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.