Live to Shoot - Defending our 2nd Amendment Rights

Wealth Self Defense - Bitcoin

May 21, 2022 Jeff Dowdle Episode 117
Live to Shoot - Defending our 2nd Amendment Rights
Wealth Self Defense - Bitcoin
Show Notes Transcript

This episode we  continue our discussion about   how like the 2nd Amendment provides for our physical self defense, Bitcoin is the answer to Wealth Self Defense.
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.Well, welcome to the live to ship podcast. My name is Jeff daddle and I've been a licensed firearm dealer for the last 14 years. And this podcast, we talk about all things related to the second amendment, as well as things going on in the other news, as well as something going on in my personal life or a sports story, or just about anything that might find it. Interesting. So welcome. Welcome. Welcome. The last week we started a podcast on. Economic self-defense protecting your wealth and how that is just as important as a self-defense. And then. We need to begin finding ways to protect our wealth and ensure that going forward, that we have control and sovereignty over our own assets. And that is becoming more and more important than day. And the solution that I suggest is, is Bitcoin. And we talked a little bit about what it is, but in this episode, I'm going to talk about a lot more about what is Bitcoin. Exactly. So in its basic form, Bitcoin is. And so what is money? Well, money is, it's a medium of exchange. It's a unit of account and it's a store of value. So what are those things mean? Well, medium of exchange is it's simply as something that could be used to bridge between buyers and sellers. Something that they both recognize and that they, they want a unit of count makes sense. A common unit of account, like things easier to, to value and agree upon what that value is. And we're not always converting things from, well, this is two goats, and this is a five chickens is to go to equal to five chickens. How does that work? Right. So we, we Give it a unit of account, which in today's world it's dollars, immense, a store value, meaning I've got this, it's got value. It holds that value. And then when I give to somebody else, it still has that same value. And those are the things that make up money. And Bitcoin is the most pristine asset in the, in the sense that in, in a lot, in those characteristics, it's, it's, it's pure. It's perfect. It's. Unalterable so Bitcoin was born in, the idea was published in October 31st, 2008, and a white paper by Satoshi Nakamoto. And you may or may not know he won't get into all the setbacks Toshi, but he is, he's a pseudonym for a person or persons that we don't know who he is or who they are. They, he is kind of fallen off the grid. Nobody has heard from him in years and he turned the project over to others for its. Ongoing maintenance, but in his white paper, this is what he said is what's needed. He says, quote, what is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other, without the need for a trusted third party, IE, a bank or a government transactions that are computationally and practical, reverse would protect sellers from fraud and routine. Escrow mechanisms could easily be implemented to protect buyers. And this paper where you proposed a solution to the double spending problem, you using a peer to peer distributed time, step server, degenerate, computational proof of the chronological order of transactions. So that is essentially what his vision was for, for Bitcoin. But let's just go down through the factors of Bitcoin. So one Bitcoin is a unit of account. It is one Bitcoin. If it's divisible into a hundred million units. So it is far more divisible than in any other thing. So, so you may just have one Bitcoin, but you can take that down to what is called one fat. And one fat is 100000000th of a Bitcoin. Bitcoin can do things that no other currency. Asset can do it, can take somebody that's a freelancer and Sri Lanka and connect them to somebody in New York that can issue a payment from those between those two entities simultaneously without any third party, like a bank without incurring any huge transaction charges and trustless, meaning that that nobody has to be in between to validate the other is awesome. Providing hope to families, people in developing nations. In fact, there's over 30% of the country is unbanked. They don't have any type of financial institution, financial transactions anyway, to keep money. And. Because of this, a big thing for is, is remittances in the United States is a big player in remittances, meaning that we have people that come here from other countries and they've been sent a large portion of their income back in the form of remittances, back to their family members to help support them. And in doing that, they have to rely on the bank and the fees that come and the associated with it. Thousands, millions and millions of dollars each year fees. And that is another thing that Bitcoin helps eliminate it. Look like in the silver, out on south El Salvador, which was on the first countries that accepted Bitcoin is legal tender, meaning that if you have. People in, in El Salvador have to accept that as, as payment, but a large percentage of the people know several were going into that. That was one of the problem they have is they were unbanked. They had no means of, of, of, they didn't have credit cards. They didn't have checking accounts. They didn't have a good way of paying for things. And Bitcoin helped them solve that problem. And then it's six, still an experiment. Working experiment, but that is some of the hope that people have Bitcoin store of value. This is where Bitcoin shines and it is pristine. There are only 21 million Bitcoin that will ever be produced and the reasons and the why's and all that are very complicated. We got 19 million have been produced to date, and there'll never be more than 21 million. And this is what got me in Bitcoin. Back in 21. When we started printing those trains of dollars out of the blue to help for COVID relief and, and economic recovery. And I looked around like, where is this money coming from? You just can't print money like this out of the blue. And. That is what's led us to one of the things that's led us to the problem that we are today with $5, gas and inflation is you can't just dump that much currency into the country and, and not expect ramifications. And what did that do with the dollar I had in my pocket is worth a lot less than what I was the day before. And Bitcoin doesn't have any of that. There will never be any more than 21 means it is a scarce resource. And if you own a Bitcoin, if you have a Bitcoin, that value is going to go up. Yeah. If you were familiar with the markets and what's all going on and you look at it. Well, Jeff, that makes no sense. Bitcoin is way down. Yes, we are new. We are fresh. This is, we are still new into this. And that's why this message is so important because this is still, you know, still evolving and people still have an opportunity to get into this and, and get it. Early and, and become early adopters of this. But Bitcoin will stabilize. Once we get closer to the 21 million and the fluctuations will, will stop and it will come much more predictable, but the value will continue to go up because there's only 21 million and that's just the basic supply law supply and demand, you know in terms of transactions, you know, you may have heard that it's slow and things like that. It can handle. Transactions there's technology such as the lightning network that can also make this faster. The reason again, come back to. Why, why is Bitcoin important? It's because it's a pristine asset. It's going to protect our value or money. We can send it across the world and instant than not occur, have to rely on any bank or anybody else to intervene. We're protected, we're safe. We can control those that asset. And right now that is what it's more and more important. And then the next episode of this podcast, we'll talk about why it's important and what we're seeing out there and what Bitcoin can help protect us against. In that I just appreciate you listening. Thank you. And I hope you are enjoying this.