Fouad Jeryes – Bitcoiner – The Digital
Currency Revolution. Warning! : 1-Revolutions 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 bi-standing
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 Butt-coin
stuff?!” Well…In reality I look a lot like my dad,
but he looks nothing like this! Dad, it’s called “Bitcoin”, not “Butt-Coin”! 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 open-source.
This means that it is de-centralized 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 pre-filled 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 Al-Helou 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 $8-9 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.info
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 for us to be a part of the coming revolution.