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Crypto Clothesline's Podcast
Shireen Yip from Travel By Bit on Crypto Clothesline
September 21, 2018 Crypto Clothesline
Crypto Clothesline's Podcast

Shireen Yip from Travel By Bit on Crypto Clothesline

September 21, 2018

Crypto Clothesline

Shireen Yip. COO of Travel By Bit is a kite surfer and traveller... She found that one of the problems with travelling was the complexity that comes with exchanging currencies. Shireen and her partner Caleb built Travel By Bit from the ground up and have made travelling with crypto easy using their technology. Join us for for this inspiring episode with Shireen as we learn all about the town of 1770, paying for our holidays with crypto and how this incredible woman is paving the way for the mass adoption of cryptocurrency.
Shireen Yip. COO of Travel By Bit is a kite surfer and traveller... She found that one of the problems with travelling was the complexity that comes with exchanging currencies. Shireen and her partner Caleb built Travel By Bit from the ground up and have made travelling with crypto easy using their technology. Join us for for this inspiring episode with Shireen as we learn all about the town of 1770, paying for our holidays with crypto and how this incredible woman is paving the way for the mass adoption of cryptocurrency.

Episode Transcript

Speaker 1:0:35How are you coping with school holidays? I'd be rose. It's coming towards the end so I can see a light at the end of the tunnel, but at the same time, I don't know. I'm not looking forward to pack lunches and I'm not looking forward to rushing off to drop off to school and because there's just, there's an able to both sides

Speaker 2:0:50and there's a joy to both sides as well. Do you know that whole star wars analogy we've always got going on the dark and the light side?

Speaker 1:0:57No.

Speaker 2:1:00You said there's an evil to both sides and I said there's a joy. Are you pretending not to know what the joy is?

Speaker 1:1:06I am

Speaker 2:1:07sorry. Tripped me up. You can still trip me up.

Speaker 1:1:13I was being sarcastic. Sorry. Excuse the rubbish chucks. And they basketball hero who is, um, he's obviously going to go into the NBA or whatever the Australian equivalent is because he has been basketball since the wee hours. This is your baby? No, this is the next door neighbor's child who is loving basketball so much that he has to start really early and it finished really late and problem is new neighbor, so I don't want to make them feel uncomfortable by saying, can you guys just stop basketball? And because it's awkward. I want them to feel welcome. I can't have the first instance of meeting me being dude, stop balling.

Speaker 2:1:56It's taken me back to being 10 years old and I lived in an apartment in Sydney with my mum and my sisters and we had a short soldier and there have a couple of years and we had this woman downstairs and I had a basketball and it drove her crazy and I never bounced it in the house because I knew I wasn't allowed to make noise downstairs and goodness knows I didn't want to awaken the beach. He had a massive issue with alcohol. She would then come up and accused me and yell at me through the back fly fly, screamed or bouncing my basketball and I absolutely hadn't. So I was like. It was sort of going reverbing through her brain and so it's just brought me back to that basketball and neighbors and let's face it, we would rather have our kids with basketballs than looking at screens, but I totally get what you mean about noisy neighbors. You've got dogs.

Speaker 1:2:41I've got bouncing and I've also got this little tick and I don't know if it's called a tick, but I really like bates and I really like rhythm and so to relax myself, I'm putting it out there to the world that I have this problem. Right. But to relax myself, I actually create beats in my. I tap a lot actually when I go to sleep. Okay. Really crazy busy. But when I listened to the basketball and if it is not bouncing on cube, it's not bouncing to the beat. It was like one second ago. I'm like, Oh, I'm so frustrated. Why is this? Because there's. I don't know what he's doing with his bowl, but it's full every place.

Speaker 2:3:21That is an amazing thing. I think we've just coined a new phrase, or at least I have in my head. It's anti sink syndrome is out of sync.

Speaker 1:3:29I actually do have this legit problem and I don't know if it's a thing. Maybe it is if our listeners can tell us if I have something that is titled and maybe it's Ocd, I don't know. Shut up a bit before you say I am.

Speaker 2:3:42I think it's fascinating and I definitely. I think there's. Maybe you've just got this inner drama that needs to be released. Maybe you need to go and do some drumming and a full moon beach circles somewhere or something.

Speaker 1:3:53Let me tell you the story about when I thought I was going to be a drama. I was in high school. I had this idea when I was young and I thought I'll be a really good drummer and I think I went to three lessons and the teacher kept saying to me, stop squinting, but like every time I hit the drum line I would like squint and get all like, what the fuck? Why kind of squint for Chris? Because I basically wasn't flowing. I was just like, oh, every time the sound. Because it was so loud, I'd flinch. It doesn't matter how many times I would draw, I would just be like, it was just too uncomfortable. I'd much rather just a light little tap constantly. You know,

Speaker 2:4:34there is some amazing full moon beach meeting circle drummy type organizations that they made on the full moon on the beach. I think I just said that and they're awesome. They've got, what do they call jumbo? Oh Shit. I'm going to completely show my ignorance here, but they're not like a drum kit type thing and it's really beautiful rhythmic drumming. So maybe that's more up your alley.

Speaker 1:4:54Well, I could. I could just fuel the tick done hanging out with other people with tics.

