Hey everyone Scott Cunningham aka @scottcbusiness today I want to ask you a very important question which I think
will bring a lot of insight and context to the whole conversation around crypto
currency blockchain Bitcoin etc do you understand
Bitcoin do you understand how how Bitcoin works do you understand how
cryptocurrency works do you understand how blockchain works do you understand
how blocks are made how it’s all created mmm barely anyone does right only like
less than 1% of the global population really understands what this is and what
I’m what’s going on here’s the good news you don’t need to understand you only
need to know how to use it and I’ll explain with a very simple with another
really simple question do you truly know how the internet works a lot of people
say yeah I mean I go on and I use the web browser it’s like none of them you
understand how to use it do you know how it works
do you know DNS solves addresses do you know the difference between ipv4
addresses and ipv6 addresses how many of them are there or do the 7 layers of the
OSI I went to school for four years for networking and IT security and I can
very confidently say that 95 plus percent of the global population
probably knows nothing about the Internet and that’s fine because you
don’t need to know to use it can you tell me how email protocol works
what what’s HTTP in HTTP what do they stand for what’s the difference how do
they affect your usage of the Internet all these different things
no one barely anyone knows right you don’t need to know though to use it in
the exact same way that most people don’t know the all the intricacies of
how an engine works and how and how a car works they know how to use it it’s a
lot more complicated that’s why we have licenses but it goes the same for
basically anything do you really know how
all the like all the software and your computer works or your phone it’s like
well you could maybe tell me some things but it’s like okay what if we get down
to the arithmetic level like what do you truly truly know about anything that we
use that is complicated because every cuz a lot of people will say well I
don’t understand Bitcoin therefore you know it’s not something I’m gonna be
concerned about it’s likely you don’t understand 90 plus percent of everything
that you use every single day children understand how money works and how they
use it at least but they don’t understand inflation and all the many
many different aspects of our economy but they understand how to use money
that you transact and you get something in return when I was five I understood
that if I could you know like convince my parents to give me two dollars I
could go and get candy or whatever I think as long as you understand how
anything is used you’re pretty much good to go for the most part obviously I’m
not saying like like there’s obviously exceptions but in them for the most part
in general as long as you understand how something is used you don’t know and you
don’t need to know how it works like all the intricacies and the infrastructure
and how everything works babies understand at the very least how to
breathe because it’s innate and they don’t need to understand how lungs work
and neither do you you don’t need to understand anything about human biology
to function your body you don’t need to know how to grow your fingernails or how
to grow your hair you just do and I think it’s a very very important point
to point out because a lot of people again will say things like well I don’t
understand Bitcoin therefore you know I don’t trust it or whatever people said
that about the internet people said that about almost every single major
advancement in technology originally people said I’ll never use email and all
these different things all the different technological advancements we’ve had in
the lab well forever probably I mean obviously I
don’t think this is just related to like the information era or recent technology
I’m sure this is just human evolution and how people are always hesitant to
trust something at first because they don’t understand it or fully grasp it
but I would say that people still don’t understand most of those things and just
because a lot of people use them and we understand how to use it that we’ve
gotten past that that original fear and as Bitcoin and other cryptocurrencies
become easier and easier to use we’re going through the exact same phase from
the internet when they switch from using IP addresses which no one was using
because it was complicated – oh maybe we need human readable domain names and
then everyone started using the Internet people wouldn’t have gone on
facebook.com or myspace if it was 170 2.19 8 . you know and no one would
remember that and and if you had to navigate pages by changing your url and
not by like clicking on the screen everything that made all this possible
was simply user friendly changes that’s all it was just like simple changes to
make it more user friendly everything still stayed the same like it was the
same underlying product they just made it more user friendly and that’s all it
took so in the same way that when i used to code websites from scratch and it was
extremely time-consuming and i got paid a lot of money because no one else could
really help them and even if they needed small changes they needed me and now
everyone just uses like wordpress or similar website building applications
but again they don’t know how to change very intricate things or you know edit
the code because they never really thought they needed to and for the most
part they don’t really need to know how to do those things maybe then they might
consult someone who’s an expert or whatever it might be but the point being
that for the most part you don’t need to understand how these things work as long
as you know how to use it that’s the only thing that matters so moving
forward when you consider this it’s relevant to is
Bitcoin is blockchain really gonna be the next big thing are people really
going to adopt it is it really gonna go the distance or is this just some fad
some phase people said about the internet and now it’s a huge joke when
people say it’s like Oh remember when people thought the internet was just
gonna be a phase remember when people thought blockchain which is gonna be a
phase maybe you’re you’re still hesitant to
invest I understand but in the long term it’s absolutely going to be a part of
society it’s going to be relevant as it gets more and more user friendly like
we’re recent like I said we’re in the same phase of when the internet switched
from IP addresses to domain names that’s happening right now in crypto that’s why
it’s so similar and so relatable and people say blockchain is like web 3.0 so
it is it’s very very similar in terms of how that happened and how that
progressed and all the new applications and different things being built on top
of that and what that’s gonna look like in ten years I think almost everyone’s
going to be using it in some capacity whether or not it’s being used in the
background and you’re unaware of it or it’s just super user friendly and you’re
able to use it with no problem without needing to understand regardless of how
it gets implemented it’s gonna be there and people are going to be kicking
themselves for not investing now again this isn’t financial advice but you’re
gonna see this happen and I’m almost undoubtedly sure that this is the case
that Bitcoin in blockchain and cryptocurrency is going to be extremely
extremely relevant and it’s only become more irrelevant over the next several
years because it doesn’t matter if you understand I think people really need to
grasp this that I just made a video two days ago most people don’t even
understand regular currency fiat currency they don’t understand inflation
and and how if they’re saving 1% a year like getting 1% interest on their
savings but info 1.8% they don’t understand that they’re
losing 0.8 percent of their wealth because there’s more zeros in their bank
account but it’s worth less most people don’t even understand that so most
people don’t even understand money but they’re able to use money and everyone’s
adopted it and the point being that you don’t need to understand Bitcoin and
blockchain and cryptocurrency and even though it’s very technical and confusing
it doesn’t matter if you don’t understand people are gonna be using it
and the more people that do you’re just gonna be eventually playing catch-up so
my the point that I will leave you with is that I highly encourage you to get
the basics learn the basics maybe just creating a wallet and being able to send
and receive Bitcoin or or some other coin as long as you just get the very
very basics of how to use it you’re you’re gonna be well well ahead of
everyone else who’s struggling to figure it out and and it’s just a very very
important question to consider or or just a great talking point for when
someone tells you yeah but I don’t understand it so I don’t trust it I
won’t use it no one else is gonna use it because it’s so confusing you can
explain to them that most people don’t understand most things and we still use
them and with that I’d love to hear your thoughts on this what do you think about
people not fully understanding how things work which is most things and
still being able to use them and then how does that apply to Bitcoin
blockchain cryptocurrency let me know your thoughts on this also
if you watch to the very end I appreciate you for doing that make sure
to comment hashtag number one ham so I know you did watch the very end and I
appreciate you have an amazing day I’m Scott Cunningham aka @scottcbusiness signing off Cheers