From Law to Bitcoin with Jacqui: "Bitcoin is not a scam. It's... legit." - Part 3

Tali: 00:00:00

Hi everybody, welcome to Orange Hatter.

Tali: 00:00:02

Today you'll be listening to part three of my conversation with Jacqui.

Jacqui: 00:00:06

...disappear, it won't fall down, so to speak.

Jacqui: 00:00:09

It, again, my opinion, because of the fact that it's not, it's not

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centralized, it's decentralized, it's all over the world, these rigs...

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and you know, so yeah, some rigs might stop, they might be turned off, but

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that doesn't mean that the mining verification doesn't continue...

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other...

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that, that's part of the technical term of "mining difficulty".

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So, you know, they know that they want to have only so many transactions

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done every, in a certain timeframe.

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So they, so there's a mathematical precision and calculation

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that's attached to that.

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To make it easier for people, again, I wrote a series of fairytales, "the

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Bitcoin Cinderella", and the second of my book, "the Bitcoin Cinderella,

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and the Seven Dwarves", explains what Bitcoin is, explains what mining is,

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explains what soft and hard forks is through a Snow White fairytale with...

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integrated with Cinderella.

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And it happens in El Salvador, which is a country that actually

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has adopted Bitcoin as its currency.

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You know?

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So for those that are listening, I definitely suggest that they go

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over to Amazon and look for "the Bitcoin Cinderella" and "the Bitcoin

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Cinderella and the Seven Dwarves", which is the second book, because

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they're fun reads for family, but it also gives you the technical

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background that you might wanna know.

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And it also has QR codes that kind of push you out to other resources.

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And that's the whole purpose of this series is to kind of help everyone, uh,

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adults and kids, understand more about the Bitcoin platform and what's going on on

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the blockchain, so a lot of information.

Tali: 00:01:47

So would, would it be fair to say that your conviction grew

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as you researched and learned more about Bitcoin and the protocol,

Tali: 00:01:57

um, while you're considering entering the Bitcoin mining space?

Jacqui: 00:02:02

Yeah, for sure.

Jacqui: 00:02:03

I mean, when I was doing research for the books, I was learning.

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And I, you know, I was again, blown away by the history of Bitcoin and how...

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the other thing, it's open source.

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And for, for those that don't know what that means, is...

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there...

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other coders can go on, and they can add things.

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They can tweak things that are, that are there that might need to be tweaked.

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And one of the things that ... community realizes that as more people are

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using Bitcoin, the transaction times were slowing down.

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And so they needed to figure out a different way to help the transaction.

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So like, if you were in Starbucks buying coffee, you don't wanna wait 10 minutes.

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You wanna have...

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be able to pay.

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So they are, they created all these other things that were necessary...

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the lightning protocol...

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so that way you could have transactions that were, again, not

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to get too technical, but were off of the protocol or the platform,

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but still could be accounted for.

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Because they're always looking from the accounting perspective,

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how do you verify transactions?

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How do you account for them?

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How do you pay for it?

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So it's very strategic in terms of what the, what is the problem

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and what is the solution.

Jacqui: 00:03:19

So again, lot of, lot of great, great things that, you know, that I was

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learning, and it just, it made me realize the strength of what Bitcoin is.

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You know?

Jacqui: 00:03:30

And, and it also made me realize, not that the other tokens are weak, 'cause I don't

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wanna say anything negative about that, but it made me realize the security of...

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was created by Satoshi, by the white paper and by, you know, the, the, the whole

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community in terms of where it is now.

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So that's, you know, it...

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so my belief, you know, just got more reinforced.

Tali: 00:03:57

So as you're researching Bitcoin and becoming more and more

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involved, did you meet any resistance from your close friend/family group?

Tali: 00:04:07

Did they think you were crazy?

Jacqui: 00:04:10

I wouldn't, I wouldn't say crazy, but they kind of

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raised their eyebrows as to why.

