Todd: So, Anthony we’re talking about bitcoin. Now you’ve invested in bitcoin before?
Anthony: Yeah, yeah, a bit.
Todd: Do you still invest a lot now?
Anthony: I haven’t recently.
Todd: Okay, so why did you stop?
Anthony: I stopped because I was getting a little anxious about seeing my portfolio swing up and down by 5, 6, 7 thousand dollars in a day. I kind of decided that I would take out the money that I invested in it and just let my profits ride, basically.
Todd: Right, so basically originally then, you were using bitcoin for speculative purposes. Not to actually buy things. You weren’t using it as a means to actually make transactions.
Anthony: That is correct. I’ve only bought one thing with bitcoin, and that was, it’s called a hardware wallet, which is basically, it looks like a USB stick, but it’s a way to secure your funds.
Todd: Do you think that in the future we will have people using bitcoins more, like it’s going to become a viable alternative to actually, for commerce to pay for things?
Anthony: Yeah, that’s a good question. I don’t think bitcoin will be what we all use, but it’s definitely, in my opinion, the archetype for what is coming.
Todd: It’s the pioneer.
Anthony: Yes, the pioneering technology. There’s going to be something that is similar to bitcoin that we use as a digital payment system.
Todd: Yeah, so a lot of people are freaked out about bitcoin. What are some reasons people are skeptical against it?
Anthony: That’s a good question. One question that I’ve been asked before is, who controls it? Everyone always wants to know who’s in charge. Right. Who’s the CEO? Right? Because we’re so conditioned to this kind of system, but that is the thing. It’s kind of scary for some people, but there is no control over it. It’s a program at the end of the day. And there’s no governing body. There’s no government organization that really has a say. I mean governments, specific governments, will try to regulate the markets to a certain extent. But at the end of the day, the power is in the hands of the people that use it, really. And as long as people use it there will be some kind of value to it. Just as long as we use paper money, there’s value to it. As long as it’s exchanged, right?
Todd: Right. And some people have made some good points. For example, nobody foresaw the use of ecommerce or smart phones, or social media. But these things adopted and ramped up quickly. So, do you think this could happen with these crypto technologies?
Anthony: I think-
Todd: Is that the right way to say it? Crypto technologies.
Anthony: Or block chain technologies.
Todd: Block chain technology, okay.
Anthony: I think it’s very rapid right now. It’s kind of becoming a household word. Whereas, when I first got into it, if I talked to someone about bitcoin, they would look at me like I was crazy. They would look at me like I had a hole in my face or something. But now people know. Even older people who aren’t really so in touch with technology, know what it is or have at least heard about it.
Anthony: I think the biggest hurdle to mass adoptions is as it stands now, it takes a lot of knowledge and a lot of know-how in order to safely, because the reason why I say safely, is because if you’re dealing with bitcoin, you’re in charge of securing your funds. So, if someone hacks into your funds, or something, then it’s your fault. You don’t have anyone to blame. Where as if you have your money in a bank-
Todd: You can’t call customer service.
Anthony: Exactly. You can’t call customer service, so there’s a big hurdle as far as the knowledge you need to safely and effectively maneuver in that space. So I think until some second party or third party comes about and makes it more user-friendly, I don’t really think it’s going to be ready to really take over until that happens. Either more people need to be educated and know how to use it and how to purchase it and how to store it, etc. Or there needs to be some huge company that going to say, “Look, we’ll manage it for you. You just need this app, or something.” I don’t know, something like that.
Todd: Yeah, it’s going to be interesting in the crossover. They always say be careful what you wish for, you might just get it. If bitcoin or some crypto-
Todd: Currency becomes the primary source of transactions, I think a lot of the ills and the dodgy stuff we have with banks, will seep into it. It’ll be interesting if they could keep it out. If you know what I mean. But one thing that’s interesting about the currencies is that, I think a lot of old people will go for it. I think a lot of old people usually are hesitant about technology and change, but the thing, they have a lot of money that they’re sitting on, usually, older people. They also don’t trust the government. They’ve been around a long time and so I think these cryptocurrencies are going to be very attractive to a lot of tech un-savvy people. What do you think about that?
Anthony: I think you have a point. I think that probably more so than young people have money to invest, but I think that’s, like I said before, I’ve spent so many hours reading about these kinds of technologies and just really obsessing over it, and I still feel like there’s so much I don’t know. So.
Todd: Well, I guess we all got to learn.
Anthony: Yeah. Alright.
1) Why did Anthony stop investing in bitcoin?
2) What does he think is an archetype of future payment systems?
3) What is the biggest hurdle in cryptocurrency adoption?
4) Why does Todd think older people will use cryptocurrency more?
5) When dealing with bitcoin, who is in charge of securing your funds?