Have you ever heard of cryptocurrency? Perhaps there are a few of you who may be familiar with “what its like”. I do repute for the far majority of people the answer would be what’s that?
My text book reply would be a cryptocurrency( or crypto money) is a medium of exchange utilizing cryptography to secure the transactions and to control the creation of new gangs. Cryptocurrencies are a subset of alternative monies, or specifically of digital currencies
In short-lived I may respond: You know, like a BitCoin.
The next Question I would constitute is: Now that you know what the world of cryptocurrency is and a general project how it it use my next investigate may be: In “the worlds” of cryptocurrency, how do you fit in?
In my business occupation I had the opportunity to do very well at making an attractive income on the internet. In special I have been successful in selling, advertising auctions, business development, ecommerce, technology, and online business building including the building of large online organizations.
Prior to deciding if I am going to invest, marketplace, brand, promote or own something I invest a lot of hour researching it.
In addition I surround myself with like minded mortals I refer to as either successful business associates or collaborators who have a great deal of knowledge and research on whatever “its by” we are going to promote.
My strongest inclination to stimulate something that is new and inventive that has a very strong chance to saturate the market in the future. In particular I would like to control, firebrand, circulate firstly to market a product or service that is going to be a game changer.
This would be something everyone in the future is going to desire to want, own or possess.
I have little interest in promoting something that have so far been saturated world markets. There is little opportunity for me to be first to grocery or captivate market share of products or services
I do not desire to try to market something everyone once has or are all aware of. There is then no way I can then be first to grocery as in the mind of most successful industrialists those who are first to grocery who then captivate world markets wins.
Many entrepreneur thoughts souls approach me to join them to promote items such as cell phone services, online advertise, state related produces, nutrient, ecommerce or online browse. My simple reply to these financiers is simply I am not interested.
The reason I have zero interest to promote these pieces is the market is already saturated with big-hearted actors that you are never going to be able to compete with. Those who were already first to busines have captured the market share.
This brings me to the world of cryptocurrency and cube order technology. Again if you were to approach the average individual and asked them: Have you heard of cryptocurrency the likely response would be: What’s that?
The self-evident opinion is if I were going to be first to sell, label, own or possess what would it be? The refute is simple-minded: blockage series technology and cryptocurrency.
You may ask then what is the difference between currency a.k.a. money and cryptocurrency? There are many seams of explanation or excuse we are to be able characterize the two primary variations in currency vs. cryptocurrency 😛 TAGEND
Fiat money or fiat money is fund whose cost is not is coming from any intrinsic significance or guarantee that it can be converted into a value commodity( such as gold ). Instead, it has appreciate simply by authority dictate( fiat ). Usually, the governmental forces declares the fiat money( generally indicates and silvers from a central bank, such as the Federal Reserve System in the U.S .) to be legal tender, spawning it unlawful not to accept the fiat currency as an instrument of repayment for all obligations, public and private
In regards to defining cryptocurrency I could examine all of its aspects but the main point now cryptocurrency is not fiats but preferably cryptocurrency known as a digital medium of exchange that performs same to traditional fund, but has no physical equivalent and is simply in digital form.
The firstly major cryptocurrency which started everything there is was Bitcoin in 2009 as open source, and since then a great deal of other alternative cryptocurrencies have become available thanks to the huge notoriety that Bitcoin has managed to generate.
Cryptocurrencies are in fact a formation of digital money that uses the principles of cryptography to used a distributed, decentralized and secure economy which allows you excavation and swap them.
If you were to compare cryptocurrencies to fiat money, the most notable change is in how no group or individual may influence greatly the production of coin( in the case of crypt it is called mining ), instead only any particular extent of cryptocurrency is produced by the entire cryptocurrency organisation collectively, at a rate which is bounded by a quality both prior identified and publicly known.
Now that I have offered you a very commonly used text volume edition of the differences in the two I pose the question in the world of cryptocurrency How do you fit in?
Your first question may be the same question I questioned myself. Who are the main players in the crytpocurrency grocery. My explanation would be to follow the money course, find a plaza where you fit in and capture as much cryptocurrency you can.
A true statement is the far majority of everyday parties own zero crypto-coins. Another true statement is If you were to make BitCoin as two examples as a means to capture market share of cryptocurrency you are simply too late. The vast majority of the silvers that we readily quarried in BitCoin is gone.
In order to captivate any respectful market share of the remaining silvers left to be quarried you would need to have a high degree of technology i.e. known better, server infinite, great financial support and large-scale group of people with the technical skills needed to mine the coins.
The monthly costs of a sophisticated activity of this sort nearly cancels out the best interests of the the BitCoin you are able to successfully mine.
The other action to captivate market share of BitCoins would be vast amounts of money to purchase them. Again this is simply way beyond the reach of any individual who is not already a multi-million-ere “whos had” risk capital at their jettison. Simply leant world markets for share BitCoin is gone especailly for the average person. This approach is simply not happening for you.
Fortunately for the average person who now realise just how large-scale the market is going to be and has gained an edge in profoundly experimenting cryptocurrency and brick order technology
It is however not too late for “youve got to” capture your share of the cryptocurrency marketplace!
