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hey how's it going let's talk about gemini and why it's the future of banking all right so what is gemini so gemiini if you just really want to get the formal definition of what it is it's a digital currency exchange basically you can buy sell and store digital assets and the most popular one right now and probably for a very long time it's gonna be bitcoin i thought the reason behind the name was kind of interesting so let me just give you a quick excerpt from their site right here so why the name gemini after whiteboarding a list of possible names for several weeks we settled on gemini for a host of reasons gemini is the latin word for twins and as such it inherently explores the concept of duality we were drawn to this both because of the two worlds of money old and new that will intersect on the gemini platform as well as the two-way nature of trade that it will facilitate but that's not all once we picked our name a fun fact emerged we realized that nasa's project gemini was a space flight program focused on laying the groundwork for apollo's later mission to land man on the moon as such it was coined no pun intended man's bridge to the moon in this spirit we've built gemini to be a bridge to the future of money oh and tyler and i just happen to be identical twin brothers so that's just some fun facts there i know a lot of people don't know the main reasons why gemiini was chosen as the name it's always fun to sometimes learn about that stuff but let's go into the main argument here why is gemini the future of banking well i personally believe that it has all the ingredients for success it's a very unique combination and you need three things it's the trifecta you need famous founders you need to also redefine banking and create something new create a remix and then the last thing you have to have really good safety measures let's go to the first thing so famous founders slash influencers i would say that most people know tyler and cameron the winklevoss twins from the movie the social network where it talked all about the whole facebook thing and how they sued mark zuckerberg and then got a whole bunch of money and then dumped a lot of that money into bitcoin the really important thing about this though is that they're really active on social media especially twitter and i think this separates them from a lot of other cryptocurrency platforms slash companies because it makes it more relatable and i believe that in order to have more mass adoption for something as controversial as cryptocurrency you need to have founders that are more personal and you feel like you can reach out to them on an everyday basis and of course it's just really important for branding if you have personalities influencers that are actually leading your company then it's probably going to lead to a lot of organic growth down the road assuming that they're obviously well liked the next thing is redefining traditional banking structures traditional bank accounts i think this is really important because there's so many online banks or different types of currency platforms that are trying to beat banks at their own game i don't think you should try to do that because they've been doing that for literally centuries and they've perfected the model up until this point it's going to take a long time to try to beat all those national banks so you should create your own type of bank and the best way to create your own type of bank is to have your own type of money that's why bitcoin cryptocurrency presents the perfect type of ammunition to fire back at a lot of the traditional banks and they're already starting to do it i'm not just talking about gemini but other types of crypto banks they have savings accounts you can literally put crypto in there and you can just hold it there and you can earn apy you can earn interest a lot more interest compared to other types of national savings accounts out there and there's also a lot of crypto debit cards and credit cards that are coming out soon almost every single year there's a mass influx especially for credit cards we're gonna see that a lot more and the last really important thing is safety insurance is your money digital assets safe at this bank well that's what gemini's trying to prove if you leave us dollars at your crypto exchange they're gonna be insured in the case of us dollars it's fdic insured almost every legit crypto company has that or whatever native currency you're using that's going to be insured by the regular traditional policy but here's the other thing the thing that scares a lot of people crypto digital assets they're not fdic insured and the main thing is that they can't be fdic insured because how can you compare it to something like dollars but you can still get other types of insurance which is really important gemiini has something called gemini custody and i'm not saying this is the best but i'm saying at this scale and the partnerships they have it does make you trust gemini a lot more compared to maybe some other types of newer crypto companies which again is really important because to get this type of insurance it's not that easy especially for crypto so they have something called gemini custody 200 million dollars in cold storage insurance coverage apparently this is the largest limit of insurance coverage purchased by any crypto custodian in the world and it's also important to understand that gemini custody it's brokered and managed by marsh and aeon those are large traditional insurance companies so the fact that marsh which is actually pretty well known for doing corporate insurance a lot of that risk management and also aeon which is well known in the traditional insurance space the fact that they're actually being partnered with them that probably took a lot of conversations so all three players are in the space right now gemini marsh and aeon they're all part of this and i honestly feel like my money is pretty well protected here's another interesting fact too and i don't know how true this is but apparently gemini's never been hacked or if they have it's never been large enough to hit the news so that's pretty interesting their security seems to be pretty good up until this point and yes i do have a referral link again you don't have to use it but i have mentioned this in previous