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What is Money? And Could Bitcoin Be the Best One? | Jad Mubaslat | TEDxDayton



In case you’ve heard that Bitcoin goes to revolutionize cash, however aren’t fairly certain what which means, this discuss is for you. Bitcoin entrepreneur and fanatic Jad Mubaslat explains the important thing options of what makes something (whether or not it’s treasured metals, paper notes, shells, or cows) viable as a foreign money for exchanging worth. He then lays out how a digital foreign money like Bitcoin has all the identical options essential to be a foreign money, with some further benefits which are distinctive to the blockchain expertise upon which Bitcoin is constructed. Jad Mubaslat has been enthusiastic about Bitcoin for a number of years. He based BitQuick.co whereas attending The Ohio State College in 2013. The Bitcoin buying and selling platform was accepted into main Bitcoin accelerator, Enhance.VC in 2014; BitQuick.co was then later acquired in 2016. Since then, Jad has remained an lively advisor to the corporate, organizes a meetup for Bitcoin and cryptocurrency within the Dayton space, and now works at Rain Monetary, the primary regulated cryptocurrency trade within the Center East. Jad obtained a BS in Biomedical Engineering in 2015 at Ohio State and an MS in Human Elements Engineering in 2021 at Wright State. This discuss was given at a TEDx occasion utilizing the TED convention format however independently organized by a area people. Be taught extra at

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  3. At 330 the speaker says something like the value of government issued monies decreases. Yes it is meant to be so. How many people out of 8 billion own bitcoin. 1 percent? 2 percent? 10 percent? Almost most of the bitcoin is already owned by the uber rich or the early adopters who have amassed it. What about people… the coming generations can't accumulate it. When a government doesn't back your money, it is doomed to fail. Period.

    People are only crazy because the bitcoin transactions go against government regulations. Bitxoin is based on hype. It is radical. I like bitcoin personally for its decentralized nature, but can't believe in it as a system because ultimately it is going to fail, in the long run.

    Word of note. Government issued currency is something everyone wants to correlate bitcoins value with. Why so? When bitcoin is so overvalued, why is there a need to compare it to government issued currency.

    For example, if the speaker has to form his own government in a country and he has to tax people to provide national security and care… then he would realize the true nature of the currency that goes against centralized means.

    Sorry, I would rather buy, 50k worth of gold than buy 1 bitcoin.

  4. I agree – but a few concerns.
    1. Bitcoin can be lost (once lost cannot be recovered.) No means to recover the lost bitcoin.
    2. There will only be 21 million bitcoin in the whole world with a population of over 8 billion. Already the bitcoin is in the hands of early adopters or with institutions. Which means the new comers cannot get any bitcoin unless they are in the top economic tiers in the society.
    3. The price of bitcoin keeps increasing rapidly which makes it even harder for the next generation to lay their hands on unless bequeathed to them. Or they have to accept it as payment
    4. By then, the value of bitcoin would be so high and the wealth distribution so unequal that the poor has to work for peanuts of bitcoin. doesnt make sense to me. for example – If I am a day laborer and need to get paid my wages, noone would give me a portion of bitcoin. The transaction rates are high.
    5. Bitcoin doesnt work with illiterate people. Illiterate people can use all other forms of currency mentioned above, but very difficult to use bitcoin.
    6. As time goes, bitcoin cannot be used for daily shopping etc. For example – Tesla started accepting bitcoin as payment. I would say that any person that is using bitcoin to purchase the car now(in 2021) is foolish. Because, considering that the person is buying 50000 dollar worth of car using 1 bitcoin (suppose 1 bitcoin is equal to 50 k today. It actually is 47K). I giving more to Tesla. Because the bitcoin, considering people's mindset will appreciate in value. If it goes to 100 K in the next year, the person that bought the car, just lost 50k and the car depreciated too.
    7. from point 6, this will make the value of things inherently cheaper, as the value of bitcoin goes up.
    8. Bitcoin is a digital asset that is not tangible. Its value is only perceived. For example if there are more sellers of bitcoin than buyers, the value would drop drastically. Doesnt make sense.
    9. If there is another crypto currency that has the same features as bitcoin and another famous celebrity vouches for that, then bitcoin value could drop. (this is whimsical – but can turn out to be true)
    10. If there is a big catastrophe, bitcoin would become worthless. People would prefer to have gold instead of bitcoin. (you can argue that you can hold bitcoin in your wallets. consider there is no connectivity, nothing – then a piece of gold or for that matter any commodity (bottle of water) would have more value than bitcoin)
    11. Bitcoin can ACT only as a hedge. The moment it comes into circulation worldwide, it is doomed. And it cannot come into worldwide circulation. Consider governments accepting it.
    12. Bitcoin for some crazy unforeseen reason may tank in the future, and may not hold any value.
    13. Bitcoin can never replace actual currency totally.
    14. Gold is regulated and inspite of that it is valuable. Consider bitcoin getting regulated – I dont think it can stand a chance.
    15. Silly point- Lost gold can be found by some stranger and can be used to his/her betterment. Lost bitcoin is gone forever. Total loss.

    Disclaimer: I am a small time bitcoin trader myself, but honesty dont believe in its longevity. I am just in for the short haul.

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