Speaker 2:5:01Well, maybe it's just like this in a rhythm that wants to find a way out, darling. I'm not sure, but there's something else that comes to mind. You've heard of tapping, haven't you?

Speaker 1:5:08Well, that's what I did. That's what my partner funds really irritating.

Speaker 2:5:11So this is not tapping on an object. This is like tapping on a body part and it's a really good way of releasing. You can reprogram your mind that way. Check out tapping. The guy whose book I read is Nick Ortner. It's a whole science and it's used in psychotherapy and all sorts of things, so you could actually start using tapping and it totally excuse the pump, taps into what you're doing.

Speaker 1:5:33I have a number of elements. One of them is speaking a lot of profanity and if I just start tapping, that's going to solve my problems.

Speaker 2:5:42Well, there's lots of different speakers and experts and there's loads of information around tapping, so just google it and find out for yourself. You can totally use tapping by yourself. You still have on the side of the hand and you'll see there's a whole sequence and it varies between different practitioners, but tapping is a hugely way. My neanderthal way of explaining it is reprogramming the brain, but I'm sure there are far more eloquent ways of explaining it.

Speaker 1:6:05Okay, go ahead. Don't you worry, and when you speak to me next I'm going to be like a new woman.

Speaker 2:6:11Don't be new woman. Just be you. Reprogram the way that suits you.

Speaker 1:6:18So this week we have Sharon. Yep. Thank you so much for joining us today.

Speaker 3:6:24Thank you. Thank you for having me. It's an honor.

Speaker 2:6:26It's super excited to have you on the show. Also because just recently I traveled through Brisbane airport, wonderful roses, assistance, managed to buy a coffee.

Speaker 1:6:37It was so exciting and we will be going through and as a support for this interview will be going through the Brisbane airport with my seven year old daughter buying crypto. Show everyone how easy it is to do.

Speaker 3:6:48Oh, that will be amazing.

Speaker 1:6:52At the moment, you're the CEO of travel by Bape. You lead a team of developers, marketers, salespeople to bring blockchain technology to the mainstream. So how did this happen? How did you get into bitcoin and blockchain?

Speaker 3:7:07I graduated in health sciences, so yeah, not quite related to crypto currency, but Caleb and I, we've traveled a fair bit prior to having kids because it's mostly our experiences, true traveling that has really shaped us and that's how we came up with the idea of trouble by bit. So it was about three years ago we will on a trip to Australia and we went visiting this really remote part of the country where we spent two weeks kite surfing and we loved it so much that we decided to extend our stay and the accommodation that we were staying at cannot process our payment because they did not accept visa and mastercard and we ran out of cash. So they said, oh that's fine, they can go back to Australia and then do a bank transfer for us. So we thought Oh okay, that's doesn't seem the most efficient way to run a business with international guests. And I guess also as a traveler we are constantly experiencing the friction of high foreign exchange rates, insecurity of carrying too much cash and the high possibility of being subject to the credit card fraud. With all these in mind, we felt that blockchain payments really make sense for a traveler. And that's how we came up with travel by bit and you know, we are today.

Speaker 2:8:24Wow. So troubled by bit was actually born from you experiencing a lack in the market place and then providing a solution to that need.

Speaker 3:8:33Yeah. Yeah, that's right. I mean bitcoin is the world's first true global currency. As we learn more about the technology and getting together with our travel experiences, we realized that with this mulching payments, anyone can take payments from any way you, regardless of borders or exchange rates, he can truly make global comas more transparent and efficient. I feel

Speaker 1:8:58it is absolutely incredible. But how does travel by a bit actually work and you've got a lot of merchants now. I don't know how many you are. You could probably share that with us, but you've got so many merchants. How, how does it all work? How do you, do you need additional facilities? Do you need machines or how does it work? Being emergent and being a customer.

Speaker 3:9:21So we have about close to 200 margins now across the major cities in Australia with majority of it concentrated in Queensland, in Brisbane, uh, across the airport. And then most recently the tunnel, 17, 17, Amos water. You don't need any special hardware as emergent or run a system is a web based applications. All you need is a tablet, your phone, or even a PC. Anything that just connects to the Internet. Really. We support multiple currencies, so at the moment we have about five currencies on board, so a traveler would come up with crypto and he saw her digital wallet on their phone and then the scan, a qr code that's generated by our payment system, our payment platform then comforts that cryptocurrency immediately into Australian dollars for the business because what we're finding is that the traditional businesses struggle to accept cryptocurrency direct due to price volatility and also it really the general lack of knowledge and understanding of the approaching technology. So we create a platform that is simple, easy to use and we convert it straightaway into Australian dollars for them.

Speaker 1:10:33I was wondering how you dealt with the volatility and that makes perfect sense. I've been pondering, I think a bds been pondering it as well. We were thinking, what if someone buys a beer and you know, a week later they balanced the books and between you know, it's, that's a massive loss for one beer. You basically is. We sell 10 with one,

Speaker 3:10:54you could go the other way. So when we. We've seen that with a smaller business owners, those who believe in crypto themselves, they keep the crypto is part of them believing in the blockchain space and they they want to hold it for the future. With the bigger businesses like the airport for example, and the accommodation and all this on travel providers, they would struggle with that volatility and they would need the security from an accounting point of view and that's where the conversion to Australian dollars makes it easier, less friction for them to accept payments. So can you explain for example, for business owners who are listening, how do they get to adopt this technology with your organization? It's quite a simple process and you come in contact with us, that submission form that you signed. We, we get some details about your business and then we set up the payment link, we send it to you and that can really all be done through to phone really.