Jacqui: 00:04:15

And you know, again, it was kind of funny, as I kept talking about

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things, you know, I could see the, the questions in their mind, but

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then they started to come around.

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And, but as I was learning, then I was giving them more advice.

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So, for example, a friend of mine purchased a lot of Bitcoin.

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He wanted to leave it for his granddaughter, but I asked him, okay...

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and then he wanted to move it over to a cold wallet.

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So for those that don't know, cold wallets are not online.

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So it's a little bit more secure.

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But again, like everything else, you have to protect where your cold wallet is.

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But so, he said he had purchased it and I said, I said, that's great.

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I said, where did you buy it?

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And he told me, and it was a place I hadn't heard, but that's fine.

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There's a lot of places that I don't know about.

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I said, how do you access it?

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He said, well, on my phone, with my face.

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You know, with...

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and I said, okay, you've gotta, you've gotta change your biometrics there.

Jacqui: 00:05:09

Because if you pass away and you wanna leave it for your granddaughter, how

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is she gonna open up your wallet?

Jacqui: 00:05:15

And he thought, oh yeah.

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You know?

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So again, when we're creating some things for others...

Jacqui: 00:05:21

we're also creating it for ourselves...

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we understand about security, but we have to think through the process of what is,

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what's gonna happen if we're not around.

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And that's why I bring up the will again.

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You know, it just, it's the idea that we're not just doing it for ourselves,

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we're doing it for our family.

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So we, we definitely have to have it be secure.

Jacqui: 00:05:40

But some of these, these nuances on our phones and other things,

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they're not easily accessible if the person's not around.

Jacqui: 00:05:47

So you just have to think twice about fingerprint, the eyes, the

Jacqui: 00:05:52

face, you know, that type of thing.

Tali: 00:05:55

Yeah.

Tali: 00:05:56

Those features are really convenient, until we think about what you just said.

Tali: 00:06:00

What if, I'm not there, and they need to access this, this information?

Tali: 00:06:05

For sure.

Tali: 00:06:05

What have you observed in the last four to five years in terms of Bitcoin adoption?

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And how, you know, possibly the people who are getting involved may have,

Tali: 00:06:16

maybe evolved from the more technical people to the less technical people?

Tali: 00:06:20

Especially when it comes to women, because I want to help women understand

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this technology just enough for them to wanna take a little baby step toward it.

Tali: 00:06:29

Right?

Tali: 00:06:30

So what have you observed in terms of changes, and what do you see as the

Tali: 00:06:36

greatest challenge that we have faced in terms of teaching people about Bitcoin...

Tali: 00:06:41

women about Bitcoin?

Jacqui: 00:06:43

I think the biggest challenge is understanding that it's

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okay to take control of your own finances or your family's finances.

Jacqui: 00:06:50

Again, there are, there's, there's all natures, there's all different

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types of family blends, so...

Jacqui: 00:06:56

but I, we don't always, we don't...

Jacqui: 00:06:59

as an educator, we don't, we teach money in, in school, but we don't

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teach about investment or finances.

Jacqui: 00:07:09

We don't, and not into high school maybe, but, but not every school.

Jacqui: 00:07:12

You know, we don't teach about budgeting, we don't teach about the basics.

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And we might teach about checks, but we don't teach about

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electronic forms of payment.

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And we, we definitely, I don't think, teach about credit cards.

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And, and, and the risk of debt.

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And we, I, you know, I don't think we teach about, at the young

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stages, real estate investment.

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And you know, again, Bitcoin is no different than any other

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form of financial investment.

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We need to educate ourselves.

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There are a lot of resources that are out there now that

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make it very easy to understand.

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You know?

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But you still, despite what's on YouTube, you still have to discern,

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and you have to be careful about that.

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But it's, it's not that difficult to get started, and it's not that

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difficult to start with a small amount.

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You can start with $10.

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You don't have to start with a lot.

Jacqui: 00:08:07

If you are, if you're going to a coffee place, and you're spending

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$3.50 cents every day on a cup of coffee, you can take one of that

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days, and put it into an investment.

