good morning our changes program today has been prerecorded by ben gasol brock to been perhaps you would just like to tell us a bit about what it's what you're what you've got today will be interviewing danielle about the cryptocurrency that has emerged on the world scene originally i think it started off it's not part of any country but this current see that was  developed was worth next to nothing and then in the six years ten years that it's been around and correct me on all these dates and facts but i know now that it's trading b g between five hundred fifty dollars per bitcoin and six hundred fifty dollars bitcoin which is quite a significant jump and i think it's turned a lot of heads and recognizing that this currency and way of exchanging money holds a lot of potential for the future and can potentially be a revolutionary thing and i have gone interested in these bitcoins after speaking with you danielle i got very excited afterwards and just hearing your story about studying and us real engineering and then doing a masters in business and then up in and i'm all coming across bitcoins and becoming so excited about it and seeing such value in it going back to school to study computer science that's quite a statement of interest and potential about this thing so i really wanted to hear a bit more boat bitcoins and what you find about them so interesting and what the potential for humanity is so just to start off i guess what is a bit coin that runs on top of the internet it's a peer to peer network that means that you and i can transfer something of value there rectally we are going through a central shown that you would say yes this is something of value years this is something that daniel owns and now it's giving it to person b right so for example now with each transfers internet transfers if i have six hundred dollars my bank and i want to send it to you i've got i can send you this e mail transfer but it's got to be routed through bank to validate that this is actually a chunk of money and then it's got to be held into a bank account within that institution in  it really changes the way that we think of money and the way we relate to money yeah but what really gets me is the fact that there is this thing that we can trade back and forth that is based within a computer that it doesn't really have any sort of material existence other than being inside this digital entity and what i am always confuse or austrac by is that what's stopping somebody from just saying that they have this thing and then if i ask for a bitcoin they can it can just make the words appear on the screen of my computer saying that you've got three bitcoins and just create as many big coins as they want that that's an the screen yes it's already that  we're talking in the range of quantum computers already so we have these layers of security which is cryptographic layer of security and in order to pass that layer of security you would need so valuable is the fact that there are some algorithm that you can't break it unless you have almost an impossible computing power ability and so once you've created this key or this this chain is just unbreakable and is that kind of what what allowed the founder of what was a discovery that allowed for this piece and released the project to the world because that's another really important fact of going is that it's an open source project that means that there is no going see you all becoming the door there is no big going company this protocol and this idea in this network how did the pool of money grow and who was doing it and yeah how did that how did it kind of evolve it took a couple of years for the project to get to a point where it became seen by by others the first group of people that took the project were terrence because of course they see the value on having a type of money that it's not manipulative and cannot be money pilate if by governments that is a very powerful idea and very destructive for some of money right i mean this is the history that currencies existed you know to coordinate the actions of groups of people living together who supplied the currency would be a king or a particular nation state or you know a company maybe now in some some situations but this currency of this thing that's being treated isn't manipulated by it's not brought in it's not validated by a particular group that wants to control it's just people are equals and want to have a way of exchanging things that are all if i work with the network if if i work along with the network then a good benefit of receiving the newly created bitcoin's if i work against the network then i don't get anything that's why there is network and there's this way of producing a coin this digital currency that is a specific unbreakable code that can be transmitted from one person to the next and the way to get those of these miners that basically have a computer that needs to be running to figure out these codes and so you can you know run your computer and you could figure out one code two codes three sequences to our many your computer can run now if you want to be part of that group of people that is actually creating these these bitcoins these key chains in dating friends action validating transactions or validating like i guess when you see sending send you know between different addresses you have to follow a certain set of rules that everybody who wants to be part of the network have to agree to yes there's certain rules that are almost set in stone one of them is that there is only which is the price are right well i mean it is it is wall to think of one bit coin was worth one hundredth of a cent at one point and now it is worth five hundred sixty dollars this is just so you have an idea in two thousand and ten a guy bought a pizza for ten thousand and two they five point five million canadian dollars and that was the first  like that we know that there's going to be twenty one million be created and we know that there's twenty five created every ten minutes so that behaves like gold because there's a finite supply of  everybody who minds them and is part of this network and also that it is a deflationary currency that there is a limit on how much can be created are there any other properties of this