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Cryptocurrencies To Use Everyday

by smart

if you’re new to crypto it can be really confusing to try to understand what all these different cryptocurrencies do are there different use cases are the ones with the best memes the most important money this video is part of my beginner’s guide to using crypto every day and in this episode i’ll give you an introduction to some different types of cryptocurrencies and how they might fit into your everyday life now it’s a good thing to keep in mind that a lot of these assets were not trying to just be different cryptocurrencies they were trying to be materially different assets that did different things different cryptocurrencies are optimized for different purposes you might be looking for the most private payment method or the fastest or something most likely to be accepted at your grocery store or you might be wanting to access the world of defy and participate in the myriad of decentralized loan interest and synthetic stock options out there or perhaps you’re just looking for a store of value so that your savings don’t get inflated away obviously there are far too many cryptocurrencies to cover in a single episode but here is a small selection that i use every day for different purposes did you invite tom and stacy to dinner on friday i did why did you do that tom only talked about bitcoin let’s start with bitcoin the grandfather of cryptocurrency where it all began bitcoin started out as a dream of cypherpunks who wanted a money that wasn’t controlled by anyone was borderless permissionless and uncensorable someone named satoshi nakamoto was the first person to finally get the ball over the net with the creation of bitcoin and it’s since grown into a favorite new investment for big institutional players jp morgan is preparing to offer a bitcoin fund to its wealthy clients citigroup and goldman sachs now the third with plans to offer bitcoin trading to clients over the past year the price of bitcoin has surged as more and more institutional players get involved why is it that bitcoin has become so attractive the money supplies up forty percent in like fourteen months that’s a scary number former comptroller of the currency brian brooks points out that this is a level of spending and money printing we’ve never seen before savings accounts are seeing their money disappear thanks to inflation inflation of the money supply is a problem because the more money that’s printed the less it becomes worth in contrast there is a fixed supply of bitcoin it can’t be debased the counter inflationary value of bitcoin hasn’t yet been seen we’re only seeing it now for the first time so many large institutions and companies are now adding bitcoin to their treasury reserve assets tesla is buying 1.5 billion dollars worth of bitcoin microstrategy continues to buy bitcoin now holding around 91 000 of the darn things certainly i’d rather have bitcoin than a bond bitcoin is not the most private cryptocurrency out there nor is it the fastest not cheapest by a long shot for these reasons it’s actually evolved away from being used as a currency for making everyday purchases and has instead become very popular as a store of value like digital gold bitcoin can and will deliver the virtues of strong money the gold idealists have long hoped for so what is good for everyday purchases let’s start with dash its name is a blend of digital cash and when i make purchases every day like for groceries or gas dash is one of the most frequent currencies that i use dash payments are cheap to send and instantaneous automatically confirmed using the masternode system whereas bitcoin’s open ledger shows a clear transaction history for anyone who looks at the blockchain dash has an interesting opt-in coin mixing feature that provides what is called by the community consumer grade privacy the history of your coins becomes obscured amongst a bunch of different transactions which is a great step towards financial privacy the dash community focuses on merchant adoption and remittance markets in places like south america venezuelans have experienced hyperinflation for years which has gutted savings and made everyday transactions nearly impossible dash has become a popular option for many merchants there dash has another interesting feature called adao which is like a community fundraising tool that can be used for development or marketing fundraising it’s great because it means that there’s built-in support for the continued development of the coin there are some skeptics of the system who would argue that it’s difficult to pass proposals that go against the existing development team but in general i think it’s a really cool feature and has led to some awesome projects being funded another currency that i use frequently for daily transactions is bitcoin cash it’s widely accepted in crypto friendly places like new hampshire and townsville australia which have all kinds of physical stores accepting it as a form of payment my favorite website that accepts bitcoin cash is purse.io where you can get up to 33 off amazon purchases by using bitcoin cash they also accept bitcoin on the site but the fees could be quite high to send bitcoin and with bitcoin cash they’re next to nothing while i’m hesitant to ever make a payment less than six or seven dollars in bitcoin because it will cost me more than that to spend those funds with bitcoin cash i can send pennies because it costs almost nothing this is great for microtransactions which has made it a popular coin on social media platforms a medium clone called read.cash where you get tipped for your blog a twitter clone called memo.cash where you get tipped for your tweets an instagram clone called noise.cash where you get tipped for your photos they also have a kickstarter like platform called flip starter where you can crowdfund projects using a special smart contract on bitcoin cash you only get the money if you reach your goal otherwise the donations are returned to the senders it’s a great way to fundraise without a company like kickstarter or patreon taking a big chunk of what you raise last year i hosted a crypto walking tour in australia and there’s a dividend tool that came in really handy i gave every participant a bitcoin cash layer 2 token called an slp token and then was able to use the dividend tool someone had created to airdrop bitcoin cash into every wallet that contained one of these tokens giving participants crypto to spend on the tour it was pretty slick i have no idea how you would do something like that with an app like venmo or paypal unlike dash there is no built-in privacy mixing service but the bitcoin cash community has built a tool called cash fusion