As I ramp up to Launch South East Asia’s First Multi Currency Bitcoin Exchange and iOS Wallet I would very much like to take the opportunity to speak at schools, universities and other venues whenever the opportunity may present itself in order not only to raise peoples awareness and confidence levels when it comes to digital currency but also to open peoples eyes to the possibility of what a digital currency fuelled future may look like.
I see myself not as a Digital Currency entrepreneur but an Advocate of Digital Currency.
The reason I’m so passionate about opening people’s minds up to the possibilities of the kind of life applications we can look forward to with digital currency and an intelligent ‘Blockchain’ (the open ledger that Bitcoin is built on) is because i very much compare Digital Currency to a spotty teenager who’s potential is recognised only by those with the necessary vision, those who are used to seeing the ‘raw’ version of something before it is catapulted into the stratosphere, a careers officer perhaps, but the careers officer in this case are the developers, the VC investors and the innovators. The same spotty teenager or perhaps a close cousin we actually met way back in the 90’s (over 20 years ago now!) and not many people understood him but now we are all best friends with him… his name is ‘the internet’.
The Internet was also backed and assisted by a similar group of people, who had a vision. What you may also be interested to know is that in 2014 alone Bitcoin has already attracted more money than the entire 1995 internet. These visionaries were able to see further into the future, they could imagine handheld wireless devices where a son could have a realtime video call with his mother half way across the world, when to the rest of us this seemed like a wacky episode of the BBC’s ‘tomorrows world’… even all the highly paid consultants on Stanley Kubricks 1968 movie 2001 a space odyssey did not think in 2001 we would have small handheld communications devices, because in the movie nobody had one…. but there was flat screen TV’s and the film makers were also able to accurately portray spaceflight, so we will let them off!
So clearly there must be a group of people, the initial 2.5% on the Rogers Diffusion of Innovation Bell that you can see above that must lead the foray. As it so happens i care deeply about doing my bit because i believe it will change the world and the way we interact with currency, goods and eachother. Transactions involving Bitcoin are much cheaper for both the merchant and the user at less than 1% per transaction for the merchant, and less than 0.5% for the user (instead of 3-6% credit card fees merchants/users currently pay). In many scenarios such as the Blockchain’s future ability to replace the traditional stock exchange It eliminates the need for a middle man in ways we cannot yet imagine, it will inject trust and competitive stimulation into markets through disruption which will benefit the global economy by removing the firm manipulative grip of the Bankers and conglomerates from global commerce. Im not an anarchist but i like the idea of an anarchy capitalistic Digital Currency Future very much and if i let my imagination ‘not’ run wild, lets say i simply let it go for a casual stroll on what that very near future may look like then it would look a little bit like this……..
You’re on a plane. A Plane which you paid for in Bitcoin effortlessly at cheapair.com, you’ve been sat inside this large metal ‘Father of Disruptive Technology’ for just 2 hours, you glance at your wearable device and it turns on as the Invensense made Gyro feels you lift your wrist up… its 11:30pm Singapore time and you have just 2 hours of your flight left, you were in Bangkok but are heading to Singapore for just 2 days so you travelled light with only hand luggage. Theres no cash in your pocket and you don’t carry an ATM or Bank Card.. you smile as you think how much more comfortable it is sitting down these days without a wallet jammed full of 5 Bank Cards in your back pocket. You feel the plane tires skid on the runway as you wake up to realise you’d fallen asleep and now you’ve landed. You’re keen to get back to sleep again, as you only brought hand luggage you can go straight to the taxi bay and head to your hotel so you’re fresh for tomorrow. While you’re waiting in the queue you laugh to yourself about the days when you used to be always searching for wireless internet connections everywhere you went. Using opengarden’s ‘always on’ smartphone app you are sharing a percentage of 8 other peoples data bandwidth and your digital currency wallet credits theirs with small amounts of Bitcoin for every second that you spend online using their connections based on the maximum value you are prepared to pay for internet access per minute which you specified in the app when you set up your account.
