QUESTION: “How does bitcoin make my life *easier* right now?”

00:01 Hey everyone, let's talk about how 00:03 Bitcoin can make your life easier right 00:05 now. Specifically focused on easier. So, 00:08 when I get this question from people, 00:09 oftentimes when they talk about it, 00:11 they're like, "Yeah, but how does 00:12 Bitcoin make my life easier?" And what 00:14 they're thinking is, "Okay, I make money 00:16 and I can spend it with a debit card, a 00:18 credit card, I can send money to people 00:20 with Vinmo or Cash App. I can use Bill 00:23 Pay for my bank account or whatever." 00:24 Like, how does Bitcoin make my life 00:26 easier? But they're focused on the wrong 00:29 part of that equation. The the part of 00:31 the equation that Bitcoin makes easier 00:34 categorically is the saving and 00:36 preserving of wealth part, which is the 00:38 part before you spend the money. Now, 00:41 you can obviously spend Bitcoin. For 00:43 example, I use the Coinbased debit card, 00:45 which lets me buy stuff with Bitcoin, 00:47 which means I can keep very low or 00:50 almost non-existent cash balances in 00:52 bank accounts because I buy everything 00:54 with the Coinbased debit card, and I 00:55 spend Bitcoin everywhere. But you could 00:58 do the same with uh you know uh any 00:60 debit card or credit card. It's just 01:02 you're having to save your wealth in uh 01:04 US dollars rather than Bitcoin. And so 01:07 again the value there is in the 01:09 preserving a of the wealth and the 01:12 increase in purchasing power of the 01:13 wealth over time which is happening on 01:15 the back end before the money gets 01:17 spent. Now if you need to send money 01:20 internationally international 01:21 remittances if you need to pay people in 01:24 other countries if you want to donate 01:25 money to a Christian missionary you know 01:28 on the other side of the world operating 01:30 in a you know a hostile environment well 01:32 yeah Bitcoin's great. You can send 01:34 Bitcoin anywhere in the world in less 01:36 than 10 minutes. Uh and with the Bitcoin 01:38 Lightning Network, you can send any 01:40 amount of Bitcoin instantly. Uh 01:42 literally instant transactions anywhere 01:44 in the world. So it's an incredible way 01:47 for crossber payments, you know, paying 01:49 people in other countries. I mean, 01:51 Bitcoin is just really good for that. 01:53 But most people in the US because the US 01:55 is a large country and has a good 01:56 payments infrastructure and most people 01:59 don't interact a lot outside of the US 02:01 or if they do they're just on vacation 02:03 and they use a debit card or a credit 02:04 card which again Visa takes care of 02:06 everything for you or Mastercard. Um so 02:09 most people don't uh you know the the 02:11 friction that people mostly experience 02:13 in their lives is not with the spending 02:15 of money but they underestimate the ease 02:18 with which Bitcoin can solve the saving 02:22 and preserving of wealthside. So for 02:24 example someone who might ask me the 02:26 question yeah but how does Bitcoin make 02:28 my life easier is managing a rental 02:30 property for supplemental income. So, 02:33 they have literally put their money in a 02:34 rental property and they are a landlord. 02:37 And they're asking me how Bitcoin makes 02:39 their life easier. And the answer is 02:41 because you don't have to do that 02:42 anymore. The same money that you put 02:45 into the rental property, you could put 02:47 in Bitcoin instead. And instead of 02:49 dealing uh as a landlord, instead of 02:52 dealing with tenants and maintenance 02:53 issues and calls in the middle of the 02:55 night about security and every 02:57 conceivable headache that a rental 02:59 property could pro possibly bring to 03:01 your life, Bitcoin makes your life way 03:04 easier because you don't have to deal 03:05 with any of that. You park your wealth 03:07 in Bitcoin and you just wait patiently. 03:09 It's that simple. Um, same with if you 03:12 uh if your wealth is being managed by a 03:14 financial adviser, you're pay you're 03:16 having to meet with that person once a 03:18 year. Um, they're taking 1% of your 03:21 assets every single year just to manage 03:23 your money. And, you know, you're having 03:25 to answer questions about risk tolerance 03:27 and financial allocations and, you know, 03:30 deal with all of the paperwork that they 03:31 send you, which is hard to understand. 03:33 And so, how does Bitcoin make your life 03:35 easier? It's great. park your wealth in 03:37 Bitcoin and then you can just open up 03:39 cash cash app or sorry uh uh Coinbase or 03:43 River which are the two primary services 03:45 people use uh Coinbase.com or river.com 03:49 you just open the app and you see how 03:50 much Bitcoin you have and what the 03:52 current value is and uh you're not 03:54 paying a financial adviser 1% of your 03:56 assets every single year to manage the 03:59 same money and they get paid if it goes 04:00 up or down. So, it's a lot easier to 04:02 manage Bitcoin wealth than it is to 04:04 manage uh wealth where you where someone 04:07 else is taking 1% of it every single 04:09 year. Um, additionally, if you're doing 04:12 any of your own investing, that is a 04:14 huge amount of time and energy that goes 04:16 into trying to figure out what stocks to 04:18 invest in and are they up and are they 04:20 down and is it a good time to buy, is it 04:21 a good time to sell, and what should 04:23 your asset allocation be between stocks 04:25 versus bonds. All of that is stuff that 04:28 Bitcoin makes your life easier because 04:29 you just don't have to do that. You It's 04:31 just