This especially holds true for you for anyone I refer to generically as John Q Citizen who either has never heard of cryptocurrency( crypto-currency) or has no project how important is is to own cryptocurrency with a market share advantage.
If at this item you have at least made the time to have read this publication there is is some awareness on your part of either a general interest in the topic, or attention as an aspiring financier who is asking the question: How do if fit in?
If the latter evidence is chastise then you are already a gradation or two steps ahead of who I refer to as John Q Citizen.
Just for the record the deep study that I have taken has privately paid off. I have found a workaround to the whole crytpocurrency publish, which has given me an side over most of the average public. It has allowed me to be first to busines. For all those people who first to marketplace where it was acquire by quarrying large quantities of available cryptocurrency have then virtually captured market share of accessible alternative crypto-coin options available.
In another book on such matters I have discussed who are some of the big household name financier, monetary entities and conservatories who have huge awareness on information and communication technologies. In the publication I have included their direct mentions and who are already taken steps by capturing and experimenting with information and communication technologies for future implementation to captivate their market share.
In my related publication I called who is creating strategies to gain enormous wealth and advantage in the market. If you are conducting your own research this should be crystal clear
In the world of Cryptocurrency how do you fit in? I can tell you that in general 95% of the world I refer to as John Q Public shares 5% of the worlds rich. The remain of the 5% of the world( those inventors who had the awareness who made the time to experiment then took decisive action) who clearly took advantage of the shares enjoy 95% of the worlds wealth.
To finalize I ask you: Where do you see yourself in the cryptocurrency market?
Are you part of the 95% who I refer to as John Q Citizen who wasted the majority of their period on the internet socializing, playing games or heavily weighed in the latest regional gossip. The same 95% who never took the time to research the matter. The 95% who are capable of one day ultimately realise they missed out on gigantic opulence potential?
Perhaps you will see yourself as one of the 5% who experimented the matter and wishes to make deciding act required to implement a strategy.
I for one emphatically have a cryptocurrency policy in place I positioned, after deep study followed by immediate and decided action to join the 5% radical. Hopefully you are able to take the time as well.
– Hey, what up, world? It’s your boy Ian. Welcome to Hacking the System. Show where I teach you how to make six figures in your 20s, yeah your 20s. Who said making six figures has to wait until your old and grumpy? In today’s show, we’re gonna talk about something that’s about to blow up, and I mean blow up. We’re here on the diamond field playing baseball, well, not really, but today’s show, I’m gonna show you you can possibly, possibly, hit a home-run investing in something that’s on the up and up. Today’s show will cover Bitcoin, Ethereum and cryptocurrencies and how they could possibly make you a millionaire. In your 20s? Let’s get into it. (hip hop music) Hey, what up, world. It’s your boy, the made man. Welcome to Hacking the System. The show where I teach you how to make six figures by any means necessary while you’re still young. Create the lifestyle of your dreams and hustle to greatness. All right, so in today’s show talking about Bitcoin, Ethereum, altcoins, cryptocurrencies in general and how they could possibly make you a millionaire. I know that may seem like an exaggeration, because I’m definitely not a millionaire, but the potential is there.
So if the potential is there and you’re out there trying to chase the money like us, right? We gotta go break it down and show how we could possibly do it. So let’s start things off with a story. All right, there was this guy who was doing his thesis in graduate school on cryptography. So he got intrigued by Bitcoin and blockchains in general. All right, for those who don’t know, blockchain is the technology underlying Bitcoin and that makes it work. All right, it basically leverages cryptography. So he’d gotten really, really intrigued with this. And he just tossed his money on the side and bought some Bitcoin. He bought $27 wort of Bitcoin. That was sometime back, right. Fast forward three years later, three years later, he completely forgot about his investment. He forgot about his $27 investment. So three years later, Bitcoin is basically in the news, it’s blowing up. It’s trending, it’s peaking. He’s like, yo, I bought some Bitcoin a while back, let me check up on it. All right, so he goes to check his Bitcoin wallet to see how much money he has and in three years, in three years, it went from being worth $27 to $886,000.
Yeah, almost $1 million in three years. His $27 because Bitcoin went from being worth pennies on the dollar to right now being worth over $1,200 for one Bitcoin. All right, so Bitcoin is blowing up, baby. All right, so don’t miss this boat. If you missed it, I’ll show how you can definitely leverage it and other cryptocurrencies. All right, so why is there lots and lots of hype around Bitcoin, Ethereum, and cryptocurrencies in general? Well, Bitcoin was the best performing currency in 2016.
It surpassed gold and any other body out there like dollar, yen, whatever, right? It was the best performing currency. Just think about that for a second. How many currencies do we have out there in the world? The world is humongous, all right? But Bitcoin was the best performing currency in 2016. It went up 120% in 2016. Basically meaning that it more than doubled the money if you had bought Bitcoin in 2016. Then on the other hand, Ethereum is blowing up as well. Actually, blowing up a lot more than Bitcoin itself. I got involved in this whole cryptocurrency game sometime around November, December last year in 2016. And I was like, you know what, this seems kind of trendy ’cause my friend told me about it. So I tossed some money at it. And I recall that Ethereum at that point around November, December was only worth $10.