Speaker 3:11:51So we set quite a few businesses interstate, we don't have to meet them face to face. So that's become a digital process as well. Yeah, yeah, it is. It's a relatively straightforward platform to use. We've never had an issue with most of the staff as well that's using it and one of the features that we have on our platform is also a tax and accounting support. So people have the perception that, you know, if you take payments in crypto then it might be a good way to eat fit, Texas, any effect? Sometimes we get questions from our business among customers, but that's not true. We don't, we don't believe we should be doing that. We should be working with the regulatory bodies to make sure that we are fully compliant. So we'll be offering tax and accounting summary Page on our platform and that clearly shows the sales summary and even fuck up the gst component for them, for them to do their best summaries.

Speaker 1:12:45That's a bit late. We were speaking to bamboo went way to niche from bamboo and they were doing a similar thing at the end of the financial year. It made it really easy for people to access information which they could use for the texts written.

Speaker 3:12:56Yes, that's right. Yeah. That's quite valuable for businesses because it also helps create that narrow understanding as for crypto currency as a payment. So generally when you talk about accepting big client straight away, most of your traditional businesses will go on now and I'll read it. It's too difficult to understand. We're not sure how he's going to work, but as soon as you see that look is actually really as simple as taking cash. Then just makes it less friction for them to take payments.

Speaker 1:13:22Can you tell us a little bit about Agnes water? The town of Seventeen, 71, seven, seven, zero. It's pretty. Epic is. Have you guys traveled up there before? I haven't, but it's only 45 minutes away from me, so I should probably think about that.

Speaker 3:13:37Oh, is it? Okay. Yeah, you should. It's, it's beautiful. We went up there just last month as a team to launch to town to train the merchants and set up the businesses. So we started this project on onboarding the emergence probably late last year, early January. Very enthusiastic. So even the name town of 1770, they're probably the most advanced in terms of technology to have completely embraced the blockchain. So we have about 30 businesses now. Basically what we're building is concentration emergency, so not just borrowed wines here and there, but what we want to do is for a traveler who is visiting Queensland, I hold, wants to explore the Great Barrier Reef. They can then pay for the entire holiday accommodation food and a trip out to the reef. You can pay all of them

Speaker 1:14:29go. Wow. You can actually go to the Great Barrier Reef, do a little tour and pay with crypto.

Speaker 3:14:35Yes, that's right. That's right, yeah.

Speaker 1:14:37What's the name of that company? So our listeners can do a bit of a trip over though. Actually there

Speaker 3:14:43are a few companies in a town of 70, 70 agnes water debt takes a payment and crypto it, it can take you out to the Great Barrier Reef. So Lady musgrave 70 and 70 reef fish and cruise. So yeah, it's basically if you park yourself there in a town you can pay for your entire holiday, all the tour packages and it's a beach town, isn't it? So it's a really nice holiday spot if anyone's interested. I think top holiday homes in Australia, like when we went up there I said you went around taking pictures of all the NC homes in. Yeah, it's very nice. It's a great family place as well. I mean we've got two little ones and I think that's gonna be our holiday family holiday place from here on in mine. Let's holiday together without little munchkins. Yeah, it's a good spot for little ones because they've got the surf on one site, so in grateful those wines to surfing etc. But if got the, because it's dependent. So the other side faces the creek and the creek is calm with just very safe features for four children. Beautiful.

Speaker 2:15:52So shereen, can you tell us a little bit about business owners? I mean how much education do they need before they can embrace this new technology? I know you've spoken about small business being more into holding onto their crypto and not translating it back into theater and perhaps big business being a little more conservative and wanting to see that reflected back in australian dollars. But how difficult is it to say approach a local business like the cafe, you know where I go buy a coffee before I go to school in the morning when I'm teaching and say, hey, why don't you guys get involved with travel by bit? How do we educate businesses so that it does become more mainstream

Speaker 3:16:32payment platform itself generally I find that's not always struggle because it's quite straightforward. The key challenge is changing their perception on cryptocurrency. So you have those who have not heard about it and then you have those who have heard about it and then you have those that have heard about it and things that is just all for illegal activities. There iS a southern public perception and this way I'll key challenges. It's about shaping public perception on crypto. so generally most of our effort goes into educating them about the blockchain technology in itself rather than the actual payment system.

Speaker 2:17:10Okay. So the education is around blockchain rather than payments. But how about the actual education around crypto because that's quite a different subject matter, isn't it? To blockchain?

Speaker 3:17:20I guess when I say about shane, I mean I blockchain payments, so cryptocurrency, so understanding that it is a payment system that runs on a blockchain without an intermediary like the banks. it's about understanding how is decentralize your transaction. I just, you know, thousands of computers all over the world. That's the part that people, I guess either don't have the resources or lack of understanding or lack of interest. But generally this way the main education is about is teaching now about the blockchain space.