videos if you look at the video description it's part of the video where i talk about how to get free bitcoin for gemini you can earn ten dollars in bitcoin when you buy or sell 100 or more within 30 days otherwise again the main point of this video it's not for the referral link i don't care about that at all i want you to just understand that banks very similar to gemini they're gonna start popping up a lot more in the next five six seven years but i also want you to understand gemini take it really seriously because gemiini has a really strong head start compared to other types of crypto banks meaning that this is probably gonna be still one of the strongest crypto banks years down the road and i have no doubt about that all right so let's talk about their products gemini has a lot they have a lot of sub categories as well i'm just going to talk about the main stuff here so gemini has a mobile app they have ios android you could also access everything on desktop honestly i recommend just using desktop using something like active trader if you want to buy crypto otherwise if you're looking for the lowest fees gemini is not necessarily the place and of course it depends on the crypto the token things like that we're not going to talk too much about that in this video because that's not the main point the next one and i really like this gemini credit card so that's coming soon i really like it but i hope they have two versions of it one with no annual fee and the other if they do charge an annual fee it better be something that's actually worth an annual fee because the one thing i don't like about a lot of credit cards out there especially for crypto is that they're gonna make you pay an annual fee for it and i think that's not the way to have a lot of people adopt the platform and come in i understand that the barrier to entry and of course the company has to pay a lot to even issue something like this but they should just eat the cost and they should allow a lot of the early people who get in to not pay any type of annual fee what about the other things so gemini has a savings account like feature it's something called gemini earn and they just talked about this they just started to release this february february 2021 recently you can apparently earn up to 7.4 percent but honestly it's not the best out there so i'm very neutral on using this especially if you're just individually looking to earn apy on crypto if you want to get higher rates i've mentioned this in previous videos you should probably just check out the main players in the space the big popular ones something like block fi or celsius network i would say compared to a lot of other crypto places out there i've heard most people using block fi or celsius network if you just want to earn apy the last one i'll talk about something called nifty gateway gemini actually acquired this company back in 2019 why would gemini buy something like this well nfts non-fungible tokens we're not going to talk too much about this in this video but i'll mention this in more future videos and do a lot of deep dives into specific companies my honest thoughts about this but if you want to keep it very simple it's using crypto to buy digital art unique digital art and how do you know that it's unique well it's all pretty much recorded on the blockchain so you can't really have a non-unique thing on here yes you can create unlimited types of tokens technically which is one of the biggest arguments against this on why people wouldn't like it but there's a lot of pros honestly at this point i think there's more pros but i'm probably a little biased too and you've probably heard about crypto punks punks autoglyphs nba top shot there's a lot more i'll talk more about nfts in future videos but for now let's just keep it purely about gemiini so that's all other accounts individually i wouldn't say that they're the best but as a whole if you combine everything active trader the exchange the advanced exchange and also the savings feature the upcoming credit card and nfts as a whole especially with the branding that gemini has i would say this is one of the best if not the best to do pretty much everything you ever want to do with crypto at one single place what's next there's a lot of different possibilities but there's one thing i really want gemini to do so i want gemiini to actually have a checking account like feature with direct deposit so people can actually redirect their paycheck and have it go into gemini's checking account and i also want the option to auto convert to something called gusd which is gemini usd so that's their stablecoin i've mentioned it in previous videos but if you can also earn interest just by doing this and also setting up direct deposit i believe that a lot more people who've never used crypto would probably use this just for the sheer fact that you have a stable coin attached to this that pretty much is pegged one to one to the us dollar so it's not gonna fluctuate as much as bitcoin but also because they want to earn apy what's the one thing that's holding gemini back though again i mentioned that it's not necessarily the best place if you want cheap crypto because there's a lot of exchanges out there even newer ones that are literally not charging you anything because they're trying to play catch-up but i think the biggest thing that's holding gemiini back is that they didn't start out as a retail style online bank which is kind of the easiest way to get a lot of customers they've already made a choice you can't really go back because people already know their brand as a crypto first type of organization but if you kind of want to step back a bit if we're talking about existing online retail banks that could get into crypto who has the best chance i think chime has the best chance they already have the most online retail customers apparently on the banking side over 12 million what if chimes started to support crypto created their own unique coin or token i think if they did that they would hit a massive growth period otherwise if you're just comparing crypto only companies gemini is one of the top out there and i highly recommend that you check it out and hopefully this helped you out if you learned something new then subscribe to the channel and as always thanks for watching and i'll see you in the next one [Music] [Music]