{"id":"xl7d22DGMBA","title":"Bitcoin Beyond Gold - Riqi Ra","description":"Join NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2024-04-03T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/xl7d22DGMBA/hqdefault.jpg","transcript_text":"right good morning everyone um so glad to be here um in Soul so really excited to kind of like share what we've been like exploring and searching about so um today talk is about Bitcoin be gold unlocking the one trillion market for like a billion users next okay so um first of all my name is Ricky to F of blue and also Paras which is the leading NFD Marketplace on near um also part of the digital Collective as one of the trusties let's move on so like why should we care about Bitcoin so that's kind of like the big why so for me like because obviously the Bitcoin is1 trillion dollar behemot uh Bitcoin is huge there's a lot of liquidity and is actually held as the digital gold in which have a lot of similarities with what real gold is all about it has this kind of like scarcities and also this um this valuable um for Bitcoin and lastly because it is somewhat legal um I'll say with approval of ETF and its integration with traditional Finance means that well there might be a lot of adoptions later on throughout the years so this kind of like the first um kind of like uh why should we care about Bitcoin the second is that for me Bitcoin is actually the face of cryptos and the first one Bitcoin is well recognized like for example like a lot of people know Bitcoins than cryptos that's like for sure um it is the original the oldest and the longest running blockchains that ever leave in the world uh which leads to this things that I call Bitcoin dominance effect in which if Bitcoin goes up everything goes up like the whole Market it brings the whole Market but if it go but if Bitcoin goes down and everything what goes down as well and that's actually very scary in which if somehow God forbid Bitcoin fails then probably all of us will fail because that's because Bitcoin is actually the face of cryptos because like when people see what happened with Bitcoins that's kind of like representation of what happens with cryptos so but then you know the other part is that if Bitcoin success then obviously all of us will have Bri features and we're going to have a kind of like very uh well uh future ahead um so what Bitcoin can actually do so Bitcoin is actually the part for a billion users so that's like my take for Bitcoin and so how does it work Bitcoin is kind of like the face of crypto it is becoming the standard and Benchmark of whatever happens within our space like a lot of people when they when they think about Bitcoin it's to of values it a way to invest and trade but that is actually what happens with you know with you know inside a lot of people's mind and that's actually makes kind of like representation of what our industry is all about so what if somehow we can add more use cases for Bitcoin then probably the public perspective of cryptos will also be changed as well it's not not going to be just an investment it's not going to be all about tradings and jenings but it's about use cases and also utilities for us across the board so the the idea is to make sure Bitcoin is more than just St of values so by expanding bitcoin's capabilities Beyond just storo values we can unlock its full potential as a medium of transactions and platforms um it also paves the way for Bitcoin to not just store wealth but also part of our daily life but the problem obviously Bitcoin is not programmable and it's also not scalable 10 minute transactions per block it is it it's very very long so um how to make it scalable programable for everyday use the answer is obviously chain obstruction so enter chain obstruction it is a new movement just like IIA mentioned earlier uh which is kind of like allows a simless interaction between the users into any chains course industry including the nonprogrammable chains like Bitcoin imagine you can do a lot of things with your Dodge coins with your Litecoin with your Bitcoin with any uh coins across the you know the whole industry so for us with at is blue our vision is to be the Bitcoins per app in which we leverage chain faction to the most so that any D apps any chains any VMS anything on the cryptos can use can use Bitcoin as guest F and medium transactions and kind of like in a single unified interface so let me um right so should I so I have like a little demo here so this kind of like how we're building this a single unit unified interface for Bitcoin as a super D um so the first one we have Alice wait is it okay so the first one Alice alice. lives native leoner in which he can she can generate a new Bitcoin address directly with MPC so Alice uh copied the Bitcoin address and with alice. Bitcoin which lives on the export wallet she can transfer any Bitcoin directly into this Bitcoin address that is generated on the near MPC so transferring 0 something $15 for a coin bear in mind that it takes like 10 minutes to be able to kind of like uh receive on the Ali side but not only that Alice can also deposit ordinals not just Bitcoin so I have this like awesome ordinals here uh in which that you can send directly from access wallet into like alice. East Bitcoin address and that's going to be a onetime use of the Bitcoin address and let's wait like couple minutes it takes like a long time I just cut it out like 10 minutes 20 minutes but you know once it's done like that can claim the Bitcoin and make the mirror versions of the