Speaker 2:17:54I remember we had three childcare centers and each of them was very, very busy and I was doing 12 hour days. It was just crazy and if you think about people who are small business owners in restaurants and cafes and the sorts of places where you'd easily want to go and spend your crypto of imagining that they're often just overwhelmed by things to do a little on their own family concerns and so how do you make that easy for people to understand? How do you do that education in a really straightforward way? Do you, do you have a, a class or some sort of. How do you get that information across?

Speaker 3:18:27Well, to be honest, we've probably been doing a lot of one on one which is really the most time consuming. For example, our trip, we spent five days there as a team with over 30 mergence sitting down with them and walking through the system initially, which we thought was going to take 10 minutes, but in the end it will take us close to an hour when it just comes up about. Yeah. ABout the other areas about blockchain in general, we do encourage them to come for all local meetups and to attend local meetups in your area and I think that helps a lot time yourself in essence is very available for a. ESpecially a small business owner who iS running like a cafe but it can be done and that is one of our challenges as well. Even just the resources within our own team, we are a very small team and I'm is also a huge factor for us, but at the same time is needed and I guess the idea is that the vision in general is to bring blockchain payments mainstream and to do that is in eventually to hold some sort of education.

Speaker 3:19:30So that kind of effort just needs to be spent

Speaker 2:19:32because I'm, I'm imagining, say I live in fremantle. Yeah, and the other side of the country and I'm just imagining getting a whole group of merchants together because we've got power ledger over here. We've got all sorts of cool new startups as well, so people are aware of it and saying, okay, let's have a get together. We're going to have shareem come and speak to us from travel by bit freer is a huge travel destination and like I would love to see a way that other people can support you by getting their communities together, but it would need to be quite streamlined so that it was easy both for organizers and for merchants to get the information.

Speaker 3:20:06I agree. Yeah. I'm open to any ideas you have. Yeah, definitely. At the moment we'll probably just working off from support generally from that group, that community, for example, 70, 78 actually is spearheaded by one of the local state himself who believes in crypto, so he's done a lot of the groundwork there for us and it's the same with few emergency melbourne as well that will sign up because of the customers themselves who cryptal users this and have asked for this service. So in that sense it's a crypto community themselves going out there, giving an education and then coming back to us and we would just provide a payment platform.

Speaker 2:20:43Oh, so that way you've got the social proof. You've got people who are trusted within the community already

Speaker 3:20:48spreading the word for you. Yes, yes, definitely.

Speaker 1:20:52So sharon, just to clarify for the listeners, it's not just travel. Merchants can sell anything. You can have a cafe, you can sell boots, you can sell whatever you want and you could travel by bit. Merchant is, is that correct?

Speaker 3:21:08Yes, that's rIght. So we started off focused on the travel industry because that's where we believe, but we have been getting a lot of interest from the other traits. So commerce, people who sell bathroom equipment, you know, just things like that. Roofers were, you offered it to everyone just. Yeah, it's off our vision to bring capital payments to traditional businesses

Speaker 1:21:31and I've seen recently you started collaborating with some other big names particularly nim, is that correct? Can you tell us about the people you're collaborating with? Yeah, so name is

Speaker 3:21:43a global blockchain company foundation. So we recently were successful in a community, find proposals, so they've got a community fund that fund startups and other entities that they believe in, they can work together. So what we were proposing is integrating sim, which is the token onto our platform. They do have a very wide global community. We've had massive support from them when we launch our proposal. So basically it was saying, look, you can use your zem now and traveled to Australia.

Speaker 1:22:16Well done for getting all these people together. How long has traveled by bit been going for and what's the journey been like? Has there been any struggles? Is it all been easy street?

Speaker 3:22:26No, we've probably been about a year and a half now. I keep saying a year, but time just passes by. So yeah, it's probably a year and a half now and one of our key challenges is, and I think in general that goes for cryptocurrency, is working with the regulators. So with the government bodies, we started off initially, we were sponsored by the advance queensland ignite fun grand, which was great because that showed interest from local governments in regards to blockchain and cryptocurrency and this. One of the reasons why we chose the tourism sector as well because the government needs to see an economic value, if that makes sense. We've cryptocurrency being able to possibly bring a new kind of traveler internationally they may not travel to anywhere else except to the fact that now they can use a cryptocurrency to Australia. It was attractive for them. They were willing to explore the possibility of growing original areas.

Speaker 3:23:23In fact, the time of sandy sandy was part of the project that we were doing under the grant funding because what we were seeing is that, look, we can possibly open up regional queensland to a whole new type of travel is about working with the government bodies in complying with them. For example, we have any streak, anti money laundering and cons of terrorism program compliance with Australia as a digital currency service provider. We want to be absolutely transparent in what we do because in such early stages we are in a position to help shape regulation and I think it's important that we do that right, because we need good regulation. We need good regulation that would support growth and not stifle innovation in this space.

Speaker 2:24:07That's such an interesting point because a lot of the australian government in some blockchain circles that I have been part of conversations with have been quite heavily criticized for impeding growth for saying, you know, if you want to develop an ico in Australia, you're going to get taxed before you even make a profit and that's why a lot of people are going off and developing their blockchain based businesses in other countries where there is more of a text friendly incentive and the whole notion is if we keep regulation friendly towards blockchain and crypto based businesses, which is clearly the way of the future, then we're actually going to be painting Australia as a place which is welcoming this technology, not hindering it. So it is a very good point you're making in terms of the regulation and keeping in tune with regulation but also helping to form it so that it's helping Australia in terms of trade and industry.