Fast forward to February, March, Ethereum is at $40. So it quadrupled in value in about three months. All right, so my best trade to date, my best investment to date in terms of cryptocurrencies is actually Ethereum. I put in about $2,500 in it. And about three months, in basically a month or so actually ’cause last couple months have been kind of stagnating. But in basically a month, I doubled my money. From 2,500 to over $5,000. All right, so all these currencies are trending because they’re blowing up, they’re getting attention. They aren’t mainstream yet, so right there’s still definitely time to catch the gold rush. ‘Cause this right here is a gold rush, baby.
All right, so to start things off, we’ll first talk about what is Bitcoin, what is Ethereum, and what are altcoins and cryptocurrencies in general? All right, what is Bitcoin? To keep things simple, Bitcoin is a decentralized digital currency. Right, so similar to how we have cash, we have the dollar, or what have you, right, we have different currencies. The dollar, the yen, right, Bitcoin is a digital currency. But what makes it different, though is it’s decentralized. There is no central authority. There is no bank, there is no government that controls it. It’s peer to peer. So similar to how Bitcoin operates, right, if you ever download anything from Bit Torrent to way back in the day with Napster, right, Napster and the whole time with the illegal pirating craze, everything was peer to peer.
Right, because of that, there is no central point of failure when it comes to Bitcoin. All right, imagine having different people across the world being able to talk with each other and send money without having to depend on a bank, on the government, right, there is no middle man. Everything is peer to peer. You’re directly talking with the other person and making a transaction. This happens because of such technology called blockchain. This basically leverages cryptography. Meaning that it makes it so that you cannot really hack it, per se, right, so nobody can really spy on it.
It’s very, very secure, right. So me and you can make a transaction without having to go to the bank. And because of that, there is no middle man. Freeing us. Then on the other hand, we have a different currency and platform called Ethereum. Right, this is kind of the second biggest currency or platform out there. Ethereum is a decentralized distributed computing platform. What does that mean? So think of that as basically using peer to peer virtual computing.
That’s kind of the best analogy I can think of. So think of Ethereum as a platform that allows you to be applications, that allows you to build peer to peer applications. So think of build supercomputer that is decentralized, there is no central computer. Everything’s peer to to peer. So imagine everybody around the world pulling their computer powers together to make one supercomputer, one platform that you can run different applications on and these applications are called smart contracts. So what does that exactly mean? So Ethereum you could have not just currencies, right, ’cause currency for Ethereum is called Ether, but you can have smart contracts for thing such as trading coffee, for trading wheat. Anything of value between two parties and they want to transact with each other, they can doing that on this platform called Ethereum. And one of those ways is Ether, which is the currency.
All right, what are altcoins? For anything out there that’s not Bitcoin in terms of the cryptocurrency world is referred to as an altcoin. Short for alternative coins. All right so why do Bitcoin, Ethereum, and cryptocurrencies in general really matter? What makes them valuable? The first point is they’re centralized. I keep stressing that because it means that there is no central single point of failure. The government can’t come out there and control it. There is no one central authority or body that controls it. Meaning that everybody can do what they want whenever they want. It’s kind of like the wild, wild west. All right, so, which is both good and bad, right? Because good in the sense that countries out there that have oppression or different people that can seize their bank accounts don’t really have to bother with that, because Bitcoin and cryptocurrencies in general give them independence from that. Because there is no one one single point of failure, nobody can shut it down. The government can’t come in here and say, you know what, we don’t like how you’re transacting business, let’s shut this down. Perfect example is Bitcoin back in the day, back in the heyday, got popular because people were using it on a platform called Silk Road.
All right, it could transact and buy illegal goods on this platform, which is basically the Dark Web the Dark Net. They could buy illegal goods with it, and not really leave any trace, because the government couldn’t track it. So that’s how Bitcoin can I have kind of got its initial growth. But the government came and shut down the Dark Web for Silk Rroad, but it couldn’t shut down Bitcoin, because Bitcoin has no central authority. It’s peer to peer. So imagine kind of like bitron, if you take down one computer, you can’t shut down the entire network. This becomes important because you own Bitcoin. It’s not owned by the bank, your country, the government or a different authority You own it. It is yours. As a result, nobody can seize it from you unless you lose your wallet, which we won’t cover today, but, so for example, back in I think around 2013 or so, there was the whole economy bailouts, countries were collapsing, and Cypress was one of those countries. Cypress, the government Cypress, as a way to bail out the country and try to reestablish a reboost to the economy, they went after and they wanted to seize assets in people’s bank accounts.
Just think about that for a second. The government wanted to go to people’s bank accounts, take out their money and redistribute that money out there. As a way to revitalize the economy. So people got scared, man, they got really, really scared. And that’s when Bitcoin began to grow. So they took money from their bank accounts because they knew the government could come and seize those assets. And they put that almost away like an off-shore account. They used Bitcoin as a way to hide the money from the government, or store the money in, not really hide it but protect their money from the government and other third parties who would try to seize that money. Bitcoin also matters in the sense that it’s similar to gold. All right, in the sense that it’s scarce, it’s rare. All right, ’cause as opposed to fiat currencies like the dollar and all these other paper currencies that are no longer tied to the gold standard, they lose value by the minute, by the day. All right, every time you print out more fiat currency, more paper money to boost the economy, all right, it’s losing value because it’s basically almost infinite.