an allocation question of okay, 04:33 once wealth is in Bitcoin, it's just 04:36 there. Like you don't have to make all 04:38 these allocation decisions about uh 04:40 stocks, bonds, exchange traded funds, 04:42 mutual funds, all of that is things that 04:45 make your life hard. But uh I think the 04:48 primary the primary thing would be I 04:51 guess the greatest savings would be 04:53 somebody that is trying to use their 04:55 wealth and increase their wealth in a 04:58 very hard way. Uh like managing a rental 05:01 property or something like that that 05:02 they have, you know, they they bought a 05:04 uh you know, I don't know, they bought a 05:05 duplex and they're they're managing it 05:07 on the side. Something like that takes a 05:09 huge amount of time and energy. um when 05:12 in the long term Bitcoin is a much 05:14 better in my opinion much better uh way 05:17 of uh growing and you know preserving 05:19 and growing wealth than managing a 05:22 rental property or numerous other side 05:24 businesses. People have side businesses 05:25 on Amazon and they have side businesses 05:27 doing this and they do side businesses 05:29 doing that. um typically in which 05:32 involve using some amount of capital to 05:35 buy you know equipment or to you know 05:38 rent you know have a rental something or 05:40 whatever it is and that same capital 05:43 that is being used to to do that stuff 05:46 um can instead be parked in Bitcoin and 05:48 produce more wealth than whatever that 05:51 business or service uh produces in its 05:54 current form. So um anyway, how does 05:57 Bitcoin make your life easier? Because 05:59 if you're expending a lot of time and 06:00 energy trying to make trying to amplify 06:03 your wealth some way other than a job, 06:06 Bitcoin will probably do that easier 06:08 than however else you're going about it. 06:11 Again, especially if you're in real 06:13 estate or anything like that. Um, and 06:16 secondly, um, if you know, again, if you 06:19 have if you're doing international 06:21 remittances or any sort of crossber 06:22 payments, Bitcoin is amazing for that. 06:25 Um, but even for the average person, you 06:28 know, if if you're if you want to talk 06:30 about how does Bitcoin make your life 06:31 easier, when you preserve your 06:33 purchasing power in something that's not 06:35 losing value, your life is easier. My 06:38 life is much easier because my money 06:40 works for me. My money increases in 06:43 value over time. Now, the again, the 06:45 price goes up and down on its way up. It 06:48 is volatile, but my life is much much 06:51 much easier because I'm making tuition 06:54 payments for, you know, my wife Rachel's 06:56 graduate school program with Bitcoin 06:58 that I bought for a third to a half of 07:01 its current price, which means those 07:03 tuition payments are massively 07:06 discounted. When I go shop at cross 07:08 Costco or Kroger and you know Costco 07:11 cost me 07:13 $472. Well, that's fine because I bought 07:16 the Bitcoin I'm paying for those 07:17 groceries with for 150 bucks. So, my 07:21 grocery trip is really costing me the 07:23 amount of effort, the amount of time and 07:25 energy I had to put in to buy those 07:27 groceries was, you know, a few years 07:29 ago. Uh, and it it cost me $150 of time 07:33 and energy, but that Bitcoin is now 07:35 worth $472, which is what actually is 07:38 ringing up at the cash register at 07:40 Costco. Um, now not every Costco run 07:43 cost that, but one recent one did. It 07:45 was literally 07:46 $472 and everything I bought was just 07:49 stuff my family needed. Like, it just 07:51 was. Um, so Bitcoin makes your life your 07:54 life in general much easier because your 07:57 money is working for you. And when your 07:59 money is working for you instead of 08:01 against you, your life is easier. It's 08:03 easy to pay. It's easier to pay your 08:04 bills. It's easier to live your life. 08:06 It's easier to make ends meet. It's 08:08 easier to build for retirement. 08:10 Everything about that is easier. So, to 08:13 summarize again, when people say, "Yeah, 08:15 but how does Bitcoin make my life easier 08:17 right now?" They're typically thinking, 08:20 "How how do I spend my money faster and 08:22 easier?" And that is not the primary 08:24 problem Bitcoin solves. The primary 08:27 problem Bitcoin solves is the uh 08:29 preservation and growth of your wealth, 08:32 which means you have more of it. And 08:34 between making it easier to spend your 08:36 money and giving you more money, it's 08:39 way more valuable to give you more money 08:41 because there it's already easy enough 08:43 to spend your money. I'm I'm certain 08:45 that nobody watching this video thinks 08:47 the problem is I just don't know how to 08:49 spend my money. I just don't know. I 08:52 just I know what I want to buy. I just 08:53 can't figure out how to buy it. Well, 08:55 the world has made it very easy for you 08:57 to buy basically everything you could 08:58 possibly want to buy. Um, the problem is 09:01 where do you get the money to do it? And 09:03 Bitcoin does a better job of preserving 09:05 and growing wealth than anything else uh 09:07 any other asset that exists anywhere in 09:09 the world. And if you have a lot more 09:11 money, your life is easier. And growing 09:15 and growing wealth that you've already 09:17 acquired or that you're in the process 09:19 of acquired acquiring, that is really 09:21 hard to do. And Bitcoin makes that 09:23 radically easier because you can just 09:25 buy Bitcoin and be patient. And that is 09:28 just about the easiest thing you can do. 09:29 So have a great day everyone. Thanks.