Speaker 3:25:02Yeah, that's right. And that's why it was an important milestone for us as well when we partnered with brisbane airport to launch brisbane international and domestic terminal. That was the one that has been a sense put Australia in brisbane, in the globally as the forefront leaders of cryptocurrency, like the idea that brisbane airport has brand themselves as the world's first digital currency from the airport. That made headlines everywhere and I think it was pretty amazing that they also took that leap of faith and belief as well.

Speaker 2:25:32It's definitely a very compelling point of difference in terms of what your value offering is to be able to say, you know, we. We set this up. It's fantastic.

Speaker 1:25:42Have you come across any regulations you would like to change or do you see any regulations coming into play that might actually hinder your master plan, whatever that might be.

Speaker 3:25:52I think at the moment the regulation is still not very clear. The regular is a focus to just watching the space and seeing how it all pans out and this is where I feel is important that we demonstrate that we can and we want to work with them. We have been approached by australian eighth year. We had been in talking with them because they want to understand what we do in order to help them shape what they want and then have control of. So we are very open to that and we welcome that kind of conversation because we think is important.

Speaker 1:26:29That is so exciting for everybody in the crypto space to hear that there's someone on our side who has capacity to work, you know, in a relationship with the government because it does feel a lot of the time like they're not listening at. They actually don't have enough education to be able to make any sort of regulation at all. So it's really good news that you're doing that.

Speaker 3:26:51We are very fortunate as well that we are supported by a strong crypto community. Like here in brisbane. We have meetups quite often in local meetups here in cryptocurrency announced the day he is a social movement, so it's about the community supporting each other and we wouldn't have come this far without the help of everyone.

Speaker 1:27:10With that. I guess optimism because it sounds like everything's going to be amazing and I am holding onto this roller coaster for dear life, hoping that you're right, where do you see blockchain and cryptocurrency in five years?

Speaker 3:27:23BlockchaIn technology definitely holds us promise for businesses, society and individuals who are seeking a more secure and transparent way of storing and communicating that I believe that we can get there and we can breach the gap between traditional practices and the blockchain applications that we see so invaluable that can improve what we do to get there. It's about working together. I think it's very important that we work together not just to get as a community but with the mainstream, with the governments and irregularly regulatory bodies.

Speaker 1:28:01Yeah, I think that's a really good point because as soon as there's resistance there, feathers get ruffled and they start to get a bit angry, so if everyone's willing to work together, then it's not going to be a war is it? It's going to be a collaboration and that is very optimistic and I hope you'll fry

Speaker 3:28:20me too. I don't know. I mean at the end of the day it is a very new space. It's very unknown to most of us so we can only try it with this and see how we go and you know, just little things like you making the effort to download digital wallet and spend it in the airport, you know, just little things like that. It actually met us because if everyone does that, most people do that. The crypto community. Then we are also then showcasing that they're actually going to be transactions. So we have all these merchants who come and bought because we told them, you know, they will be payment off the future and then after that nothing happens. So it's important that we also keep this support, this movement going and eventually as small as getting involved. Then hopefully this will really take off in soon. We can say that other than visa and mastercard, you can also just paint.

Speaker 2:29:18What about missions on crypto? Close line is to make sure that people on the street don't miss out on this wealth slash tech revolution and one of our main things is to actually translate information from the blockchain crypto world into a language which is understandable for people who've never heard of this stuff before. So if you could imagine I'm a traveler. I don't know anything about crypto, don't know what a digital wallet is. Could you take me through step by step how I could pay for something at brisbane airport when I come through, when I'm flying out with cryptocurrency.

Speaker 3:29:52I guess at this stage when we came up with the idea it was to. Our focus will be more on travelers, will already do have crystal.

Speaker 2:30:00For example. there are people in my community who have crypto, but they said to me, how did you pay for it at brisbane airport? Because people might have it but they don't necessarily understand how to use it.

Speaker 3:30:10So you can download a digital wallet on your phone. They are hundreds of war that's out there that can support the different types of coins, but if you go on our website, ww dot trouble by there we have a schedule of just down to four or five wallets depending on what coins do you have and then we have a tutorial that can show you how to download those wallets at well so you can go ahead and download will on your phone and then you can also watch our tutorial on how to spend it on our human system. But basically how payment system generates a qr code that you can then scan with your mobile phone and that automatically makes that conversion from, for example, $5 of coffee is zero point zero, zero zero or something bitcoin and that comes back if you. So you scan it with your phone and then it just happens quite invisible, you know, a couple of steps. So what we have to all on video on our website, much easier to be explaining.

Speaker 2:31:12I mean it's one more step for people to go to your website. So I guess like when I was at brisbane and I said, okay, I'd like to buy a coffee at the girl said to me, okay, she brought up the usual transaction and so instead of using my card to pay for the coffee, I had a qr code on my phone following those steps that you said. And she was able to scan my qr code and then she was able to debit my account for next number of light coin, which was obviously a tiny amount of light coin. And then in my crypto account it came up as a debit of x number of dollars or x number of light coin it depending on which currency you wanted to look at it in. And I could see that I had paid for my coffee in the same way that I would see that reflected in my bank account.

