Walmart, Canada, United States discussed on The Internet of Things (IoT) Show with Bruce Sinclai
Do for for groceries i have. There's there's various like prepaid crypto of visa or debit cards. That you can fill with crypto. And then sal into whatever currency so i know. There's a bunch in the united states but here in canada on the one i use is called bit vo and It just allows me to just load up crypto currency onto the card. And then i sell it into canadian currency and then i can just spend that on whatever And it works perfectly. But if i want to actually spend the crypto directly for example i can buy gift cards off of Bit refill for example. And whenever certain places are they like visa gift cards To certain places but they've pretty much covered everything. So if i want a top my cell phone bill they have all the all the cell places a and they do this for many different countries. It's not just like north america to it's it's pretty much worldwide And you know. I buy things on amazon or i order food or even like walmart gift card and then you could always use the walmart gift card go to walmart and use the walmart pay kiosk and you could pay bills. You can do. Lots of different things But i also pay my bills through A platform called bitcoin. Well which allows me to just type in the The bill that. I have at my account number and then i can pay that bill. I've done a video on that as well. So there's a lot of different services that enable you to do the things that you would normally do. It's a little bit of extra work but If you're able to earn crypto i think that's the strongest use case for spending it Or if you just want to spend crypto that you have. But i think most people are trying to hold on to it and appreciate value but for the people who do want actually spend it. There are a lot of ways And they're coming out with more and more ways and hopefully we'll see more native adoption as well. You live in the crypto life. I mean you're you're actually your talk. You're walking the talk as opposed to just talking the talk. Which i think is cool. What are your thoughts going back to the national cryptos me. China obviously made a pretty big statement on. They've been working on for a little while the. Us is is catching up in fact it now. The bitcoin took a pretty big hit That when that announcement was made. Do you think Think these currency base cryptos will end up deflating the value of the existing ones that are through the roof. Now or do you think they can both work a Separately symbiotically in my mind. There's kind of two two ways at this would go right. there would be the ideal way. Which is you know. They come out with their coins and what it really does is. It allows people to easily do what i've been talking about to get back and forth between crypto and And it would just it would make it super easy. You would be able to spend anything anywhere because you could just easily switch between. I think it would. It would do a lot but it really depends on how it's designed because if it's if it's designed to be exactly like fee is now that's what a lot of people are trying to get away from and if we have the exact same thing i think that'll be very some of this centralized mechanism that will it would be very against the ethos of Of what crypto is meant to solve more or less But i do think that it would provide a lot of utility for the things that we're trying to do with crypto. So you know you've got both sides of the coin where it's probably going to improve the the value because of how much more people can get in and out easily and just what way more volume way more transactions But yeah the issue would just be like if it's just bringing fee it's fault into crypto would be very ideal for crypto yes Will and again. I'm a neophyte. And all this but it seems to me that they are decentralizing banks but what the replacing a bank with would be the government and so the government is still that that. If i'm understanding correctly was still be that center. It hasn't been completely decentralized because it's still going through the government. Is i guess it's i suppose it's better but i am. I understanding correctly. I mean 'cause i love the bill to decentralize the banks that would be awesome and loved the do peer to peer but it seems like these. These national crypto currencies. Still go through the government. I mean there's the furriest reasons for that too but yeah yeah and it would make it would make taxation way more efficient for them Which would be less ideal for For the people the big concern would be that privacy for Like for your finances would be almost eliminated entirely if cash was just gone. I mean interestingly enough here in canada we are one of the most cashless society. So that wouldn't be a higa certain hanney's anymore i i'm canadian and so i remember the last time i went not last time but years ago when i went back rounded up everything. They even got rid of pennies. One cent dominated. Do they still have the five cent denomination now are yeah you remember. Do you even remember seeing nichole. Yeah yeah yeah but yeah we barely use cash. I mean There's places that don't even accept cash. Sometimes i mean they do now more or less but near the beginning of covert. There was a lot of places now. she's never accepted cash. So yeah i mean it's very interesting to see how that will play out and i think it'll be much more fought in In the us because cash is king there and And you know it provides a lot of privacy and it's just how it's always been whereas you know in places like your canada. It's never been like a huge deal to always using casher so yeah. I think we're going to see a very interesting transition. But i think the the concerns will be around privacy and Just the faults of like and and like you said the control of the government having that control taking it away from the banks. You did say it's good to decentralize the banks. But i would say that we're already doing that. With crypto as we are now We don't need the government to play that role because we basically have that already the government coming in. We'll just make it a lot easier for us to get in and out of viet and crypto But yeah. I don't have super high hopes for fed coin The same way that like i was not enthusiastic about facebook coming out with libra coin Yeah i would have the same concerns. There was the latest on labor by the way. Because i know they. They've kind of gone through. I think they're second generation or are they on their third now. Yeah i'm not too sure. I haven't followed it very closely. Ever since it. Kind of like fell off the new cycle but Yeah my understanding was that they were like the issue that i see happening with. Bitcoin is with lieber. They were saying. Oh it's decentralized because there's one hundred different companies that will Each have one percent ownership like while it's not really decentralized if it's just controlled by one hundred of the most powerful richest companies obviously have incentive to do what facebook wants and to like help themselves. It's so that's what. I would see being the problem with the fed coin. They might say..