How can a currency become worthless?

Most currencies are Fiat Money, not backed by a commodity (like Gold and Silver) but backed by the government that printed it.
Fiat money is a currency without intrinsic value established as money, often by government regulation. It has an assigned value only because the government uses its power to enforce the value of a fiat currency or because the exchanging parties agree to its value.
It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metalsuch as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity). Representative money is similar to fiat money, but it represents a claim on a commodity (which can be redeemed to a greater or lesser extent). From Wikipedia

If the government behind the Fiat currency becomes insolvent, or acquires extensive debt, their currency may be devalued (relative to other Fiat currencies), their ability to borrow money will be affected (lenders will demand higher interest rates because of the risk), and prices will climb as the currency loses value. At present, Venezuela, Argentina, Zimbabwe, and other countries are suffering due to the inflation they are experiencing. 

Some related websites:
What would you do if your money became worthless? – Prosperous Way Down website
A worthless currency – The Economist (Article on Zimbabwe)
The Greek Crisis Explained – (Infographic) – from Gainesville coins
Many people invest in Gold and Silver as a “Hedge” against devaluation. This can be done with collectable coins and jewelry, or bullion. 
Bitcoin to the Rescue
When fiat currency is failing, the citizenry need a mechanism to trade and move money out of the country without fees and taxes; Bitcoin is an obvious choice.  As a “peer to peer” unit of value,  Bitcoin has minimal fees and a global reach.  It is an ideal mechanism to prop up people when their monetary system is in a shambles, and the value of the local fiat currency drops.
 
In Venezuela, Zimbabwe, China, and other countries, Bitcoin is the method of choice for doing business without government oversight, transfer fees, and excessive taxation.  Even in countries with stable currency, Bitcoin is a welcome addition to the mix of fiat currency, gold, and silver, for acquiring wealth and conducting business transactions.
Here’s hoping your value is strong!
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his crypto habit. If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:

 

15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
 

If you need a Bitcoin wallet, try Coinbase.

Check out my other sites:

Is it time to join the Gold Rush of the Initial Coin Offerings?

By Alan Chenkin – Was mining Bitcoin back in the Gold rush days of 2011

When you get close to fully mining the entire 21 million bitcoins that can be mined, what do you do with all that mining equipment,  optimized by being in areas where cooling and low cost power is available?  
The answer is simple – Initial Coin Offerings!  Each coin requires:

·         Its own blockchain
·         People and groups mining, and using existing equipment to mine the ICO
·         Getting listed on exchanges, so people can buy the new coin with Bitcoin, crypto, and fiat currency
·         Technology based on Satoshi’s work (essentially a Bitcoin clone, with some bells and whistles)
·         Claims of additional utility and security, with white papers and some “reason for existing”
·         Coins to be “Pre-Mined” (sold at a discount, to finance operations), sometimes as much as 50-60% BEFORE the coin is released
·         And a ton of Hype (Have I told you about my new Chenkin Coin – it’s using the Blockchain to cure hunger, banish diseases and create world peace – GET IN ON IT NOW! – NOT.)

·         FOMO.  Fear of Missing out – for all the people who did not buy Bitcoin very low, “and want to get in on the ground floor” in the new coins ICO

This is not a small or capricious undertaking.  According to Morning Brew, a daily news feed,

  • ICOs have raised $1.7 billion so far this year, on track to pass last year’s $6.5 billion.
  • An MIT report estimates that up to $317 million from ICOs has gone to scams.
  • Hedge funds and private investors receive special treatment to buy tokens at discounted rates. Some immediately flip them for large profits.

This is big business. At this writing, activity in Crypto-mining is way up.  Hedge Funds are in it big time (and those guys are all about making big money).

Here is the point that caught my eye, $317 Million (approx 20%) HAS GONE TO SCAMS.

Don’t get me wrong, I am a big fan of Bitcoin and Cryptocurrency in general, but bad actors are making a killing here – and pumping out legitimate seeming coins for only one purpose – pump and dump.

For me,  a  20% chance that I will lose my money is a big risk.  The landscape is littered with coins that tried, and couldn’t match the success of bitcoin, Litecoin, Ethereum, etc.  So I watch the ICO show – filling my inbox and littering the chat boards with claims of being the next best thing, and keep my damn hands off the buy button!

Big money is in this, and I am tempted, but I am not an insider in these coins, so I treat it like stock tips.  If someone is telling ME about a hot investment, it’s usually not a good tip.