Speaker 3:31:54So if you are a user and you hold client, you would have your light coins in the wallet on your phone. So in terms of being accountable, emergency point of view. So you would have, let's say x number of light coin on your phone. And like $200 worth like see, and now you have spent at the merchant for $100. So you will see $100 laughing or crying. It doesn't connect to your banner. The banner comes from the emergency. They will see the $100 debit the car business and chemicals. What we've done is we have translate that your crypto that you've paid into australian dollars for the motion. So if you have light coin sitting in exchange, as most people do, we encourage you to download a digital wall that supports mike coin onto your phone wallet or like the copay wallet for bitcoin. But you then transfer your crypto from the exchange to see in your wallet. And then you carry that around as if you're carrying cash. So we call it a digital wallet.

Speaker 2:33:00but what I meant was that when I look into my account, I could see that the money had been devastated. That the money had come out of my account. Like wanting to let listeners know is it's not A bank account, but in the same way that you can see transactions in a bank account, you can see transactions in your light coin or your bitcoin wallet.

Speaker 3:33:16You're absolutely right. That's correct.

Speaker 1:33:18It's going to be really exciting to go through and do this, I guess tests with children and to see how they take to it because it's not actually that complicated. It sounds like when you talk about banks and you talk about money and you talk about applications and you talk about phones and qr codes, people's heads explode, but it's actually really, really simple and really actually scanning with a qr code I found is a lot easier than paying for things online and you know when you go through all these processes, put your name and your address and all of this stuff and they're not even posting anything out to you most of the time, but they still need all these details. Whereas a qr code, easy peasy. I was just Basically saying it's epic and I'm just so excited and I'm just gonna play with myself because it's so awesome.

Speaker 3:34:05In China, no one uses cash anymore or even everyone uses qr code like ali pay, so to them it's second nature, but it's just an in Australia was still very used to in that sense are using papers. It just takes a little bit of getting used to, but once you've used it it's like you said, it's pretty seamless.

Speaker 2:34:24Yeah. That's why I was really wanting to put our listeners. It is because I guess if we went through, like you said, every race, if we went through step by step, everything you had to do to buy something off amazon probably nobody would go and buy anything. Like what I had to give this and that. it's gonna take me 10 minutes to put my details in what a pain. Whereas if we can assure the listeners that it's actually quite a straightforward process once they get the head around it, it's probably two or three steps really isn't it?

Speaker 3:34:48It is and like if you think about it, if you wanted to set up a bank account today, like a traditional bank account, you would need documents to accompany you and you go into the branch is sit down for an hour or so and then you get off the set up internet banking account, they send you a card, etc. It's a process that we're also used to it, but if you think about it, it's actually quite cumbersome. Whereas if now you were to download additional wallet on your phone, it takes you less than a minute and then for me to transfer bitcoin to you, it also then takes less than 10 minutes, so and then after that you've got cash in your phone already ready to go.

Speaker 1:35:22It's basically just a matter of whipping out your phone, which you've always got in your hand anyway, opening up an application and scanning a qr code. It's just so, so easy and really exciting for the adoption of cryptocurrencies. Actually it is, yes. Well thank you so much for coming on the show. It's been an eyeopener, that's for sure, and I did think originally it might be a little bit more complicated, but you've just been like, blah. It's so easy.

Speaker 2:35:49Before you do go, can we ask you what's your favorite quote

Speaker 1:35:53is? Ignore financial speculation. Let's build genuine adoption. Very fitting. You had that prepared. You must have listened to the other

Speaker 2:36:05financial speculation. Could you tell me that again? Please

Speaker 1:36:09ignore financial speculation. Let's build a genuine adoption that's build genuine adoption. Beautiful. Is that your quote? Did you write that?

Speaker 2:36:19Thank you so much for joining us today and it's been really enlightening and really refreshing that there's a business in Australia which is providing this genuine adoption, but mechanism.

Speaker 1:36:31Thank you for taking the time to chat with me and was really good. Yeah, you're welcome. Cla to shIreen. Bye.

Speaker 2:36:40What an interesting chat. We've just started with dreams, so practical, so down to earth and so much into mass adoption of cryptocurrencies.

Speaker 1:36:47That's what we're after. We're after a woman who's got the end inside. She's thinking about collaborating with the australian government's, assisting them in the implementation of regulations to make sure they tick all the boxes that the cryptocurrency community need them to take instead of just jumping on their horses and riding around on their regulation bloody whatever they called rallies

Speaker 2:37:10and instead of creating regulations which are going to hinder business and crypto and expansion and mass adoption. We're looking at crypto friendly regulations which are In keeping with ato and tax collection and all of that fun stuff. But it's also making sure that Australia is a crypto friendly environment. Not a place with people.

Speaker 1:37:30I feel blocked. I reckon terrains a bit of a trendsetter because she says that they started a year and a half ago and at that point they had all these issues, you know, with traveling and not being able to pay, which you'll hear about in the interview. But there are trends that are. Because despite the odds of no one excepted crypto and they decided they were gonna start spearheading this revolution and they've done so well. They have 200 merchants now accepting cryptocurrency,

Speaker 2:38:01which perhaps in five years is going to sound chuck liberal, but at this stage in time, that's a huge amount of people who once upon a tIme were only taking cash, another accepting crypto, the. She didn't mention what the five top currencies are, but I'm guessing bit coin light coin. They both came up in the conversation probably a bit like bamboo. Maybe it's the five top performing. One

Speaker 1:38:22theory, um, is in there as well.