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Whether you want Bitcoin or something else, you can reallocate those budgetary

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funds to help with your, with your future.

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And I know, when I was in my twenties, I did not think about Aflac or IRAs or life

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insurance or things like that, you know?

Jacqui: 00:08:37

But doesn't matter what age you're at it, I think it's important

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just to slowly get started.

Jacqui: 00:08:42

You know?

Jacqui: 00:08:43

So it's very easy.

Tali: 00:08:45

Yeah.

Tali: 00:08:45

And so in terms of guiding our young people, the young people

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in our lives, you know, as moms.

Tali: 00:08:51

Um, you mentioned that your daughter is 26.

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Like, if we were to be a fly on the wall, when you guys are sitting on

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the couch and just chatting, you know, over a, a weekend or something.

Tali: 00:09:02

What do you tell her about how to prepare for her future, really,

Tali: 00:09:09

in, in today's environment?

Jacqui: 00:09:11

I think what I've learned from her is I can't tell her anything.

Jacqui: 00:09:15

I have to show her.

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I have to model.

Jacqui: 00:09:18

And the reason why I say that is...

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and sometimes it's scary...

Jacqui: 00:09:22

I've always told her, again, telling, but I've also done it, too, that

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if you're not happy with a job or a situation, follow your passion.

Jacqui: 00:09:32

Don't stick around.

Jacqui: 00:09:33

Well, and, and I've done that, 'cause I, I'm a serial entrepreneur having a lot

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of fun with all my different projects.

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So when she, um, started her own personal professional journey.

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She's had many jobs, and now she's in a job that she loves,

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in the environmental area.

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But before that, she had very, a lot of good jobs, but she also had situations

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where she wasn't happy, and then all of a sudden she said, mom, I just changed.

Jacqui: 00:09:58

Okay, you have bills to pay.

Jacqui: 00:10:00

What?

Jacqui: 00:10:00

What do you mean you just changed your job?

Jacqui: 00:10:03

But again, it's the same thing, with financial awareness.

Jacqui: 00:10:07

I, I don't think that, 'cause basically she was following her passion.

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She wasn't happy.

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She left, and she went to the next place.

Jacqui: 00:10:14

That made her happier, and I applaud her for that.

Jacqui: 00:10:17

But also she was following what I was just saying and what I was doing,

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and that's dangerous sometimes.

Jacqui: 00:10:21

But from the positive perspective, I'm showing her, because I'm

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investing and I'm doing things.

Jacqui: 00:10:27

I'm talking to her about what I'm doing.

Jacqui: 00:10:29

She might think I'm crazy at times, you know.

Jacqui: 00:10:32

But her friends now are talking to her about this, and now she's referring me...

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or her friends over to me, and we're having these conversations.

Jacqui: 00:10:41

So she's hearing this even if she physically hasn't admitted, whether or

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not she's opened up an account on her own.

Jacqui: 00:10:48

I don't, that's fine.

Jacqui: 00:10:49

She will at some point.

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But she's now helping me with some of the things that I'm doing,

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and as a result, she's getting more comfortable to navigate.

Jacqui: 00:10:58

And so, you know, again, I think it's like anything else.

Jacqui: 00:11:01

We have to model for our kids.

Jacqui: 00:11:03

And when we model for our kids, they see what we do, and then

Jacqui: 00:11:06

they'll start to ask questions.

Tali: 00:11:08

Thanks for joining us today and learning with us today.

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If the discussion with our guest resonated with you and you would

Tali: 00:11:15

like to dive deeper into the world of Bitcoin, don't miss out on joining the

Tali: 00:11:19

Orange Hatter Women's Reading Club.

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The meetup link is in the show notes.

Tali: 00:11:24

Also, if there are women in your life whom you think will both enjoy and

Tali: 00:11:28

benefit from learning more about Bitcoin, please share Orange Hatter with them.