YouTuber Marcus Moles is asking people to ask themselves two questions about Bitcoin in order to figure out if it has any real value to society. Bitcoin is complex and most Americans, he says, can hardly appreciate its appeal.
In his new video series, Crypto and Coffee, which tackles the rise of Bitcoin and cryptocurrencies, Moles, who studied finance and first bought some BTC back in 2017, breaks down basic economics, the financial system, money and crypto for the average viewer who’s wondering if shifting to a new form of digital money actually makes any real sense.
Moles says when he brings up the topic of Bitcoin and crypto with friends and family, there’s a unanimous lack of understanding about the space – most know nothing.
After joining a meetup in Portland, Oregon that was attended by Peter McCormack, host of the What Bitcoin Did Podcast, Moles says he was inspired to address the confusion about Bitcoin that has left so many mainstreamers disinterested. His goal is to help people navigate the space.
So he poses two questions.
Question #1 – what is your relationship with your government?
Moles asks if governments can be trusted to support their fiat currencies.
“If you live in Argentina or if you live in Zimbabwe or Turkey or a couple other different places, their relationship with their government probably isn’t that good. High inflation, corruption, not a lot of privacy, tracking your movements wherever you go…
I know in the United States, we don’t really think about money a lot. It’s pretty easy for us. We get our paycheck from our job. We go spend our money and it’s very easy to spend our money. We go to the grocery store. It’s really easy to buy anything from there. We have Amazon two-day shipping. Everything is really, really simple for us. Will it always be like that?
We have the Federal Reserve who controls our money and how the money supply is allocated. We have inflation. Our money is being devalued every single year. We had the crash of 2008. Maybe there was a little hand slap in there for what happened. But did anything change?
The Federal Reserve still has 12 different reserve banks which all work with the commercial banks. So do you trust your government to do the right thing for its currency, for its US dollar? So that’s the first question, you need to ask yourself…do I trust my government to create a world where my money isn’t devalued greatly over time?”
Question #2 – What is money?
“As we went through the educational system, we never really thought about it…
You could say it’s a belief system; money is debt; money is tied to our government. But in its basic form, money is a tool man created to facilitate trade…”
Moles says the advent of the internet changed the game on a number of industries and that money is next in line. He cites giant tech companies that have disrupted big business without following a conventional path.
“We have Airbnb that doesn’t own any real estate. We have Netflix who doesn’t really own any shows. The internet has changed the game. We have Uber that pretty much doesn’t own any cars. And now, the financial world: Bitcoin doesn’t own any banks. This is a very, very new ideology, technology. It’s here to stay.
In order to get into it, you need to question two things. Do I trust my government, what is my relationship with my government? And what is money?”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Krasovski Dmitri