Speaker 2:38:23Well, she also mentioned that on her website there were tutorials, so it's all about making it easy for the end user.

Speaker 1:38:29And she also said that we have a new holiday destination that is pretty much one whole town that accepts crypto and you can take a little bit of a dive in the great barrier reef just by using one of those merchant. So also very exciting that that's where we're going to hang out for the rest of our lives to bed.

Speaker 2:38:47Well you are because you're 45 minutes or they're dealing. I'm still a plane ride away apart from virgin and I believe virgin do accept bitcoin. I believe sir richard is looking at accepting bitcoin for the first trip to the moon. If you think there is a moon and if you think you can get there. Well, rabbit hole. Hold onto me. I'm falling down the rabbit hole for that. There are no rabbit holes because the earth is flat. There were no holes. Everything. Where are they going to go to antarctica. Don't worry. I'll throw you some bit coin. Some tether, a theory in the ether. Oh dear. we've got to stop. Stop. We're the only ones laughing. This is an issue. Anyway, shereen. Excellent interview, very prideful, so down to earth and we're super excited about perhaps being able to share this in our local communities, so definitely going to frio and I'm going to talk to some for your business owners and say, listen, stop whinging about the expensive parking and the other things that are keeping people away from frio and let's get crypt or into the merchant thought base and into the practice.

Speaker 1:39:49I don't think it's going to be too hard with frio, frio or fremantle. For anyone who's listening, they're already prepped. They're already nice and warm and ready to accept crypto. You just need to make.

Speaker 2:40:02Well, I think there's organizations like blockchain, fremantle run by johnny swati pole and some other really interesting people around the place. There were some incredible businesses that are being birthed out of western Australia that are related to crypto and blockchain like block box. We've got power ledger, we've got build sort. we've got heaps of other really very innovative and forward thinking organizations coming up, so we just have a chat with these guys and we put our heads together and I think we can make it happen for trouble by being in the west as well.

Speaker 1:40:31Oh, I don't think you're going to be able to stop it. I think that you need to be the one who does it first vet. Okay.

Speaker 2:40:38Crypto club bringing traveled by bit to western Australia.

Speaker 1:40:42You can't actually stop it because it's already been so successful over here and western Australia wide awhile. Is there going to be so long until they jump on and I'm really, really hoping that the bed. We have a massive movement over there with travel by bit. The crypto space where you are is thriving. They're just like, what do you call that when they are like desperate for it on fire, on fire.

Speaker 2:41:09I'm just getting images of somebody getting their bottom burnt, but you know, we don't want to go there. I actually think that traveled quite a bit coming here at a few more of those industries that are really looking at message option and making it easy for people to be able to use cryptocurrency in daily life. I think that will actually help to bring you back to western Australia. Amy rose,

Speaker 1:41:27I'm going to come back and visit and just make sure everything is okay over there and make sure the crypto space is traveling

Speaker 2:41:34nicely. Then I'll come back. You know, I'm just like a checker on her own. I think you need to come back. Create solutions for the drought issues we've got here and then you'll move back. I think the biggest contributor to the draft issue a bit is the fact that there is a lot of desert. Yes. Well there's nothing we can't fix. Isn't it? You're literally living in a desert sand everywHere. We're only limited by our imagination. The whole blockchain crypto thing is about decentralization and you know, getting out of our own ways. So you know, stop being the problem and start creating the solutions. Why isn't western Australia start stealing queensland's ryan clouds where we could still rain clouds. that's an option. It sounds a little bit like despicable me, like, you know, stealing the mood or something. But I do think we could look at, you know, what a distillation practices we can look at.

Speaker 2:42:25We've got so much ocean here. I mean surely we can look at doing something with that. I don't think he know about what's been in the news of 80. Of course I don't. I never watched the news. What's up? The iranians are blaming Israel for stealing, right? They literally saying that the israelis are stealing their reign via technology. It's legit a thing. Gosh, got to say I didn't know that. And my ignorance is now a hugely public. It's called cloud there because you can create clouds and so therefore you can also steal them apparently. I guess we need to put clouds in the blockchain. Well, ownership of clouds. I mean we've talked about a year last week when we had that interview with the mayor of fremantle, brad pitt at about tagging electrons. Now how do we tag clouds? This is getting really bizarre. I have no idea.

Speaker 2:43:13So you don't clads unknown my expertise because I was driving in the car with my daughter. She's like, let's play us by. And she said a word. She said a letter. I'm going through like trying to get this thing and I can't even remember what it was, but I'm like, do you mean clad? Because she gave me all these clues. It's in the sky, it's a lot. And then she's like, but what sort of cloud? Mom, that's what it starts with. I'm like, oh my lord. So apparently clouds have different names, but they totally do. I had to teach her in year seven and she was a relief teacher and she couldn't spell and she was taking a spelling. She said, you know what, I can't spell. So we're going to do a lesson on clouds. And I learned about cumulus clouds. I learned about cirrus clouds.