With Bitcoin is similar to gold in the sense that they’re only 21 million Bitcoins out there that could be ever be mined. As a result, it’s scarce, giving it value. Another selling point for Bitcoin, Ethereum, and other cryptocurrencies is that they’re global and borderless with low transaction fees. Meaning that me right here in America, I can send money to anybody around the world very, very quickly, all right, faster than sending money with other platforms like Western Union. On top of that, they have lower transaction fees. So, for example, Bitcoins could be used as a replacement for Western Union and sending money abroad to help out family members or other friends. Because the transaction fees are very, very low.
And money can be very instant. Because right now with the current banking system, it’s very hard to send like, for example, a $1 million out there across the world. It’s actually easier, a lot easier, to get on a plane with a suitcase of money and transfer that money because money usually takes about three to five business days, sometimes even longer, depending where you are. All right, with Bitcoin, it can take anywhere from 10 minutes to half an hour. All right, so it’s very, very fast to send large amounts of money, and very, very low transaction fees. All right, cause when I send money to somebody via Bitcoin, there actually is no transaction fee. There’s only a transaction fee when you try to take the money out, and that fee is very low. And one of the main ways that makes Bitcoin, cryptocurrencies and Ethereum and all such matter is they help store value. So earlier I mentioned how in Cypress, people who were afraid of the government seizing their assets were able to store the value of their money in Bitcoin.
So, for example, the same thing is happening in China right now as we speak, ’cause China is communist country. And people, Chinese are in droves in terms of the rich Chinese, they’re sending their money to Bitcoin, Ethereum, and these other cryptocurrencies as a way to store the value from either unstable currencies or from the government. So, for example, if you have a currency kind of like down in South America and Argentina, right, they’re using Bitcoin to store the value ’cause their currency fluctuates up and down to a point where they can’t really, they have no idea where their currency stands at any given point in time, ’cause it’s so volatile. So they use Bitcoin as a way to store the value. All right, so how can Bitcoin and all these other cryptocurrencies make you a millionaire? First thing I’ll say is, I’m definitely not a financial advisor. This is infotainment. Right, but I myself am actually invested in all these cryptocurrencies, right, Bitcoin, Ethereum, and some more altcoins. But in general, right, so back in 2011, if you invested $100 in Bitcoin, at this current point in time in 2017, your $100 investment would be valued at almost $400,000.
Just think about that for a second. $100 to 400 grand in basically six years. Like, imagine if you put a lot more into it. Because me right now, I have over 10 grand in it. All right, so I’m definitely playing the long game. I’m definitely going for that home run, right? I’m trying to swing outside the fence. So Bitcoin and cryptocurrencies is basically a way to speculate on the future in terms of the economy, the world economy, currencies, because right now if you get in early, you could possibly make a killing in it. And, as I mentioned earlier, reason being is other currencies out there are losing value, which is why Bitcoin was the best performing currency of last year in 2016. All right, so fiat currencies lost a lot of value in the sense that they’re no longer backed by the gold standard.
Meaning that for every $1, for example, it’s tied to one equal dollar worth of gold. ‘Cause back in the early, I think like the, in the 20th century, right? If you took your money, you could exchange that for gold in its equal form. But at this point in time, it’s no longer backed by gold. As a result, it gave the government of America and other countries the ability to print as much money as they like. Print as much paper money as they like, ’cause it was no longer tied to gold. So they could just go out there and print a $1 billion and not have $1 billion worth of gold to back that up. As a result, the value decreased. And so, in general, cryptocurrencies like Bitcoin and Ethereum are getting lots and lots of attention because big companies now are paying attention to them. They’re backing them. So, for example, my employer, IBM is going in on blockchain, the technology, the underlying technology that makes Bitcoin and all these other cryptocurrencies possible. They started a high pillager foundation, which is basically a blockchain foundation.
And then recently this year, JP Morgan and Microsoft founded their own Ethereum foundation. That’s why Ethereum blew up in the last three months or so and went up from $10 to $40, because big companies are paying attention and giving this that stamp of approval. So anybody out there who’s kind of hesitant to take a look at these cryptocurrencies or check them out, if Microsoft, IBM, JP Morgan are willing to take a gamble on these currencies, maybe you should too as well. Right, maybe you should also take a chance, a gamble, a fly on them. Because this could be your million-dollar move. Another point I’ll make is, Bitcoin could be a possible replacement for gold. Yeah, gold. ‘Cause recently, Bitcoin is now worth, one Bitcoin is worth more than one ounce of gold. One ounce of gold is worth, is worth less than one Bitcoin. So Bitcoin could be a possible replacement to store value as opposed to storing it in gold. So if you have a bunch of money, right, and you want to store it in something else besides gold, silver, you could store it in Bitcoin.