yes there is so there are really important to weekly x that's the only way to support their their costs same thing for snow then you can support them through big guns and that's where you get to see how powerful the having a sense of sheep resistance that i imagine there's a lot of black market trading or whatever so if i wanted to buy ivory tusks they would be happy to receive bitcoins as well or has there been much discussion on it being use maybe to to fun international terrorism or things like that the internet is ever present ation of the population in the population you  changed quite drastically in the last two years because more people of course has seen the you of these new technology good actors and now there's a meeks of more good actors and bad actors it's still important to so well i'm quite amazed that even a friend of mine who's very involved in computers and was always up to date on latest technology and bought six years ago is ok ben you know you've got to you've got to get your hands on some of these bitcoins and i think this is one of their works like a dollar or something a bit coin like it was cheap but now i've seen friends all over the place that own a few bitcoins and there's even a bit coin machine at the thirsty camel where coins and you can you use bitcoins in everyday interaction and what are some more interactions are companies and things that are accepting bitcoins and using them for the daily and it looks very promising right yeah i am curious for somebody who maybe isn't very technologically savvy could you walk me through the steps that i would need to do so if i wanted to purchase some but bitcoins and use it in my daily transaction what would that look like like with my do i use my smartphone or do i war how do i go both getting a hold of there's a whole process behind that and it's important to remember that there's tree billion people that are bank in the world that means that they don't have any access to financial services in the u s ninety percent of people have access to wall with our credit cards and there is no immediate need of doing anything different but in places like argentina been a soil or africa that they're going through tremendous economic you said if there is to come across an a t m and it's very very easy to use it or so i've got there's a wallet yes and so it's like an app little icon on my phone and i click on it and a screen pops up that basically says like you have this much mountain of money in here there's many bitcoins in your wallet and i want to put more bitcoins in here so i can go down to a bit coin machine you're saying and what do i do put a five dollar bill into the machine and then what pops up on the machine that i scan ok yes so you put in morning in the machine and in the machine it will say scan the q r code q r accept your business and actually start using it i as money there's many people that are already on that while and so i like it if i wanted to purchase something that a store was my bitcoin and i walked in there with my wallet how do i get a from my from my phone into that like how do they take that money off of me  yeah what process would that be the technology held within a smartphone like as a dependent on a smartphone ability to scan q r codes and to be able to and then chill q r code for somebody else to scan it for is the bitcoin which is its own unique digital representation of a certain algorithm code that you just need that needs to be transmitted from one electronic device to another to electronic yes ace yes and that's done through whatever digital means exist yes in short that is the easiest way to  today however it's not the safest because it can behaves like cash if you lose that phone and you don't have a backup of of of the of that quality which is fairly easy to do there's no reason for people to not  a backup if you lose that phone and you don't have the back of dud money is gone for someone who's thinking of being more are going than what you would have cash in your pocket you can restore your wallet in any other device so these wards are unique to your wallet or they're still based on those twenty four wards you would be able to reconstruct your wallet in any from you even if you know where that money sitting where that has your your your guns no one can do anything about it because again there's no central authority you aren't there's no one to say hey that guy stole my money there is no there is no right to to go after so i strongly recommend to people that are interested in to do research how to secure a big can properly i have this broad wallet on my phone and i've put bitcoins on it and say i've got six bitcoins and then i go somewhere to the grocery store and i lose my phone i imagine there must be a password to get into my wallet that nobody knows and but say i never see my phone again which unfortunately has happened to me i can get another phone can download the bread wallet up yes and if i still have my c code which is twenty words you said yes you can you can choose from twelve to twenty four words and so i get my new phone and i tape in on it my my chain of words yes it will be like hello ben bitcoins and i know that they're worth five hundred fifty dollars each and all of a sudden i look online i type in the google bit coleman price and i notice that the prices jumped up one hundred dollars per bitcoin which i've seen it do open an account in an exchange there's really good exchanges in canada dot cx and the other way ticks with these two exchanges is you would money from digitally from my bank account into quadriga yes and then from quadriga into bitcoins which ultimately exists in my own personal bank account in my i phone yes  it's about five hundred thirty four billion dollars and if we if we take into consideration the business just like western union are taking a ten percent fee out of that out of the  that overseas transactions sending money from from the us to mexico that's the biggest remittances corridor in the world transferring money from from one place to the other and so western union is one of those things where you want to wire money you know overseas and that what percentage are they to go to this it's a ten percent fee wow yeah it's crazy it's very crazy people could