the greatest Crypto explanation of all time but what Is bitcoin the world is about to change More than a thousand other Cryptocurrencies have been created and This is going to change the world faster Than the spread of cell phones if you Have a friend that doesn't quite Understand cryptocurrency send him or Her this they will thank you the Children born today will not know a World in which banks Exist um it's so good to be at a Conference about the internet because I Remember my first internet conference it Was in 1992 there were about a 100 people there Uh all of them were computer scientists Or computer science students and and Despite the fact that we were telling The entire world that the world was About to change no one believed us at Least no one believed me cuz I was 19 Years old and awkward and shy so that Wasn't working so well but it taught me One thing it taught me to trust my Instincts because in fact it did change The world my second book is called the

Internet of money and the reason for That is because the technology I'm going To talk about today is about to Transform the world in equal measure and Will also transform the internet itself Bitcoin an invention created on January 3rd 2009 by an anonymous Creator Unleashed as an open- source project Built by a community of volunteers run As a peer-to-peer Network derided laugh that ignored for The first 5 six years not So Much Anymore more people are beginning to pay Attention just like with the internet Things that were previously Unthinkable Are now thinkable people are beginning To notice that this is something more Than what they are told and what are They Told drug Dealers Pornographers Criminals guess what that's what they Said at the first conference in 1993 About the internet they were wrong then They're wrong now And every time you meet someone who is a Dentist who uses Bitcoin or a Hairdresser who uses Bitcoin it Undermines that silly narrative Bitcoin Is a protocol and what better stage to Talk about a protocol and the moment you Start talking about Bitcoin and thinking About Bitcoin it brings up a very

Difficult question what is Money and most of us turns out from all Of the conversations I've had with Thousands of people around the world Have no idea what money is or how it Works it's one of those technologies That is so deeply embedded in our Culture that it has become completely Invisible to us in fact we don't even Need to think about money unless it Stops Working some countries they realize that It stops working and then everybody has Interesting things to say about what Money is But what is Money at its very basic level money Isn't Value in fact you use money to get Things of value products or services but There is no value in the money Itself and money isn't a construct of Authority we seem to think that these Days CU all of our money comes from Certain authoritative Sources uh some guy with a crown says That this is your money it's your money And that's the authority it comes from But what if money could be created Without Authority What If Money could be Created simply through Use it turns out that what money really Is is a language money is a language That human beings created to express

Value to each other as a language is one Of the fundamental constructs of Civilization that allows us to exceed What's known as the Dunbar number the Dunbar number is the maximum number of Individuals who can operate in a tribe On the basis of kinship of acquaintance But if you want two tribes to work Together you need some common Bond and These bonds have included culture Language religion and yes money a Fundamental construct that allows us to Exceed the scale of a single tribe and Engage in Commerce with others on a Greater Scale and as our money has evolved it Has been able to evolve its scale to Allow us to collaborate and engage in Commerce on a greater level but money is Also ironically a system of control Because controlling money confers great Power to those who control it and as a Result Kings and governments have always Held a very tight control over money Pretty much like they used to hold over Religion for pretty much the same Reasons and now that has changed on January 3rd 2009 the world changed Because some person created a Peer-to-peer protocol a flat network With no servers all clients that is able To express money as a content type as Internet professionals you may Understand what I mean when I say money

As a content Type money that is expressed purely as Data that can be transmitted using any Communication medium that can convey Information a Bitcoin transaction Doesn't need to be transmitted over the Bitcoin Network although that's a Convenient way to do it you could encode It in Skype emojis you could write it up And put it in a Craigslist ad you could Post it on Facebook in the background of A picture of kittens playing with Yarn money as pure Information on an open network that is Simultaneously Uncensorable open to anyone neutral and Global there are no borders on this new Technology just like there are no Borders on the internet everyone can Access it because it is not a product it Is not a company you do not need to Register for for an account you simply Download the client and a Bitcoin client Is very much like a web browser it is The user interface that speaks the Protocol to other Bitcoin clients out There and as soon as you download that One application you can join a global Economy and that global economy is open To anyone of any race religion Creeds Ethnicity age anywhere in the world for Most people this concept hasn't yet Quite sunk In the children born today will not know

A world in which banks exist they will Not know a world in which paper money Exists anymore than many of the young People in our industry today have no Idea what the world used to look like Before the Internet how many of you here remember Libraries and looking up reference cards Okay you're over 40 so I gotcha um but The children born today will not will Never drive a car they'll never have a World without the internet and they also Will never know a world where Banks Control money where money is issued only By Kings only by nation states money Will be an integral protocol of the Internet a content type that can be Transmitted by anyone Anywhere but that's not enough let's Make it more fun every form of money in Until today has to have a person behind It money can only be owned and managed By people or people together forming an Association a legal fiction called a Corporation not with Bitcoin it's a Protocol autonomous agents can own and Manage money themselves no people Required imagine a corporation with no Directors no shareholders no employees Running entirely based on scripted Learning machine learning or maybe just A few simple heris rules that operates Autonomously of Any Human Action and can Manage budgets in the amounts of