Which is what the the Chinese are doing, and other people in unstable economies with unstable currencies, they’re using these cryptocurrencies as way to store value. All right, so you’re saying, hey, Ian, yeah got me hyped, super hyped, I’m definitely down to invest some money on cryptocurrencies like Bitcoin, Ethereum, what have you, where do I start? How do I start? So the first step to start, especially if you’re a beginner, is a site called Coin Base. This makes it very, very easy for anybody out there to buy and sell cryptocurrencies. This was meant for beginners. All right, so if you go to coinbase.com and create an account, you can verify your account, tie it up, link it up to your bank account and buy money, and buy crypto, and buy basically Bitcoin, Ethereum, Litecoin. Those are the three currencies they have on there. The three cryptocurrencies they have. You can purchase them either with your bank, with your debit card and tie it to your bank account, or a credit card even.
All right, but one thing about Coin Base, though, is it has higher transaction fees than normal Bitcoin or cryptocurrency sites ’cause it’s meant for newbies. But with that being said, though, it’s very, very user friendly. It’s how I began my journey in cryptocurrencies, and it’s a great place to start. Now, one thing to note is if you actually go on my website and sign up using my link, right, you and I will both get $10 worth of Bitcoin cryptocurrencies in terms of Bitcoin, Litecoin, what have you, to invest, if you invest $100.
All right, so let me say that again. So if you want to start and you want to put $100 into it, Coin Base as a way to kind of entice you to learn the system and get more involved, they’ll give you $10 as well. But to do that, you have to sign up using my affiliate link, all right. So if you sign up using my link, my affiliate link, you and I both get $10.
What a deal, right? All right, so let’s say you aren’t really a beginner, and maybe you’ve done investing before and you don’t want something that’s super easy. Maybe you want to day trade, for example. All right, two good platforms for day trading are GDAX, which is an exchange owned by Coin Base. It’s kind of for more advanced people. And also Gemini. These two are basically exchanges that let you day trade cryptocurrencies. And mainly just the popular ones like Bitcoin, Ethereum, and Litecoin. All right, so if you want to day trade, you can use those platforms. They’re better than Coin Base in the sense that you have a lot more control. You can do things such as stop limit orders. They also have fewer transaction fees. Much, much, lower transaction fees. But it’s kind of more complex. You have to have some kind of experience investing.
So I would recommends using something like Coin Base to start. Using that as training wheels. Then go on GDAX or Gemini and use that as a way to kind of once you’ve mastered or gotten the handle on things to start doing a lot more complicated things, more complex things. Now, so we’ve talked about Bitcoin, Ethereum, and the main two currencies out there, the two main cryptocurrencies, but there are over 100 cryptocurrencies out there, over 100. And new currencies are coming up every single day.
And actually I think it’s a lot more profitable to find the smaller currencies because they have a lot more growth potential. ‘Cause Bitcoin has gone from being worth pennies to being worth $1,200. So in terms of growth potential, it could go to 2,000. It could go to $10,000. Even $5,000, but it’s gonna get there a lot slower than these currencies right now that are in the pennies on the dollar. All right, so think of altcoins, alternative coins as similar to trading penny stocks. All right so for those who have done investing before, penny stocks are basically stocks worth under $1 or so. Right, almost pen as, that you can buy very, very cheap, and if they go up, they can double just like that. All right, so for example, recently, I doubled my money with Ripple, which is a cryptocurrency as well, but this is used more for banking. ‘Cause it was worth very, very, it was worth in the pennies on the dollar. And when they go up two pennies, maybe if it’s 50 cents it goes to $1.
You can double your money like that. So in general if you want to trade altcoins, the exchange I use is called Poloniex. Don’t know how to pronounce it. I just call it Polo for short, right? (laughs) But if you go to Poloniex, Polo, right, they have tons and tons of cryptocurrencies out there, tons of them. From Stratis to Ripple to Decred, right, not every currency, but the popular ones out there that you want to invest in and leverage and make profit on are available on Polo. All right, as opposed to going to Coin Base, GDAX, and Gemini because they only cater to the top three currencies, the top three cryptocurrencies. Everything else, the altcoins, I would go to Polo and find them there, all right? But one thing to notice, Polo won’t let you buy anything without fiat money. So you can’t buy with dollars. It’s only an exchange, you can only exchange money. And their standard universal currency is Bitcoin. So why I do is I buy my money, I mean, I get my bank account and buy Bitcoin or Ethereum, but generally Bitcoin because it’s a lot easier to work with.
I buy Bitcoin on GDAX, then I transfer that to my Bitcoin wallet on Polo, and I use that to trade and make day trades and moving in and out of different currencies. Then once you’re done, you cash out from that currency converting back to Bitcoin. Then from Bitcoin, you’re sending that Bitcoin back to GDAX, and you cash out. So, it’s kind of complex, it’s kind of a round about way of doing thing. It definitely adds a barrier of entry, but that barrier of entry makes is a lot profitable to make money, ’cause not everybody’s making money with it. Right, but sometimes you don’t even have to cash out.