Bitcoin directly on near protocol on is blue but not only Bitcoin but also inscription as well once it is live once it is live on the bit once it is live on the near Network Alice can send it to bob. is which is like a native near account as well and it's going to be like very very cheap very very fast it takes like 5 seconds for confirmation times and then VOA um Alice can send uh transfer uh tokens but also Originals as well and to uh Bob account this is very simple it doesn't need $15 to transfer your ordinals it can add more and more use cases to your orinal we can do orinal stakings you can do a lot of other things NFD Lings and whatnot and once it is received on The Bob site and somehow Bob want to withdraw his ordinal like the specific ordinals like Bob wanted to kind of like withdraw it into his own like like bob. BTC account which is live on xer wallet and like he can actually do that so like ordinals uh ID successfully kind of like withdrawed just wait a couple minutes might take 10 minutes or something I just car it out like receiving the ordinals and receive so so yeah Bob actually can withdraw doing pack in pack out any assets on bitcoin into near with Chan instuctions very easily and that's kind of like what we're building and that's going to be like a lot of use cases for Bitcoin for any coins across the board that's pretty much the glimpse of the future with Bitcoin and chain obstruction this kind of like what we envisions the the kind of the the the user experience from the uh from the end user so the users just need to deposit their Bitcoin into each obstruction layer which utilize near protocol chain obstruction technology in which they can use anything any assets any thing on top of the uh you know on top of the apps across the industry and yeah I think last but not least this is kind of like uh the idea and Al one of the uh my favorite movie of all time R play one like the osis credit was the coin of the realm and in this dark times one of the world's most stable currencies valued more than dollars pound yens and and so on so this kind of like how like I see Bitcoin Bitcoin is going to be the Bitcoin is going to be the coin of the Realms the coin of the world and that's pretty much it thank you so much um there's going to be like a lot of stuff that happening in this year very bullish with ch transction so after this call uh sorry after this uh this this speaking sessions there's going to be like a full discussions about the Bitcoin scaling Bitcoins and whatnot but before that I'm very proud to kind of like share um like this new introduction video about this blue what we are building what we're capable of so you know like hope you guys enjoy this and thank you so much","transcript_synced_at":"2026-11-03T06:06:18.179Z","segments":[{"start_seconds":6,"text":"right good morning everyone um so glad to be here um in Soul so really excited to kind of like share what we've been","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=6s"},{"start_seconds":13,"text":"like exploring and searching about so um today talk is about Bitcoin be gold unlocking the one trillion market for like a billion","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=13s"},{"start_seconds":20,"text":"users next okay so um first of all my name is Ricky to F of blue and also Paras which is the leading NFD","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=20s"},{"start_seconds":27,"text":"Marketplace on near um also part of the digital Collective as one of the trusties let's move on so like why","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=27s"},{"start_seconds":34,"text":"should we care about Bitcoin so that's kind of like the big why so for me like because obviously the Bitcoin is1","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=34s"},{"start_seconds":42,"text":"trillion dollar behemot uh Bitcoin is huge there's a lot of liquidity and is actually held as the","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=42s"},{"start_seconds":49,"text":"digital gold in which have a lot of similarities with what real gold is all about it has this kind of like scarcities and also this um this","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=49s"},{"start_seconds":58,"text":"valuable um for Bitcoin and lastly because it is somewhat legal um I'll say with approval of ETF and its integration with","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=58s"},{"start_seconds":66,"text":"traditional Finance means that well there might be a lot of adoptions later on throughout the years so this kind of","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=66s"},{"start_seconds":73,"text":"like the first um kind of like uh why should we care about Bitcoin the second is that for me Bitcoin is actually the face of cryptos and the first one","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=73s"},{"start_seconds":81,"text":"Bitcoin is well recognized like for example like a lot of people know Bitcoins than cryptos that's like for sure um it is the original the oldest","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=81s"},{"start_seconds":90,"text":"and the longest running blockchains that ever leave in the world uh which leads to this things that I call Bitcoin","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=90s"},{"start_seconds":97,"text":"dominance effect in which if Bitcoin goes up everything goes up like the whole Market it brings the whole Market but if it go but if Bitcoin goes down","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=97s"},{"start_seconds":106,"text":"and