Welcome to Boostly Podcast Episode 413. This is a recap of my Facebook live where I talked about how to get started with Cryptocurrency and what platforms to use.
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Here's the video for this episode:
Timestamp
00:00 Start
01:00 Simple crupto platforms
03:00 About Metamask
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Visual – YouTube
Audio – Boostly Podcast
Transcript from the Episode
We need those companies, please for now to get your dollars euros or whatever you have into crypto, right. So they are the OnRamps into crypto. And that's it. And after you've done that, you don't really need any more like of course, I suppose that, you know, if you get into this thing and you you're going to buy tokens, you're probably not going to buy one and forget you're going to buy manner many. So it's the on ramp and off ramp at the same time, right, you could maybe earn some tokens because you help a company or a project in the web space. And then you want to sell it for dollars. You need to go through these guys. So they are the gatekeepers between fit. We call it like Viet money's like currencies and crypto, right. And they are an important parts of the of the old system. They are centralized. I mean, they're just normal companies. One thing which I can say is that if you go on Coinbase, and you start buying Bitcoin or stuff, and then you buy and sell, and you stay there, you will learn basically anything, because this is not the code base is not web 3. Okay? It's a bank selling you crypto. Okay.
About Metamask
So when you start learning, understanding what's going to happen is when you are on on your browser, and you install meta mask, right? And what is Metamask. So, today, when you open an account, on a new website, they ask you for your login and password, right? And then they own your account. So if the company shuts down, the account is gone. If they close your account, the account is gone. So you are opening an account on each and every website. Or maybe you use Facebook connect to Google Connect. And then Google or Facebook owns the account right?
Now meta mask is basically an account. Okay, I'm going to try to keep it really simple. You build your account on meta mask, and you own this account. Okay? Your login and password is not an email and a password is 12 magic words. And I use the word magic because these maybe you know it's easier. So those words are a private key or a password right? Now, you create an account with a meta mask and then you connect to let's say, Airbnb or web three, whatever that's going to be right. You don't need to open an account with them. You just say okay, Airbnb web three, use my meta mask account and they do give us it's easier. So you connect to this in basically five seconds instead of two minutes to open an account. And then with the same meta mask account, you go to 1000 other websites and you never open a new account.
Okay, so there's the first thing so you take away the account ownership from them and you bring it to yourself. That's the core aspect of this. And that changes everything. Because suppose that your account in Airbnb is actually yours. And you decide to stop working with them. You take with you all your reviews you take with you all your bookings you take with you all your listings, right? Because they are all connected to your own account and not to their account. So if today I have to build my listings and booking in Airbnb and VRBO. And then after we'll use some service to synchronize them. In Web three, I built my listings on it on the internet, okay, and I'm not going to say on the blockchain doesn't matter, the blockchain is part of the internet. So I build my listings on the internet, they are connected to my own account. Nobody can stop this, nobody can take it away. And I'm going to tell, okay, booking web three, you can use my listings, and maybe you can use half of my listings, okay, Airbnb web three, you can use my listings and then say, okay, you can't use them anymore. And then VRBO, the same, and your reviews are connected to the listings, which are connected to you. So the OTA becomes much thinner. Their job becomes to bring your customers maybe to bring you a better interface, but they don't own you. You are a citizen of the web. You're not anymore a renter.
It's like when the United States sort of the Americas were discovered, or we Europeans discover them. And Europe was in a feudal system where people had no rights. There were no, there was no rule of law. And then some of them decided to go to this new continent, where rule of law was at the base of everything, right? And things went pretty well.
It's the same process. Today you went to we are in a future of environment where there are a few games and who own everything. They are incredibly rich. And We own nothing, we get some money from transactions, but we don't own much in this land. So we're going to go to web 3 as a new land. Sorry if I'm becoming a bit biblical here, if that's actually the best way to explain it for me, and on that new land, we own our own stuff, right?
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