Speaker 2:43:52I think that's right. The wispy clouds are cirrus clouds of the big puffy cumulus clouds, which sounds like a bit accumulation. It kind of works. Latin was. I loved it. I loved it. You never look at clouds the same way again. I don't know what the song is. Doesn't come to mind, but there is another cloud that you absolutely hate. Davey rose the nImbus cloud. No, no, no. Privacy. Like uploading stuff to the cloud. Why do people even do that? Obesity. Why are people still doing that? Yeah, because you've been teaching me so much around cyber security, being hackable and being not so hackable and what you had an experience this week on that note as well. I didn't say I was extorted. However, I was the victim

Speaker 1:44:32of an extortion attempt, which was via an email that said I needed to transfer some cryptocurrency and I have been quite prepped for this a bit. As you know, and I've actually perhaps everything you think about, you bring about perhaps I brought this on myself, however, I doubt it. It's going around like wildfire at the moment, but yeah, so I didn't think it would ever happen to me. I know it happens to crypto and it's happened to a friend of mine and actually recently another friend of mine and yeah, basically send us $500 worth of bitcoin or we will send some recordings that we have of you to your friends and family and your contact list. So I guess a quick lesson here would be, I don't save contacts for this reason, but basically cover your webcam and keep yourself safe.

Speaker 2:45:23Well, I'm just going to get a tissue right now. I usually have something over there and because I've been doing some videos lately, I don't say goodbye. There's a tissue over the top. I think that's a really interesting point. And when I saw your thing about I've only got seven contacts. I just thought back to my network marketing days when everybody was stored on g. I've got way more than that so I'm going to be wiping that off.

Speaker 1:45:43The more contacts you have, they saved the contacts and that, you know, you can delete your contents. That's fine. But they've already downloaded them and store them and he's a worry. Alright, well you've got through it. Okay. They gave me 24 hours to hand over the bitcoin. I didn't do that, so I'm okay. I'm fine. I have quite excessive security so as you know a I'm quite paranoid and I tap a lot so no one's gonna want much from me.

Speaker 2:46:11I think the thing is though that as we mentioned, our telegram groups that you share that in a lot of people, probably 99 point nine, nine, nine percent of the population would freak out if they received that templated nasty message they do. That's why they hand over the bitcoin. So that's where it's a real concern. I mean it's incredible that it actually hit your inbox because nobody else that I know has received that message. At least they haven't shared that they've received that message. And so it just goes to show that if that hit, you know, myron park kettle, that would freak you write up.

Speaker 1:46:43Yeah it would. And at the end of the email it actually says, and if you don't know how to purchase bitcoin and google it or whatever it said, so the people who tried to extort me, they weren't actually aware of that. I was in love with crypto. I think they just, it's just a basic email. They, you know, they targeted like, you know, 50 different email addresses and, and hope that one of them would over cryptocurrency. Right. Well I'm glad that you were so well equipped. Oh look, I still shat myself a bed because someone has entered into your space and is threatening and your automatic body response, your human response is to fight or flight.

Speaker 2:47:28And it's an adrenaline rush as well. I

Speaker 4:47:30mean even if you have the logical capacity to overcome it and you know, the various steps with your firewall and your context and all those different steps that you walked me through. Even so there's an invasion of privacy and that invasion feels like, you know, there's somebody in my house to the primitive brain, to the primal brain. Absolutely. A lot of people don't think it's going to happen to them. I was one of those people, even though I had the measures in place to didn't imagine that it would be me. It's a shock when you read it. Yes. Well, I'm glad you got through it and I'm glad you're going to be close to me, so to pay ever happens to me. I'm going to be calling you and Say, right, cool woman, what do I do now? Everyone just needs to ramp up their security.

Speaker 4:48:08Particularly over next year, things are going to get pretty sticky with crypto, particularly if the price rises as well. Amy, you've written a whole heap of information around cyber security. Why don't we put that blog into the show notes so that listeners can actually get access to that and go through the steps one by one. Totally. Absolutely. Let's do it. Great. We could also put in a context for thomas because he is also a cybersecurity king, isn't. Oh, from focus. Cyber security. He's epic, I think. Definitely, and he does health checks for anybody who's interested. You as a business who needs as a security health check to see how vulnerable you are. Right? So that's going to be in there too. Cool. alright, well I'm going to talk to you next week. We'll all be on the other side of school holidays and we'll see how we're feeling then. Totally pumped. I'm already pumped. Well my guys are out there making waffles so as we speak. So there is an upside to having school holidays like you say, without the rational and enjoy. Thanks darling. bye. Bye. Hi, you've called her and David Rose had crypto club drafted.

Speaker 2:49:21I'm going to keep on message brief and to the point today, I do try to be succinct every time I call in, but I can fee by your continual insistence on publishing new podcasts that you are actually not listening to me now. Oh, I was at the doctor's surgery the other day and I was flicking through a copy of new idea or one of those lovely ladies magazines and they had an article on cryptocurrency. so I grant you some other silly people in the society are thinking about these things. But anyway, this article said that bitcoin was the bubble and it was going to boost. So, you know, think of it as a little bit of a white head that you had on your face when you were a teenager. You know, pop, pop is going to be all over and the mirror is going to be a mess.

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