everything what goes down as well and that's actually very scary in which if somehow God forbid Bitcoin fails then","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=106s"},{"start_seconds":114,"text":"probably all of us will fail because that's because Bitcoin is actually the face of cryptos because like when people see what happened with Bitcoins that's kind of like representation of what","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=114s"},{"start_seconds":123,"text":"happens with cryptos so but then you know the other part is that if Bitcoin success then obviously all of us will","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=123s"},{"start_seconds":130,"text":"have Bri features and we're going to have a kind of like very uh well uh future","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=130s"},{"start_seconds":137,"text":"ahead um so what Bitcoin can actually do so Bitcoin is actually the part for a billion users so that's like my take for","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=137s"},{"start_seconds":145,"text":"Bitcoin and so how does it work Bitcoin is kind of like the face of crypto it is becoming the standard and Benchmark of","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=145s"},{"start_seconds":152,"text":"whatever happens within our space like a lot of people when they when they think about Bitcoin it's to of values it a way to invest and trade but that is actually","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=152s"},{"start_seconds":160,"text":"what happens with you know with you know inside a lot of people's mind and that's actually makes kind of like","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=160s"},{"start_seconds":168,"text":"representation of what our industry is all about so what if somehow we can add more use cases for Bitcoin then probably","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=168s"},{"start_seconds":176,"text":"the public perspective of cryptos will also be changed as well it's not not going to be just an investment it's not going to be all about tradings and","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=176s"},{"start_seconds":183,"text":"jenings but it's about use cases and also utilities for us across the board so the the idea is to make sure","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=183s"},{"start_seconds":191,"text":"Bitcoin is more than just St of values so by expanding bitcoin's capabilities Beyond just storo values we can unlock its full potential as a medium of transactions and platforms um it also","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=191s"},{"start_seconds":200,"text":"paves the way for Bitcoin to not just store wealth but also part of our daily life but the problem obviously Bitcoin is not programmable and it's also not","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=200s"},{"start_seconds":209,"text":"scalable 10 minute transactions per block it is it it's very very long so um how to make it scalable programable for","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=209s"},{"start_seconds":216,"text":"everyday use the answer is obviously chain obstruction so enter chain obstruction it is a new movement just like IIA mentioned earlier uh which is","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=216s"},{"start_seconds":224,"text":"kind of like allows a simless interaction between the users into any chains course industry including the nonprogrammable chains like Bitcoin imagine you can do a lot of things with","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=224s"},{"start_seconds":233,"text":"your Dodge coins with your Litecoin with your Bitcoin with any uh coins across the you know the whole industry so for","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=233s"},{"start_seconds":241,"text":"us with at is blue our vision is to be the Bitcoins per app in which we leverage chain faction to the most so","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=241s"},{"start_seconds":248,"text":"that any D apps any chains any VMS anything on the cryptos can use can use Bitcoin as guest F and medium","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=248s"},{"start_seconds":256,"text":"transactions and kind of like in a single unified interface so let me um right so should I so I have like a","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=256s"},{"start_seconds":265,"text":"little demo here so this kind of like how we're building this a single unit unified interface for Bitcoin as a super","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=265s"},{"start_seconds":271,"text":"D um so the first one we have Alice wait is it okay so the first one Alice alice.","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=271s"},{"start_seconds":277,"text":"lives native leoner in which he can she can generate a new Bitcoin address directly with MPC so Alice uh copied the","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=277s"},{"start_seconds":286,"text":"Bitcoin address and with alice. Bitcoin which lives on the export wallet she can transfer any Bitcoin directly into this","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=286s"},{"start_seconds":293,"text":"Bitcoin address that is generated on the near MPC so transferring 0 something $15 for a coin bear in mind that it takes","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=293s"},{"start_seconds":302,"text":"like 10 minutes to be able to kind of like uh receive on the Ali side