Billions of Dollars now at this point in the Audience we have a split some people are Thinking oh no that sounds Terrible what if it's a virus what if It's intelligence ransomware that self- Propagates and buys Amazon web service Systems so that it can grow when it's Successful what if it starts running AB Testing on itself by hiring programmers To make itself Better yeah all of that's going to Happen but what if it's a charity what If it's an intelligent charity that can Detect the emergence of a natural Disaster and automatically and Instantaneously divert large funds Directly to the people most in need Without human intervention and unlike Most Charities today 100% of the funds Donated go to those in need the world is About to change self-driving cars how About self owning cars cars that are not Owned by a corporation cars that are a Corporation that pay for their Electricity or gas maintenance and Leasing fees by giving rides to human Beings who pay them in Cryptocurrencies Imagine software such As intelligent articles that propagate Across the internet as Content and expand their reach because People read them and as a result they're Able to buy more hosting services so

They can expand their reach this is not Your grandparents money it's not your Parents money this is money that is Fully programmable scriptable that has Capabilities that can be finely tuned You can specify who can access it and When how it can be dispersed a whole new Field has opened up which is now called Smart contracts this system allows People to program the behavior of entire Systems that can also manage money and Money is such a narrow word to describe This because we use things that kind of Look like money all the time but aren't Really money what about loyalty points Tokens Subway cards airline miles what About expression of a fan of Justin Bieber with full access to the catalog Of music as a token what about all of The other brands that can be turned into Tokens and made into an global Exchangeable system directly on the Internet through this Internet Protocol January 3rd 2009 the world Changed since then more than a thousand Other cryptocurrencies have been created Using the same recipe almost all of them Open source and they're expanding in all Directions exploring every possible Niche of this ecos system every tiny Variation in capabilities and Features creating new markets which are Raising funds for thousands of startups Around the world thousands of Engineers

Software Engineers developers are Training to use this new technology the Internet itself is changing very rapidly Now we have autonomous agents that are Using money on the internet and these Are in many cases beyond the controls of Any Jurisdiction what are the large Corporations going to do with this new Magical open decentralized neutral Borderless censorship resistant Network they're going to say great we'd Like that but could you take out the Open decentralized borderless neutral Censorship resistant properties and Package it with an SLA a 12-month License and control control for us they Will take the internet and they will Make Intranets they will make closed Gardens Of bard ing stale content that is Fundamentally insecure that sits in the Backyards of Corporations adding a tiny Bit of value but outside of the Participation of the global Community Insulated from the wave of innovation That is happening all around us they Will create these internets they will Claim victory they will turn around and They will say we invented Blockchain and they will be wrong and They will fail because the real Principle the real exciting thing about This

Technology it's not the blockchain which Is a database artifact that is created Out of this protocol it is the ability To achieve distributed consensus among Parties that don't trust each other Across great in across great distances Without any Central party without any Authority without any intermediary and That consensus from the outside looks Chaotic it looks messy it looks Weird well everyone in this room already Knows something that is open flat weird And is not understood by corporations The internet we already did it once We're going to do it again and this time We're going to bring the entire world With Us in the background of this Grand Story There's another story that's playing out After 25 years of the internet it still Takes 3 to 5 days to send money from Here to a country that's not in Europe It will still cost you 3040 usar to send Money and that's only if the country You're sending it to isn't a poor Country in which case it will cost far More and take far longer a giant network Of centralized closed corrupt systems That are sucking money out of the Poorest people on this planet in 2017 Two and a half billion people do not Have access to banking that means they Have zero access to banking cash based Only and that's only counting heads of

Household not their spouses not their Children clearly they don't matter That's according to the international Monetary uh bank now imagine what Happens if you bring banking to an app To a $20 Android to everyone who has a Smartphone 3 and 1 half to 4 billion People are on the internet today just Over 1 billion people of those have Banking have full access to financial Services we're going to bring it to the Other 6 billion fast and this is going To change the world faster than the Spread of cell phones imagine a $20 Android Landing in a village in Kenya And it's no longer just a Communications Device It's a bank not a bank account a bank it Can wire and receive funds from anywhere In the world it can do lending or Receive lending for a mortgage to buy Seeds for a field to bring disaster Relief it can internationally connect Every person on this planet and we can Do this within the next 10 years the World will radically transform when you Bring the Capability of a broad economic inclusion To everyone in this world now you would Think that Banks want to do this you'd Be Wrong it's not really profitable serving People who have little money little Connectivity no access to ID in

Oppressed countries with terrible Governments also in most of those Countries the banks are criminals they Are criminal organizations or really Quite indistinguishable from the local Mob so how do we fix that up to now the Approach for all of these Technologies Whether it was PayPal or any of the Other Technologies we've seen emerge in Financial technology very very slowly Was to carefully and politely ask for Permission Bitcoin is not asking for Permission we forgot to do that and so We will proceed in banking the entire World without asking for anyone's Permission This protocol is now spreading and if This one gets shut down a 14-year-old With a copy of my book can rebuild it in A weekend in any programming language And launch it again with its new name And again and again and again until we Succeed the world is now connected Finance is now an application and money Is a content type Welcome to our new Planet be sure to click subscribe enjoy Us on our journey to 1.4 million we are So close we drop a video every single Day keeping you informed about crypto And I put out a poll asking you the best Underrated crypto exchanges in 2024 and The vast majority either liked buybit or Weren't quite sure well happy to Announce that bybit did just become a

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