001 – The Promise of Bitcoin & Crypto

G’Day!

Max Wright here and welcome to “Everything you need to know about Bitcoin for Newbies”. Now, the truth is you’re going to learn everything about the cryptocurrency space here. It’s not just for bitcoin and it’s not just for newbies. There is a lot of advanced material here.

But here’s the powerful thing about this series. If you want to learn about cryptocurrency and Bitcoin, and you start clicking around reading articles and stuff, you’re going to drive yourself crazy because there is so much repetition. But when you’re in a series like this and its’ all planned out – there is no repetition.

You are going to become one of the most knowledgeable people on the planet about Bitcoin and Cryptocurrency. This is just going to be an incredible opportunity. Now, let me share with you what we are going to talk about in this series.

Actually – before we do, I feel like I should let you know a little bit about myself. In case you don’t know, I first bought Bitcoin in 2012 & I’ve been involved ever since then. In fact, in 2013 I had the highest selling book on Bitcoin in the Amazon store. So, I hope I am a good guide for you and a good teacher in this environment.

So let’s have a look what we are going to cover in this video series. To begin with we are going to talk about the two promises of Bitcoin, and I think it’s a really useful way to look at bitcoin through this lens. There are two primary promises and over the time there’s been a little bit of an “ebb and flow’ of how those promises have panned out, but it’s a really good way to understand what’s happening with bitcoin.

I’m going to go through a very brief history about what has happened in Bitcoin & how it’s gotten to where we are. The reason we need to understand the primary purpose of this video series is to help you understand it from an investment point of view. And I think you really need to understand the history of bitcoin through the lens of those promises. It really gives a shine to what has happened in the Cryptocurrency space today.

Now, the primary promise is that Bitcoin is a censorship resistant store of value. Okay, we are going to go deep on that in this section & we will get to that in just a moment. The Second promise is that it is a worldwide digital free instant inclusive payment network. We are going to do a deep dive on the two promises of Bitcoin in those two sections & I think you’ll have a really good appreciation of why this is such world changing technology.

Next we are going to have a look at the adoption curve. Possibly you’ve already heard of the adoption curve, but we are going to have a look at where we are on the adoption curve, where is cryptocurrency, who’s using it, what are they building on top of it? Things like that. You’ll have a very clear indication of where this is going to be in just a few years and that is WHO is adopting it as well.

We are going to talk about the “Environmental tailwinds” of Bitcoin and a new promise. So, I have never included any environmental concerns whatsoever in regards to bitcoin but a few months ago Elon musk threw that in the space. And suddenly there were environmental headwinds for bitcoin that lasted for about two months.

But what was incredible that came out of it was that an actual fact is the incredible environmental tailwinds so much so that I would suggest that Bitcoin now has a third promise that no one has ever considered. It’s a very, very exciting topic.

Next we are going to look forward, we are going to look over the horizon at DEFI. So, we’ve got this concept of Bitcoin, it’s layer one, it’s money. It’s a great store of value, you can make payments with it. Okay, cool. But let’s look at the decentralized financial networks that are being built right now that are going to take over Wallstreet.

They are going to replace so many industries it’s just going to absolutely blow your minds once we get into that. You’ll get a good understanding of what’s happening in the future.

And we’re going to take a look at the threats to Bitcoin. Not just Ethereum, not just the alts. We’re going to look at all of the threats to the Cryptocurrency world, and we’re going to deal with those first because they apply everything, both bitcoin and alt coins. But then we’re going to take a look at Bitcoin VS alt coins? We will take a deep dive on that in that section. You will really understand the kind of landscape what’s happening there.

Finally we’re going to finish up with “Where could the price of bitcoin can go?” . As I mentioned at the top, the ultimate purpose of this video series is to turn you into a bitcoin and cryptocurrency expert, Yes, but I want you to understand the investment thesis of that. Is this a place that you can make money? If so, how much? This one is going to absolutely blow your mind and hopefully get you very, very excited and answer the question that EVERY single person has to ask when they get into this space.

That’s “Am I too Late?’. Have the millionaires of bitcoin already been made? Am I just too late? We are going to answer that one.

Alright let’s start it off. And it’s a high level – What are the two promises of Bitcoin? You know we will go into them a little bit deeper, but let’s just start off here.

Promise number 1 is to be the most trusted and censorship resistant store of value yet. Let’s look at the words “store of value”. Store of value is probably the most important thing in all of economics. It’s what makes it so we’re no longer bartering.

When we barter – I’ll give you a pot and you give me a pan – I’ve got to find someone who trades and both sides of the trade happen instantaneously. Okay, with a store of value (once upon a time it was gold ) I could buy the pot from you and give you a gold coin or a silver coin and I have a voucher here. It’s a voucher for the future that I can store my value in it and with this I can go around and “buy”.

And it takes us from a barter world, to the efficiencies of having money. The store of value thing is extremely important. it’s the most important thing in economics I would say. And we have a problem with it right now.

Governments all around the world are printing their money. Which means they’re debasing it. And they’re stuck in a cycle that they’re going to keep on doing it forever and ever. And the paper money that we use – putting money in the bank – is no longer a good store of value.

And as long as we’re here having a superior store of value, how about we make it censorship resistant? You will really understand how and why that is unbelievable important. So that is promise number 1 – the most trusted and censorship resistant store of value yet.

Promise number 2 for bitcoin is that it needed to be ( and promised to be )  the fastest and cheapest payment network yet. So, we live in a digital age, and we need to transact with people all over the world now. There was no native currency for the internet until Bitcoin came along. And now suddenly, there is.

We are in those early stages, growing through all of those issues and making it a complete system that the whole world is going to want to use and we are on the doorstep of that right now. So, bitcoin has promised to be the fastest and cheapest payment network yet.

For a brief period there, it kind of failed on this promise and we are going to understand that a little deeper when we go through the history of bitcoin looking at it through these two lenses. We want to do that so we understand – bitcoin has gone up a lot in value.

Has it gone up because of both these promises or one of these promises? Is the other promise about to be fulfilled? We are going to understand that next. 

Click here to go to part 2 – “A Brief History of Bitcoin”

Click here to check out Max Wright ( A.K.A “Contrarian Dude” ) on Youtube

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