but not only that Alice can also deposit","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=302s"},{"start_seconds":309,"text":"ordinals not just Bitcoin so I have this like awesome ordinals here uh in which that you can send directly from access","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=309s"},{"start_seconds":316,"text":"wallet into like alice. East Bitcoin address and that's going to be a onetime use of the Bitcoin address and let's wait like couple minutes it takes like a","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=316s"},{"start_seconds":325,"text":"long time I just cut it out like 10 minutes 20 minutes but you know once it's done like that can claim the Bitcoin and make the mirror versions of","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=325s"},{"start_seconds":332,"text":"the Bitcoin directly on near protocol on is blue but not only Bitcoin but also inscription as well once it is live once it is live on the bit once it is live on","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=332s"},{"start_seconds":341,"text":"the near Network Alice can send it to bob. is which is like a native near account as well and it's going to be","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=341s"},{"start_seconds":348,"text":"like very very cheap very very fast it takes like 5 seconds for confirmation times and then VOA um Alice can send uh","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=348s"},{"start_seconds":356,"text":"transfer uh tokens but also Originals as well and to uh Bob account this is very simple it doesn't need $15 to transfer","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=356s"},{"start_seconds":364,"text":"your ordinals it can add more and more use cases to your orinal we can do orinal stakings you can do a lot of other things NFD Lings and whatnot and","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=364s"},{"start_seconds":372,"text":"once it is received on The Bob site and somehow Bob want to withdraw his ordinal like the specific ordinals like Bob wanted to kind of like withdraw it into","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=372s"},{"start_seconds":380,"text":"his own like like bob. BTC account which is live on xer wallet and like he can actually do that so like ordinals uh ID","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=380s"},{"start_seconds":390,"text":"successfully kind of like withdrawed just wait a couple minutes might take 10 minutes or something I just car it out like receiving the ordinals and receive","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=390s"},{"start_seconds":399,"text":"so so yeah Bob actually can withdraw doing pack in pack out any assets on bitcoin into near with Chan instuctions","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=399s"},{"start_seconds":407,"text":"very easily and that's kind of like what we're building and that's going to be like a lot of use cases for Bitcoin for any coins across the board that's pretty much the glimpse of","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=407s"},{"start_seconds":416,"text":"the future with Bitcoin and chain obstruction this kind of like what we envisions the the kind of the the the user experience from the uh from the end","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=416s"},{"start_seconds":424,"text":"user so the users just need to deposit their Bitcoin into each obstruction layer which utilize near protocol chain obstruction technology in which they can","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=424s"},{"start_seconds":432,"text":"use anything any assets any thing on top of the uh you know on top of the apps across the","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=432s"},{"start_seconds":440,"text":"industry and yeah I think last but not least this is kind of like uh the idea and Al one of the uh my favorite movie","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=440s"},{"start_seconds":448,"text":"of all time R play one like the osis credit was the coin of the realm and in this dark times one of the world's most stable currencies valued more than","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=448s"},{"start_seconds":456,"text":"dollars pound yens and and so on so this kind of like how like I see Bitcoin Bitcoin is going to be the Bitcoin is going to be the coin of the Realms the","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=456s"},{"start_seconds":464,"text":"coin of the world and that's pretty much it thank you so much um there's going to be like a lot of stuff that happening in this year very bullish with ch","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=464s"},{"start_seconds":472,"text":"transction so after this call uh sorry after this uh this this speaking sessions there's going to be like a full discussions about the Bitcoin scaling","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=472s"},{"start_seconds":481,"text":"Bitcoins and whatnot but before that I'm very proud to kind of like share um like this new introduction video about this blue what we are building what we're","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=481s"},{"start_seconds":489,"text":"capable of so you know like hope you guys enjoy this and thank you so","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=489s"},{"start_seconds":500,"text":"much","url":"https://www.youtube.com/watch?v=xl7d22DGMBA&t=500s"}],"youtube_url":"https://youtube.com/watch?v=xl7d22DGMBA","url":"https://near-pedia.xyz/videos/xl7d22DGMBA"}