I travel the world paying for everything with a DIGITAL CURRENCY that I can convert into local currency and withdraw from any ATM. Best of all, it's accepted everywhere! You can also watch and share this video on Facebook and YouTube.
I created this video because I'm as passionate about TECHNOLOGY as I am TRAVEL, and I see cryptocurrency and blockchain technology as something that will affect everyone in our lifetime including travelers and non-travelers alike.
PAUL: Hi, I travel the world, and I pay for everything using a digital currency. The money is securely stored on a non-distributed ledger, and I can access it from anywhere in the world from my mobile phone. Plus I can convert the money into local currency and withdraw it from any ATM. Best of all, it's accepted EVERYWHERE!
It's called the USD, otherwise known as the United States Dollar, and it's the most powerful digital currency in the world.
And why do I consider it a digital currency? Because less than 10% of USD in the world is actually PRINTED. The rest exists on digital ledgers which say that I'm worth this amount and you're worth that amount.
The big difference between ‘old' digital currency like USD and ‘new' digital currency like Bitcoin is WHERE the ledger is stored. With traditional currency like USD, the ledger is privately owned and operated by a bank and you don't have access to it. So if they were to hypothetically change the amount next to your name on that ledger, your net worth would change or disappear along with it.
With cryptocurrencies like Bitcoin, the ledger is public and copies are stored on thousands of computers around the world. In order to change the amount next to your name on that ledger, the majority of the computers that host these ledgers have to agree. That way no one single entity like a bank or government can control how much you're worth.
PAUL: If you've ever lived in a country where the government has siezed your assets, you know how important the difference between a distributed and a non-distributed ledgers can be.
There's a lot of hype about cryptocurrency and distributed ledgers, and while this new technology is exciting and does solve some fundamental problems with our banking system, it opens the door to other problems.
PAUL: One major problem for your average consumer is PROTECTION.
Every traveler has been robbed at some point in their travels.
PAUL: Several years ago I was robbed at gunpoint and forced to give up my ATM pin number in exchange for my life. During the several hours that it took me to get a hold of my banks, the robbers had withdrawn all of the money from various ATMs around the city. And do you know how much I ended up losing? NOTHING! Within 72 hours, all of my banks had refunded the money that was stolen from my accounts. And that's because banks are able to afford this type of fraud protection for their consumers.
But unlike banks, cryptocurrency isn't able to offer me any protection. If somebody was to rob me of my cryptocurrency, there is no bank, insurance company, or intermediary who will come to my rescue and return my money. Once it's gone, it's gone forever.
This type of fraud protection doesn't come for free though. Banks collect billions of dollars in fees each year in order to be able to profitably offer us this kind of financial protection. For most people though, spending between 1 and 3% in transaction fees and contributing to the banking industry's bottom line is worth the protection.
Because with crytocurrency, who do you call if there's a problem? If you thought PayPal had horrible customer service, try calling Bitcoin.
[We're sorry, the number you have dialed is not in service at this time. Fuck you.]
PAUL: Dont get me wrong, I love cryptocurrency and blockchain technology. And I personally own 11 different alt coins. I have high hopes for the future of this technology. But what I don't love are when people talk about cryptocurrency as if it's the Jesus Christ of Wall Street, here to save us all from the evil tyranny of banks and government. If bankers are the devil, then these cryptocurrency evangelists are just the devil in a different form – trying to sell you on the idea that cryptocurrency is your saviour, most likely so you'll invest in their coin, and increase the value of their portfolio.
Right now we're still the Wild Wild West of cryptocurrency and blockchain technology.
PAUL: And while I'm definitely “procoin”, I do feel that we still have a long road ahead with the technology.
I encourage you to learn more about cryptocurrency and blockchain technology because it's here to stay.
PAUL: But for the immediate future, this type of digital currency [USD] isn't going anywhere.
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