The queue whittles down and you look up to see you’re at the front. You jump in the next available taxi and the driver greats you, ‘Straight to your hotel sir or would you like to make a stop somewhere first?’ He already knows where you’re going because the details in your wearable device for your expedia.com hotel booking which you paid for in Bitcoin appeared on his NFC compatible screen along with the hotel address and turn by turn directions. You arrive at your hotel, the drivers system knows he has reached the destination and using NFC the price to pay for the journey is 0.14 Bitcoins which appears on your wearables screen , you simply need to tap to confirm this price and the taxi door opens automatically (yes…. like in Japan)
You walk into your hotel and instead of a receptionist, the i-beacon in reception notices your arrival and your room number appears on your wearable device, you’re in room 609 on the 6th Floor. You proceed to the elevator (sadly teleportation and Back to Future Marty McFly style hover boards STILL haven’t been invented! So the elevator will have to do for now). As you arrive at the door of Room 609 you hold your wearable device to the door handle, the light turns green, you hear the familiar click and you enter your room. You’ve stayed here before, so your room preferences as you left them from your previous trip are still in the system….The temperature is at 21degrees as you like it, and the Bloomberg Channel is what plays on the television, Alibaba closed at $42 ???? ……yikes. The good news is, The Bitcoin price you’ve locked in via your BTC exchange account until the 1st of the year keeps your balance stable and the Bitcoin fixed deposit interest savings account you have has paid you out an average of 0.033% a day for the last 60 days through offering Peer2Peer leverage to traders and Peer2Peer loans to consumers on your behalf so your savings have increased risk free by 2% over the last two months, no wonder the banks are struggling, back when you still used them they couldn’t offer you 2% per year, let alone in two months.
Consider this sobering fact: using the current banking system locking up your $10,000 for a decade will earn you less than $0.67 per day which is $20 per month.
- The average rate available on money market and savings accounts is 0.39% per year
- The best rate you can get on a one-year fixed savings account is 1.21%.
- The U.S. Treasury will pay you only 1.72% interest for five-year bonds and 2.44% for 10-year bonds.
What this adds up to is less money for you and more money for the bankers bonus’…….. basically ‘daylight robbery’ with a service smile. Bitcoin will change this dramatically over the next 10 – 20 years, why? Because Bitcoin Democratises money, you can be your own bank and with fee’s less than a penny to send and receive ‘your’ money then its definitely set to ruffle a few banking feathers. At the moment, money is one of the least democratic things that exists. A simple way to highlight this is by using the well known adage ‘the rich get richer and the poor get poorer’ we have heard this so many times that it has less impact than perhaps it should so think about it for a moment…..basically the more money they make, the less the average individual will hold on to. The reason for this is that it all comes from one source pool, one giant pool of money that the conglomorates and banks look at and say ‘how can we take more money from this pool’. Well thats easy, offer more luxury products and put a marketing campaign together that will pry the money from their hands by making them believe their life will be better and they will be cooler if they own this product. With regards the banks strategy they simply charge more fees such as $5 to withdraw your money from the ATM, $30 to send $300 to another bank account, oh and if its international then theres a usually a $25 inernational fee too. Dont forget minimum balance fee’s and oh yes $2 if you want a hard copy of your bank statement. Then there is NSF (non-sufficient fund fees) what this means is that if you write a cheque and it bounces because you didn’t keep an eye on your balance you will get charged money for not having enough funds and ‘trying’ to spend them! To add insult to injury the addition of this fee now means that your account is in the minus and they will charge you an overdraft fees as well. It goes on and on and on and its why so many people cannot get ahead. With the current banking system Money is not Democratic!
The Internet revolutionised the postal service, it revolutionised music, it revolutionised travel and commerce, and it will revolutionise currency and the way we Bank. For the first time ever there could be a Global standard for currency to match. Couple that with an intelligent Blockchain with the ability to have different ‘rules’ and parameters built into it then this opens up an endless world of possibility where the role of the ‘middleman’ may not survive. The need for any element of ‘trust’ between two or more entities in whatever spectrum you can imagine is no longer a consideration because contracts can be programmed with specific executable actions based on data from something as fatuous as the temperature falling below 12 degrees on match day when Liverpool beat Everton Football Club by more than 1 goal and the price of eggs goes up by 1.2%. Its completely up to the parties who ‘programme’ the contract, once its programmed, the details of the contract, or payment will simply execute based on those parameters and automatically credit the digital wallet of whoever is listed in the contract as getting paid when the criteria in the contract is met.
There are many possibilities, the ideas I’ve mentioned here are just the very tip of the Bitcoin iceberg.
It would be an honour to do a talk on digital currency wherever and whenever, at schools, universities, companies…even your living room!!! Feel free to follow me on Twitter @aaronsiwoku and if you want to chat about Bitcoin or have any questions id love to help you understand more about Digital Currency and its consumer application potential. My details where you can start a dialogue with me if you wish are below.
Angel List: https://angel.co/aaron-siwoku
Bitcoin Wallet + Exchange: http://www.cryptosigma.com
Written by Aaron Siwoku
Originally published on: https://cryptosigma.wordpress.com/2014/10/15/your-digital-future/