All right, so, for example, recently I sold a portion of my investment to transfer that money to a off-shore bookie so I could gamble on March Madness with Bitcoin. And the casino, the online broker, I mean the online bookie accepts Bitcoin, which was pretty cool, right, ’cause a lot faster to send my Bitcoin from Polo or GDAX as as opposed to calling them or tying my credit card to that. It kind of give me that, it makes it fluid. And it’s kind of anonymous, kind of anonymous. I say that because all these exchanges nowadays force you to verify your account, your information in terms of your bank account, our I.D., where you live, all that. All right, so it’s not truly anonymous. But if you were dealing with just anybody out there, peer to peer, you can be anonymous. ‘Cause that’s what cryptocurrencies left you achieve. All right, so I gave you guys a lot of game. If you want to do anyway further study or research on cryptocurrencies like Bitcoin, Ethereum and altcoins, a good place to start that I recommend is to check out a book called Digital Gold.
This is one of the best books I’ve read on Bitcoin. And it basically walks you through the starting of Bitcoin from the founder, all right, in Japan, all the way through the history of the major key players and the history of Bitcoin and how it grew. And it also shares the story and talks about how people became millionaire with Bitcoin. All right, so it’s a very, very great story. Check out the book, Digital Gold. I’ll have the link available on my website and I also put it in the video as well. All right, I’ve given you guys a lot of game, I mean a ton of game. All right, and you guys, I’ve showed you how it’s possible to go out there and possibly become a millionaire. All right, just to kind of be candid with you guys, I myself I right now have about $10,500 invested in cryptocurrencies. Right, and I began investing around end of November, early December, or so.
And I didn’t start early. I didn’t just go out there and put in 10 grand, right, I began small. So I first begun things off with $100 in Bitcoin and $100 in Ethereum. So I took a flier on it. I was like, here, you know what, let me just throw 200 bucks at it and see what happens. And I noticed, hey, I’m up about 25% in a month. Not bad, right? So I put about 250 more dollars each in both Ethereum and Bitcoin again to see how things were going. Then I noticed, I was like hey, you know what? I just doubled my money because Ethereum went from $10 to $20 in about 2 months. I’m like not bad, right? Then I saw Ethereum was taking off, I came back, put in $2,500 in Ethereum, and $2,500 in Bitcoin. And Ethereum doubled in about a month and a half. My $2,500 went from being $2,500 to over five grand. To a point I actually sold that off at about $5,500 bucks.
So I more than doubled my money in a bit a month and a half. Then from there I had to kind of learn the ropes. I then moved from money from GDAX to Polo. Because with Polo could do a lot more day trading, a lot more trading with altcoins. All right, so right now, my portfolio, because I don’t want to seem like I’m making money like that, because I ain’t got it like that, but the potential is there. My initial investment of 10,500 is now worth about $13,000 give or take. All right, some profits, some losses, right, but that’s been in about three months or so, so it’s not bad. But right now, the last couple months growth has slowed down, mainly being because Bitcoin is going through a major scalability issue.
I don’t know if you guys have heard about this. You can do your own research on this. It’s too in-depth for this video. This is meant for beginners. But Bitcoin is thinking about doing a split. Basically splitting the currency and doing a hard fork. Something called Segwit and Bitcoin Unlimited. So once this whole debate has been resolved, then Bitcoin I think is gonna take off and continue to take off. Because right now it’s been kind of stagnant. So that being said, I’ve given you guys a lot of game. Go out there and check it out.
Let me know what you guys think. I’ll be dropping a end of blog post on my website explaining a lot more about how to possibly become a millionaire with Bitcoin and cryptocurrencies in general. With that being said, though, I am definitely, definitely not a financial advisors, right, this is not financial advice. This is infotainment. Invest at your own risk, at your own peril. But with that being said, though, let’s get this money. Peace. All right, it’s a wrap. Thanks for checking out the show. Make sure to give it like. Subscribe and drop a comment and review. Check out my website where I drop game every single week. Check me out on social media, Instagram, Facebook, Snapchat. Let’s go out there, make this money. Hustle to greatness..
Bitcoin Has Gone Mainstream. That’s a Very Big Deal
As crypto-asset prices have gone haywire this past month, the whole world has started talking about bitcoin, cryptocurrencies and blockchain technology – around dinner tables, at holiday parties, in boardrooms, at trade conferences, in government meetings.
At this stage, it’s not a sophisticated conversation. Knowledge and understanding are still seriously lacking. But people are gripped with curiosity, and that’s no small matter.
This human conversation can’t be separated, either, from the widening engagement of institutions, big and small. Business news shows and websites are now running the BTC ticker on their home screens alongside the Dow Jones Industrials. Every day, mainstream newspapers and online publications run high-profile articles on bitcoin, ICOs and decentralized approaches to everything from ridesharing and supply chain management to social media and healthcare.
Established companies are forming research consortia with their suppliers, vendors, competitors and new crypto startups to define the future open-source protocols of their industries. The World Bank, the IMF and other multilateral institutions are setting up blockchain labs for development and humanitarian objectives. Central banks are exploring programmable, digital fiat currency prototypes that, despite being government-controlled and centralized, could disintermediate banks and stoke a global competition for new monetary models.
Meanwhile, tens of thousands of entrepreneurs in dozens of different countries are launching moon-shot ideas to disrupt virtually every market on earth.
There is no turning back. The age of cryptocurrency has arrived.
More than market mania
To battle-hardened cryptographers and Wall Street veterans alike, it all looks a bit disturbing.
