What is Bitcoin?
This word is quite a buzz lately.
And people are forwarding messages,
warning not to invest in it.
It’s like a Ponzi scheme.
It’s a scam. It’s gambling.
I’ve posted
“Bitcoin Center Thailand” clip before.
I got a lot of comments asking me
to explain it.
For me, I always support technologies.
So today I’ll explain briefly
about the basics
that Bitcoin is not a Ponzi scheme.
Ponzi scheme is a scam,
getting one’s money to another
, and so on like a chain.
But the reason I said
Bitcoin is not a Ponzi scheme
is because…
First of all, we have to know
these 3 words.
Bitcoin
Cryptocurrency
and Blockchain.
Bitcoin is just one in
more than 1,400 currencies.
All of these are called
“Cryptocurrency.”
So the background behind
these Cryptocurrencies,
is the technology called “Blockchain.”
Thus let’s get to know
these 3 words, one by one.
First one, Bitcoin.
Bitcoin is a currency, just like
what we are using in our daily life.
For example, Thailand uses Thai Baht.
Japan uses Japanese Yen.
Korea uses Korean Won.
Or if we wanna buy a Line sticker,
we use Line Coin.
It’s the first Digital currency.
Created since 2009.
An alias of Satoshi Nakamoto,
is the creator of Bitcoin
until it became popular now.
People are now more
interested in it because
at the end of 2017
suddenly Bitcoin’s price
surged drastically.
Today, Jan 24th
the price is at US$10,000
or more than 300,000 THB
per 1 Bitcoin.
Therefore, people are like
“let’s invest in it for profit.”
However, a lot of people
learned a hard way
because the graph is up and down
like this all the time.
The Cryptocurrency
, other than Bitcoin,
the more famous ones are for example
Ethereum, Ripple, Litecoin,
or we also have Thai ones.
You can go study it yourself.
Let’s move on to the second word.

Again, Bitcoin is just one
of the Cryptocurrencies.
One of more than 1,400 currencies.
What’s the difference between
Crypto and cash?
Cryptocurrency is not tangible.
But the money we use normally
comes in the form of coins
, notes, and the numbers
we deposit in our bank accounts.
Nobody regulates
the Cryptocurrency yet.
Nobody can increase
or decrease the value on their own.
However, the normal currencies,
the Central banks are the regulators
who can control the value
of their state’s currency.
Cryptocurrency’s all transactions
are being recorded in the system.
But for cash, if we bought
some veggies in the morning,
if we didn’t take a note
we might forget later in the day.
And there’s no evidence of
where the money goes.
Cryptocurrency uses
Blockchain technology
and this technology is the system
that makes Cryptocurrency happens.
Because all the Blockchains
are connected.
Also, each of us are holding our
Blockchain to keep track ourselves.
It’s like tracking
one another on our own.
No need for accountants,
or any authorities.
So these are 2 different things.
Cryptocurrency is “money”
which is not tangible.
There’s no real coin or note.
We can compare it to gold
that we keep it in our safes
which we would trade our gold
with money
that we use in our daily life,
whenever we want to
, with a condition that
that particular country
or that particular store
has to accept
the Cryptocurrency we are holding.
Now some countries and stores
are accepting it.
For example, Canadian KFC
is accepting the payments
in form of Bitcoin.
Also, Subway in the US
is putting a sign saying
Bitcoin is accepted.
Or another, if we want
a cup of milk tea
we can trade with 0.0001 BTC,
which is about 35 THB.
There are risks in investing.
It depends on how much
risk you can take.
If we compare it to stocks,
we have to look at the company itself,
whether it could really grow.
For Cryptocurrency, we need to
look at the technology behind it,
whether it could really grow.
For every investment,
we should just follow the trend
because the real
Cryptocurrency investors now
cannot really determine
the direction of it.
If anyone thought I was
gonna predict the future,
I’m not an investor.
I’m not in this field yet also
because I haven’t studied it enough.
Thus, I’m here just to inform you
from a technological approach.
I’m not suggesting anything.
The matter that is more
interesting than investing,
is Blockchain.
It’s a new technology.
For me, I feel that
the Internet changed the world in 2000
but in 2018, we have
Blockchain as the new Internet
It would once again change the world.
It’s the technology that can be
adapted in various fields.
Not only with Cryptocurrencies.
It can change everything
that uses a medium
so to explain more about it
I would make more clips
explaining more about this matter.
If anyone has a question,
you can put your comments below.
So I can be clearer on
what I’m explaining
and I will make a serie of videos
about this.
See you next time.