cash fusion is like coin join but usually coin joins can only be done in set denominations you must mix 10 100 1 000 coins at a time for example cash fusion allows you to mix any amount of coins and also mixes them in a way so the analytics companies can’t tell that the coins have been mixed you use this tool through the electron cash wallet and i can keep it running for a week in the background on my computer continually mixing coins and only pay a penny in fees financial privacy is so tremendously important and is really lacking in many crypto projects mixing and cash fusion options are a tremendous start but i want more so if you’re like me and looking for the most robust privacy options for your purchases privacy coins like monero and zcash might be better choices monero seems to be the most popular privacy coin on dark markets it uses different methods to create relative anonymities such as ring signatures stealth addresses bullet proofs and ip obfuscation all by default ring signatures hide the sender of the transaction along with the transaction amounts stealth addresses are unique one-time addresses that hide a transaction’s recipient bulletproofs reduce the transaction size which can mean lower fees and faster confirmation times transaction broadcasting is done in such a way as to money these transactions to a device’s internet provider it alternates between limiting node communications and flooding nodes with transactions zcash is another privacy coin that’s highly acclaimed by cryptographers and privacy experts zcash i have said repeatedly really does the best in space it uses something called xero knowledge proofs which enables zcash users to send money to each other without putting information on the blockchain such as the amount sent or the address of the sender or recipient transactions are not private by default zcash users can choose whether they want their transactions to be shielded or not by using either an address beginning with the letter t which stands for transparent or an address beginning with the letter z which means it’s shielded all z cash addresses are interoperable but some wallets choose not to support certain types of addresses all of this will also be made a lot easier when they roll out their new unified address system while some people say that the opt-in privacy of zcash makes the privacy of the system weaker others argue that it’s a feature not a bug because it’s allowed zcash to remain on many exchanges while many privacy coin alternatives have been delisted it’s because of this opt-in privacy that zcash is still quite easy to get hold of zero knowledge is considered by many to be the gold standard for privacy and you’re seeing a lot of other coins start to implement zero knowledge proofs for their chains too zcash has built-in tools for funding development these were only meant to last for four years but in early 2020 the community voted to reinstate them as a way of continuing to make the project sustainable since then they’ve set up a grant committee that’s controlled by voting from the community called zoma god zom zom z z omg z oh my god z called z omg that invests in projects around z cash privacy coins are an essential part of my day-to-day living and i wish that they were more widely accepted in a world where the government wants access to every financial action you take simply using privacy coins could be considered shady activity but this is a narrative that we must push back against because financial privacy is not only important but it’s essential for a free society the final area of day-to-day crypto usage i want to touch on is defy one of the biggest trends of the past year has been this explosion and so-called decentralized finance the original spark of decentralized finance or d5 came from ethereum which has allowed anyone to access all kinds of financial tools without gatekeepers middlemen or sensors you might want to take out a loan or earn interest on your savings perhaps invest in a synthetic token that mimics stock prices or use a prediction market or purchase a digital collectible known as an nft you can now do all of this in a completely decentralized way thanks to this explosion of decentralized services within the ethereum community and now there are lots of other blockchains developing their own d5 tools too one downside of the ethereum network is that in order to use it you have to pay something called a gas fee which is basically a transaction fee for sending ether or ethereum based tokens but as the ethereum network has exploded in popularity we’re seeing tens and hundreds of thousands of decentralized transactions so have these gas fees which makes some of the awesome tools on ethereum cost prohibitive the community is tackling this problem in a myriad of ways such as building ethereum 2.0 scalability is already here and it’s going to be here in spades when we release ethereum 2. in the meantime there are a lot of other interesting platforms trying to pick up the slack we are indeed experiencing a revolution in decentralized finance the final project i’ll mention in the deep space is thor chain a completely decentralized exchange between any cryptocurrencies in a world where 99.99 of all native bitcoin trading happens by centralized and custodial exchanges the promise of a permissionless world of cryptocurrency hasn’t been fully realized but now we have tools like thor chain which enables you to trade freely without kyc intermediaries or custodians it’s fueled by a token called roon but you don’t actually have to even touch roon in order to use the system rune is working under the hood without you even realizing it’s working this system is a must in your everyday life if you’re looking for a decentralized way to exchange ethereum for z cash for dash for bitcoin or anything else there are so many really exciting innovations in the crypto world that are worth your attention filecoin is fueling the world of decentralized storage make a die is a stable coin that’s completely decentralized you can use many of these in your everyday life and we’ve only touched on a handful but hopefully it’s enough to get you started there is also a lot of noise out there and plenty of people trying to scam you out of your money so please be careful make sure you understand exactly what you’re getting into before buying anything but go and explore this exciting new world of cryptocurrency where innovation is moving at breakneck speed and we no longer have state monopolies it’s definitely an exciting time to start learning about programmable decentralized money [Music] oh my god


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Cryptocurrencies To Use Everyday
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