They cringe as newbies pile into digital assets while touts of varying integrity woo them with blockchain schemes based on untested, undeveloped or often non-existent technology.
The cynics’ concerns are justified. People will lose money. A lot. Fingers of blame will be pointed. Mostly at the wrong parties.
But there’s much more to this than the hype-stoked crypto markets. The intense attention on this unprecedented economic phenomenon is prompting people to ask some key, probing questions.
Where does this fervor for bitcoin come from? What’s underlying it? Why does blockchain technology matter? Is it an opportunity for me, for my business, for society? Or is it a threat?
In the end, it matters not whether it’s bitcoin, ethereum, or some other decentralizing technology that ends up framing our economic future. The most important thing is that people everywhere are starting to think about how a decentralized system of record-keeping and value exchange can flatten organizational hierarchies, reduce friction, expand access, open new markets and promote shared prosperity.
It’s early days, but this unplanned global conversation could give rise to a “Big Bang” of crowdsourced ideas and entrepreneurship, one that evolves into an unstoppable wave of world-changing innovation.
Welcoming the chaos
What’s exciting about this – and, let’s face it, also scary – is that it’s near impossible to predict where it will all go.
The important thing is to let the conversation and ideas happen while also encouraging as wide public input as possible into how this technology is governed, tested and allowed to evolve.
We know this from the history of the internet. The value of TCP/IP and of the various other open-source protocols of the internet was that, together, they formed an extensible platform. Anything could be built upon it. We just didn’t know what.
Engineers at DARPA, MIT, Stanford and other places who worked on what was then known as Arpanet say that, when first contemplating its possibilities, they imagined sending DOS-based text messages to each other or sharing files without having to carry a floppy disk from one computer to another. But that was about it.
They couldn’t foresee everything else: blogs, Wikipedia, social media, online search, streaming audio and video, the cloud, e-marketplaces or ridesharing, much less how the internet would become the backbone of the entire global economy. That unforeseeable future required a much richer, collective imagination, one with global input.
What those engineers also couldn’t foresee was that a failure to establish a truly decentralized trust-management system would allow new, centralized institutions to monopolize control of the global digital economy – the Googles, Amazons, Alibabas and Tencents of this world.
Now, at the dawn of the age of cryptocurrency, we have an obligation to get it right, to build a more open economy.
We must let the ideas flow, from every corner of the globe and from every community and interest group. And let those who generate them find the opportunity and the resources to turn them into something they can test, deploy and, hopefully, bring to market. We must promote a decentralized system of open-access that gives everyone a chance to succeed.
If the past few weeks are any indication, we’re in for a chaotic ride. But our world’s problems are too big to entrust to anything less than chaos.
Multi-Billion Dollar Japanese Tech Conglomerate to Pay Employees in Bitcoin
GMO Internet Inc., a multi-billion dollar Japanese technology conglomerate, will process salaries of its 4,710 full-time employees in bitcoin.
According to the official statement of GMO Internet, employees within the company and its subsidiaries will be able choose to receive their salaries in bitcoin with the newly integrated payroll system in the near future.
“The GMO Internet Group has decided to introduce a system that allows part of the salary payment to be received as bitcoin in order to promote ownership of our domestic employees’ virtual currency,” read GMO Internet’s statement obtained by Bitcoin.com.
At first, GMO Internet will limit the amount of bitcoin employees can receive on a monthly basis to 100,000 yen, around $881. As the number of bitcoin-receiving employees increase and the new payroll system continues to operates seamlessly, the company will increase the maximum limit of $881.
GMO Fully Committed to Serving Japanese Bitcoin Market
In May, GMO announced the launch of Z.com Coin, a cryptocurrency exchange targeted at institutional investors and retail traders, to address the rapidly growing demand from investors within the traditional Japanese finance sector for bitcoin.
Since May, for more than seven months, GMO’s Z.com Coin have been operating a cryptocurrency FX and cryptocurrency trading platform, as an exchange regulated by the Japanese Financial Services Agency (FSA). At the time, GMO emphasized that the Japanese cryptocurrency market could reach a market valuation of 1 trillion Japanese yen (JPY) in the next few years, expressing their optimism towards the exponential growth rate of the Japanese cryptocurrency market.
In October, GMO revealed the company’s long-term plans to compete in the global bitcoin mining industry, challenging dominant players within the market such as Bitmain. The firm stated that it will design and manufacture its own ASIC miners and mining equipment in partnership with a local semiconductor manufacturer.
“We will use cutting-edge 7 nm process technology for chips to be used in the mining process, and are currently working on its research and development with our alliance partner having semiconductor design technology to realize high performance computer for mining. It will be possible to reduce power consumption compared to the existing mining machines with the same performance, and achieve a computational performance of 10TH/s per chip,” said GMO.
GMO further emphasized that its mining center and operations will relocate to Northern Europe to utilize “plentiful renewable energy” and take advantage of the regions’ naturally cold climate to prevent ASIC miners and bitcoin mining equipment from overheating.
In the upcoming months, GMO is expected to allocate nearly 10 pecent of the company’s capital in improving its cryptocurrency exchange and mining ventures, to remain at the forefront of Japan’s cryptocurrency market.
