Have You Been Bitten By The Bitcoin Bug Yet?
Well I have a confession…
I certainly have been bitten… and it’s been eating away at me for some time!
It’s difficult to go on on social media theses days…
and yes, I probably do spend too much time on there…
without seeing and feeling the excitement about Bitcoin.
Below is a post that I made on Facebook not too long ago.
“The crypto currency market is the fastest growing market on the planet and it’s throwing out gains that seem pulled from the realms of fantasy. – Sam Volkering.
This is the future. I have been studying this fascinating subject in great depth. To avoid the pitfalls and scams, I’m being advised by a top City of London expert (at no little expense) as well as my online specialist group…
I’ve definitely been bitten by the bug. Follow me on my journey…
Watch this space!”
But what is Bitcoin and Cryptocurrency all about?
Good question! I didn’t really know too much about it but I know I am not alone. The vast majority of people don’t really know too much about it but I realised that I should…
and the vast majority of people – if not all of them – should know and understand what Cryptocurrency is all about…
because this is not a fad…
it is here to stay and it will very soon affect all of our lives!
So what I did was to take detailed advice from a top City of London financial expert, on the subject. It didn’t come cheap but I can tell you a little of what he advised.
Below are a few extracts from his advice on Bitcoin, as opposed to Cryptocurrencies generally: –
“ That’s why I’ve dedicated the last five years of my life to understanding this phenomenon…
researching it, speaking to the people developing it, investing in it, talking about it on US TV.
There’s so much raw potential here – I’ve made a point of knowing everything I can. Why? So I can show you how to navigate this opportunity and – with a bit of good fortune – come out the other side substantially wealthier.”
A brief extract from the history of Bitcoin.
Again these are extracted notes from the financial expert’s advice.
“In 2009, a white paper was published to a cryptography mailing list. The title of the white paper was, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ . Its author was the mysterious and elusive Satoshi Nakamoto.
The core premise of this electronic cash system was an online payments system that would ‘allow online payments to be sent directly from one party to another without going through a financial institution.’
It is the anti-financial system. It’s an alternative financial system to the one we currently use to buy and sell things, transfer money around the world, and to build our financial wealth.
The white paper by Nakamoto is a must-read for anyone thinking about involving themselves in bitcoin. It’s only eight pages long (plus references), and is actually quite simple to read and understand. This is the foundation — the beginning of bitcoin. And it’s where everything took off.
Bitcoin is a digital currency. And, as Nakamoto explains in the white paper, it is an electronic coin, by definition, which is just a ‘chain of digital signatures.’
For example, I transfer you one bitcoin; that creates a digital signature — it’s then secured with cryptography known as a ‘hash’. This new digital signature however is added to a whole long line of digital signatures from all previous bitcoin movements that have ever taken place.
According to Bitcoin Wikipedia estimations, all bitcoin will be in circulation by 7 May, 2140. So there’s a while to go still.
In late 2013, when bitcoin hit an equivalent price of US$1,242, the world stood up and took notice. The same day bitcoin hit US $1,242, the spot price for physical gold was US $1,240. This digital currency was worth more than gold. For many, it was digital gold.
In fact, I don’t envisage a day in the future when there isn’t bitcoin. Considering all coins won’t even be in circulation until 2140, that’s a good indication of its longevity.
Bitcoin is, and always has been, a unit of exchange over the internet. It is, in its purest form, anti-government, and anti-central bank. It provides the perfect basis of an alternative financial system.
I’m also of the view that the fiat currency value of bitcoin is unimportant for the future.
It matters little long-term what bitcoin is worth in USD, CNY, AUD, GBP or whatever currency you choose. One day, you will be able to freely spend bitcoin as you do the currency you’re paid your wages in.
However, there is a transitional period to this day where the fiat value (* see below) is important, giving us perspective as to the purchasing power of bitcoin.
For example, while the current price of bitcoin is US $2,165 long term (at the time of writing), I can see it being the equivalent of US $50,000. That’s not a stretch considering when I first started covering Bitcoin for Southbank Research it was at just US $747.”
“I could go on and on, but the point is that bitcoin today has come off the hype and hysteria of 2013. It bottomed, it stabilised, and it’s seeing more recognition and acceptance globally as a viable system. It’s now achieved a degree of stability in price.
That puts it in a strong position for investment.”
* The definition of “fiat” (above) is defined in Wikipedia as follows : –
 The term derives from the Latin fiat (“let it become”, “it will become”) used in the sense of an order or decree. It differs from commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity), while representative money simply represents a claim on such a good.
The first use of fiat money was recorded in China around 1000 AD. Since then, it has been used by various countries, concurrently with commodity currencies.”
So in simple terms “fiat money” is typically a particular country’s legal currency e.g. the US Dollar or British Pound.
Well you should be!
Want to learn more?
Well you should do!
There are lots of cryptocurrencies but no need to overload. My expert recommends 3 main cryptocurrencies to simplify matters. So watch this space…more about this in future posts.
How To Learn All About Bitcoin and Cryptocurrencies.
Here’s the link to learn a little more from the post above: http://bit.ly/2sujT8T
I will be adding to this subject on this blog on a regular basis but what I also did in the meantime was to join an online group which is purely aimed at providing education about cryptocurrency. I know the leaders in the group and they are reliable. They have long been successful with their online businesses and they recognise a good thing when they see one. It’s a helluva lot cheaper educating yourself this way than through my City of London financial expert, I can assure but what really pleased me is that what I am learning from this online group is in line with what my City of London financial expert is advising me so far. The big difference is that it is only a fraction of the cost to join and start learning ($39.95 / £ 31.00) per month at current exchange rates…and the great thing is that you can also earn money whilst you’re learning by promoting this Cryptocurrency educational company to anyone you think might be interested!
This cryptocurrency educational company is in pre-launch until 21 June. Until then, the educational program is limited but as I said, I do know the leaders and I’m absolutely confident that this program will deliver huge value and all of the education that you will need, on a continuing basis. It is FREE to join and take a look around, so you have nothing to lose and everything to gain. Do you think you know someone who might be interested? Well I am betting that many of the people you know will want a piece of this action. If they don’t start learning and earning now, when are they ever going to make a start?
If this is of interest to you or anyone you know, then take a look at this: http://bit.ly/2rjezFk
I hope that this post has given you some value. Let me know what you think. Feel free to ask any questions in the comments below.