Fouad Jeryes The Digital Currency Revolution Bitcoin
Fouad Jeryes Bitcoiner The Digital Currency Revolution. Warning! 1Revolutions take place around the world in multiple aspects of life. They may be Cultural, Political or even technical. The choice is always ours either to participate in these revolutions or simply be bistanding observers. 2 the opportunity that I’ll be addressing today is still very, very, very risky, but it may be the largest opportunity we’ve seen since the dawn of the internet. Let me tell you a story, after work one day I walked into our home living room and found.
My father watching the news as usual, but I did not expect to to hear him say. FOUAD! Are you involved in this damn Buttcoin stuff! Well.In reality I look a lot like my dad, but he looks nothing like this! Dad, it’s called Bitcoin , not ButtCoin ! It’s a digital currency, just like the Yen, Euro, Dollar or Dinar. It has an exchange rate and at this moment it’s worth about $650 per bitcoin. It’s divisible like a normal currency and so forth. The digital part means that it is similar to email. Any two parties around the world can exchange bitcoins without any third.
Party to interfere with the transaction, such as a bank or exchange service. It happens quickly and at a negligible fee. It is also cryptographic, which means that every bitcoin has an encryption that prevents it from being counterfeit in any way. There will only be 21 million bitcoins in circulation as well, they are expected to become available in the market by year 2140. Finally, it is opensource. This means that it is decentralized in its nature and anyone can contribute to developing, evolving, or growing the network and technology.
That’s why this might be one of the most disruptive opportunities today. So, Dad, What do you think You confused the hell out of me! OK, so maybe you look like me, but you’re a smart aleck just like your mother Simplify things a little bit more for us! Hey! First off, don’t talk about my mother that way, secondly, let me try to show you how bitcoin is applied in Europe, the US and how it could be applied over here. Let’s say that I want to got to a cafe on.
Rainbow St. I always have trouble parking on that street, so I use the valet service, but the bigger problem I always face is finding change on me to pay for valet services. I would have prefilled my electronic wallet with bitcoins and just walk into the cafe. Now, my keychain has an NFC chip attached to it, all the valet guy has to do is bring my keychain close to his mobile phone, and I immediately get notified by an alert on my mobile phone. The alert prompts me to pay 0.0019 1 Jordanian Dinar to Mohammad AlHelou.
For valet services at Hello Cafe. I confirm the payment and bitcoins are transferred from my electronic wallet to his. Now, i walk over to a table to order something to drink. I open up the cafe’s application and review the menu. I see that they have a great looking milkshake that i’d like to order. I place the order through the app, identify the table that I’m sitting at, which is 14 in this case, and I confirm the payment and the transfer begins immediately. Then just like magic, without having to talk to.
Anyone, the milkshake arrives at my table. Now, when I’m done, there’s no need to do anything more. No need to pay a bill, split it or anything. The process is complete. As I’m leaving the cafe, I notice a small ad for the King Hussein Cancer Foundation. I’m feeling charitable and decide that I’d like to donate some money to the foundation. All I would have to do is scan their wallet’s address in the QR code on the add, assign an amount that I would like to donate and the transfer is done. Without fees and quickly.
After walking out and waiting for my car to arrive, I get a call from my brother in the states. I really miss that guy! Faris, hello! How are you Hey man listen, I’m a college student and I’m a little short on cash, can you help me out Whatever happened to hey Fouad, how’s life Just send them in Bitcoin Alright, so how much d you need I need about a $100 Alright, I need to take care of my younger brother. I open the bitcoin wallet app, assign $100 value in bitcoin and send it to his wallet.
Address where he can exchange it or keep them in bitcoin. So, how do you like that dad Wow! All this exists today! But where did this currency come from Who started it Who gives it value Who runs it There is no central management! These are the big questions on everyone’s mind.Where did the value of bitcoin come from When you have two parties who want to engage in an exchange, there is something called a barter agreement. So, if i have 5 chickens and wanted to exchange them for.
A goat, as long as both parties agree that the value of good that they’re exchanging are equal, a successful transaction can take place. The same applies with fiat currencies and bitcoin as well. Where did Bitcoin come from The person or group or party that started Bitcoin is anonymous. This fortifies the decentralization of the Bitcoin economy. If we could identify the creator of this innovation, it would be very easy for authorities to stop it from growing. The alias of the creator is Satoshi Nakamoto , he is the person that started mining the bitcoin currency, which is the process of producing.
Bitcoins. Just like a gold miner who spends a lot of effort extracting gold from a gold mine and is given a salary or reward for his work, Bitcoin miners have computers with very high processing capabilities working around the clock to process complex mathematical equations to process bitcoin transactions on the network and are given a bitcoin reward for their work. So, Have I convinced you yet dad I think you’re full of it man! I just saw a report on bitcoin a few minutes ago and all of your numbers are wrong! Here, take a look!.
Alright, i actually saw that report dad, it was on a very popular Arabic TV channel that states that every bitcoin was now worth $14,000 and that either 19 million units or 21 Billion units of bitcoin were going to be issued in 2025. They also said that the market capitalization of bitcoin was $19 Billion, whereas it is only between $89 Billion only. Sadly it seems as though the information revolution hasn’t arrived to the Arab world just yet. There is a site called Blockchain today that has real time statistics, accounting.
And accurate data around the bitcoin economy. It’s absolutely transparent and open. Unlike older times when news reports used to put out bogus information and have people believe whatever they say, the power of the internet gives us the ability to get accurate data at anytime. Especially with Bitcoin. See how the world is changing dad! This is definitely worth exploring further my son! Well, I’m happy to hear that dad, but let’s take a look at this map here. This shows all the bitcoin merchants and transactions around the world. Do you notice the empty piece of.
Land in the middle of it all Yeah, that’s us! Unfortunately, it seems that we know something that the rest of the world doesn’t here. My friends, we are asleep! Sadly this isn’t the first time either. the industrial revolution came and went, and we woke up as consumers at the end of the century. It had an effect on our lives, economies, and even political situation. Till when will we sleep The internet and bitcoin has given us an opportunity to catch up with the rest of the world. The best time to plant a tree was probably 50 years.
Ago, but the second best time to plant a tree is TODAY. We cannot allow ourselves to miss out on these opportunities again. We must be risk takers. In Jordan we say that we lack natural resources, and pride ourselves on human capital, but what are we to do when compared to India or China We can only differentiate by being adventurous, aggressive and take risks. Open our minds to new ideas and adopt them. Like when I warned you in the beginning of the talk, this just might be the opportunity.