Importance of GMO’s Bitcoin Payroll
Currently, bitcoin is widely adopted and recognized as a robust store of value and censorship-resistant money. The majority of bitcoin holders utilize the cryptocurrency to store or transfer their wealth. As such, several analysts including JPMorgan strategist Nikolaos Panigirtzoglou and ACG Analytics strategist Larry McDonald noted that bitcoin is already penetrating into the multi trillion dollar market of gold.
GMO’s integration of bitcoin into its payroll system participated by thousands of employees is crucial because it sets a precedent across the nation and for other conglomerates in the country. Given that bitcoin is a legal currency in Japan, in the long-term, an increasing number of conglomerates will likely adopt
The Benton County sheriff’s office in Arkansas aims to pilot a new program to help tackle cyber criminals. Part of its Cyber Crimes Division, the primary target of the operation will be purveyors of child pornography, and those using the dark web to prey on vulnerable young people.
As part of the program, law enforcement hope to mine Bitcoin. The cryptocurrency is often favoured by criminals online thanks to its pseudonymity. However, because it’s possible to track every transaction occurring on the Bitcoin network, it is difficult for those investigating cyber crime to remain undetected by the targets of their scrutiny.
The Benton County sheriff’s office have taken the bold step to set up a cryptocurrency mining operation to create”clean” Bitcoins that can be used to gather evidence on dark web pedophile rings. Detective David Undiano commented that mining Bitcoin was also cheaper than buying the currency through exchange websites. He went on to state:
People are selling child pornography on the dark web and on the internet. They are accepting bitcoins, not payments. We can’t use the sheriff’s office credit card, and we cant exchange child pornography. We need some type currency to get this and then identify who we are getting it from. That way, we can go arrest that person.
County Sheriff Shawn Holloway first announced the plan at a conference on October 17. According to him, Bitcoin would become a “tool in our belt to be able to… keep our great community safe”. He also went on to say that it was vital for law enforcement to keep up to date with criminal developments such as using Bitcoin to pay for illegal goods.
Nathan Smith, a Benton County prosecuting attorney who law enforcement have been consulting with, was pleased with the development and efforts to tackle those who believe they can act with impunity thanks to anonymous browsers such as TOR:
The sheriff’s office deserves credit for creating a pilot program with the goal of depriving criminals of that safe haven. Ultimately, attacking crime online has a direct impact on the safety of our communities, and I am grateful that our law enforcement officers are being proactive in that effort.
Whether or not the pilot will be successful in battling cyber crime remains to be seen. Setting up sufficient hashing power to mine Bitcoin isn’t cheap in today’s industry. Some argue that this will result in a greater tax burden on the citizens of Benton County for an unproven scheme. Another fact worth highlighting is that if law enforcement feel that criminals are savvy enough to track the buyers of cryptocurrency, they’ll probably be suspicious of payments starting to flood in from new wallets loaded with nothing but freshly minted Bitcoin
Cryptocurrencies like bitcoin are not mature enough to regulate
The president of the European Central Bank, Mario Draghi, also had something to say about digital currencies. Some days ago, it had been the Nobel Prize winner, Robert Shiller. Bitcoin continues to generate debates, controversies, and strong opinions.
Draghi, an Italian banker with a long history and great experience, spoke about the risks involved in virtual currencies, and more specifically Bitcoin. The official, number one at the European Central Bank, said that it would be good to remember the last great crisis and its connection with financial innovations. If financial innovations are concerned, Bitcoin is in the lead.
“One of the lessons of the great financial crisis is that financial innovation, in this case it’s financial and technology innovation… should be embraced with lots of attention to its potential risks”, the Italian banker stated.
When Draghi was asked about the regulation, he said that “bitcoin is not mature enough to subject it to regulation.” “With anything that’s new, people have great expectations and also great uncertainty. Right now, we think that especially as far as bitcoins and cryptocurrencies are concerned, we don’t think the technology is mature for our consideration”, Draghi said.
The current situation
These days, the price of the most famous cryptocurrency is around $ 5,700 per unit. Since the beginning of this year, the price of Bitcoin has increased by more than 500%. In turn, its capitalization has increased and reached 90,000 million dollars.
Trade on BTC
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future
Wall Street Driving Bitcoin Price 6k Surge, Says Bloomberg
Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.
In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:
“I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”
The debate over Bitcoin’s attractiveness versus precious metals meanwhile is becoming a preoccupation for major investment bank Goldman Sachs.
After its CEO suggested an open-minded approach to crypto earlier this month, analysts at the giant nonetheless said traditional assets were still “important… despite their lack of yield.”
“They are neither an accident or a historic relic,” Jeffrey Currie and Michael Hinds added.
Other theories explaining Bitcoin’s rapid appreciation towards $6,000 in October are more reactionary. The upcoming two hard forks of the network, Bitcoin Gold and SegWit2x, are expected to produce significant price volatility in a similar manner to July’s Bitcoin Cash.
Nonetheless, analysts from within the cryptocurrency space have remained broadly bullish as China’s impact waned, predicting a solid $6,000 price tag by the end of the year and significantly more in the later short-term.