be saving and i and i imagine people that were working over saying canada and then the currency drop for example compared to the u s dollar quite significantly saving ten percent you know now that our dollars only worth seventy three cents or whatever is quite a large chunk of change especially for people that are really working mexican and working in the u s people that need to send money back to their home that are in canada or in the u s so remittances will be will be a place where b there i could send them fifty cents instantly and be ritually free that is something that we can't do today would our financial system for a micropayment is less than seventeen autonomous organizations in the future you can cop a company that owns taxis and this company it's self managed there's contracts that are running because i need the cars runaround they drive themselves to their oil change they pay for their all on change and you don't have a people behind these organizations that's a very powerful a v a few take it to the legal system where you can someone change the whole game and that's what brings to the table it's finally we have another option we have another option yeah i mean i i think that's created especially if my is right in my pocket here it's not really a big bank but at least it's my bank and if everybody else could have their own bank in their pocket maybe things would be a little bit more  any any type of money that we've seen that it will it will bring some new ideas into the table which is i think it's necessary as i feel very inspired you know speaking with you d the imagine it gave you quite a sense of hope or absolutely i think that this project can change the world it's going to have the most interesting projects that i that i'm aware of i'm really excited on three d printing as well because that's also the centralizing manufacturing rising money that's that's you know they're really big big projects so those two things i'm really positive about and to be honest they give me hope that's a very probably the most important currency in itself huge right now just when i when i hear about all these big players again involved in a concern of mine actually of this friend that first brought the idea of bitcoin across my awareness he said that what's happening with bitcoin is that a lot of investors and have put money into it and also have been able to get a hold of the infrastructure to mine the bitcoins but if what would happen if like a lot of the network becomes large companies and corporations or nation states that owned the majority of the computing  power and then in this group of individual or group of miners that are part of the network have the majority in being able to say this is actually how we want the protocol to work and start making rules that may not be in the best interest of like the smaller banks like myself one of the beauties of these protocol is it's transparency you and i can see what are the rules and what's happening there is no to efficient their operations to become more efficient that's what they're trying to do what i think is that it's going to be like a trojan course it's at the beginning when you had been turning yes you used a that's right i think same thing with will happen at the beginning banks will start to use going to knowledge e tool for the same kind of services and i think it will be matter of a second for people to be like ok well speaking a boat feeling really hopeful and be motivated to to learn more about bitcoin and start doing a degree in computer science i imagine that the revolution in this way of banking in exchanging currency really depends on individuals  that hold these values of a quality that hold the values of decentralization to participate to build sort of the infrastructure that supports it because they give nobody showed me about bread wallet that i could be my own bank on my phone i would be very easily for me to just see oh t d bank has got this new thing called bitcoin and i'm going to carry on working through the website there and the t d bank gives me in the take their what however it works and go on my merry way and that it's really important that we need people to build the infrastructure that allows for this creator equity and openness to to happen because it doesn't just happen with the bitcoin code and the algorithm it also happens all these other little bits like the individual i phones in the bread wallets in the exchanges and can you can you tell me a little bit more about that yes in the coming years it will we still don't know how these revolution is going to look like it's very funny because i saw an interview where  host was interviewing bill gates and they asked bill gates a what's these superhighway of in formation internet thing that you're talking about like a really tough fax machines like what am i going to do with your internet and making fun of bill gates and bill gates just said i don't know i don't know what will you do with the internet but it will change everything and  because it has all these properties but what we're seeing right now is just the development of the foundations we are going to build the beri beri big robust house but we're just starting with the foundation so how the floor and the final finishing is going to look like we're still far far away from that some people say five to ten years and during your question yes we're amount of confidence and hope in this currency and that's a that's exciting to be around and before we close off here i just do you have anything more that you'd like to end off on and  to say about bitcoins yes i would ask people to be open there is a lot of misinformation out there on what is a bit going and those people in power will fight technology those that are in power and we already see a lot of misinformation that are given to the public i would just ask people to remain open and to question what they're hearing from from from the media other than that i would say hold your cards because it's going to be amazing amazing right so daniel thank you so much for taking the time and speaking to us a boat  bitcoins this this amazing digital currency and yeah this technology is amazing thing so hopefully referred to as our technology correspondent to the future that