ICO Tutorial: 3 to 1 guide of how to create your own ICO – Initial Coin Offering, evaluate companies who offer ICO, trade and store them + Bonus Book

ICO Tutorial: 3 to 1 guide of how to create your own ICO – Initial Coin Offering, evaluate companies who offer ICO, trade and store them 

Invest with your head, don’t bet more than you can afford to lose in new ICO’s, and have fun.  A few hundred dollars invested in my Chenkin Coin can give you months of excitement before I cash out and it’s value drops to zero.  You can buy it on the worldwide Crypto exchange (designed for suckers, er, “Savvy Investors”),

I hope you, like me, will enjoy the show, and invest in ICO’s with spare change and a well-earned skepticism,  as the hedge funds and Winklevii work the room.  And it’s a big room!

Thanks for reading, and may your crypto investment give you enjoyment as it goes – wait for it –  TO THE MOON!


More Reading:
All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. Some links are promoted so the author can maintain his crypto habit. If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:

15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn

If you need a Bitcoin wallet, try Coinbase.




Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTC. LTC, and ETH.  

PS: chenkin coin does not exist except in the authors cranium. If you want to help me start an ICO, drop me a line – Alan

Bitcoin Crime – Don’t get scammed, and buy Bitcoin safely.

Bitcoin is fluctuating between $9300 and $11,000 USD per BTC today.   (give or take a few dollars).  For a real-time Bitcoin Price chart, take a look at Bitcoin Ticker.  Personally, I keep Coinbase or the GDAX open on my PC screen.


Steve Wozniak, Apple computer co-founder, got swindled out of 7 BTC by a con artist who used a credit card to buy the Bitcoin, then cancelled the credit card transaction after the Bitcoin transfer was made.  see the article on Forex Live.  This shows you that the bad guys are out there, and willing to screw anyone out of their Bitcoin.  Lesson learned?  Be extra careful when buying or selling Bitcoin.

While not as dramatic as the price running up to almost $20,000 per BTC, Wozniak’s loss of  his $5,000 invested in the Bitcoin (and the anticipated profit) is as real to him as any of us losing some cash.   It is also prompting some credit card companies to halt Bitcoin purchases using credit cards.


In the early days, you could meet someone at Starbucks and exchange cash for Bitcoin.  You would need to have a Bitcoin Wallet or the Coinbase App on your laptop or smartphone. Nowadays, with valuations so high, I would not feel comfortable carrying around large sums of cash on the street.  

If you are a newbie, I would recommend using a popular exchange (I use and refer Coinbase).  Exchanges may charge a fee, but operate in relative safety.  If you are nervous or wisely careful, read up on Buying and Selling Bitcoin.  There are some links in my blog, and you will need to educate yourself.  If you prefer to hold your Bitcoins yourself, there are lots of Bitcoin wallets, including Hardware Wallets, that hold your Bitcoin “off-line” in a disconnected piece of hardware.  You can buy Bitcoin wallets on Amazon with relative ease and safety.  The Bitcoin you buy separately.

Trezor (Black) Bitcoin Hardware Wallet Bundle With VUVIV Micro-USB Adapter, VUVIV USB-C Adapter for MacBook and Sakura Pigma Archival Ink Pen (4 items)Ledger Nano S Bitcoin Wallet Ethereum Crypto Altcoin Litecoin Ripple With MicroUSB Cable Lanyard & Zeox Stylus PenKeepKey: the Simple Cryptocurrency Hardware Wallet

Bitcoin Wallets on Amazon and EBay

Keep records of your transactions, don’t lose your hardware wallets or your passwords!  Keep them safe.  Make sure you are cautious and careful, especially when calculating fractional Bitcoin – it’s a concept that takes getting used to.  Here is an article on it from BTC Geek.


Bitcoin Trivia:

Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed. A Satoshi is 0.00000001 BTC and currently the smallest transaction unit.


In closing, take care to use a known exchange; avoid anonymous transfers through credit card transactions or Venmo (they are easily manipulated/cancelled), and learn as much about your  seller/buyer as possible, if there is a problem.

Enjoy the Bitcoin roller-coaster ride, and let’s go TO THE MOON!



All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:

15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.





Bitcoin and the Dead Cat Bounce

The “Dead Cat Bounce”

Image result for bitcoin cat bounce

“A dead cat bounce is a temporary recovery from a prolonged decline or a bear market that is followed by the continuation of the downtrend. The name “dead cat bounce” is based on the notion that even a dead cat will bounce if it falls far enough and fast enough..” – Investopedia

The powers that rule the financial markets, The FED, the SEC, the World Bank, etc., all have one thing in common – they view Bitcoin as “the enemy” (The enemy of the Banks).  While volatility rages in the Bitcoin price, any downturn – or upturn is regarded as proof that Bitcoin is a sham or fraud, like the “Dead Cat Bounce”.

Unfortunately for the large financial institutions, Bitcoin is far from dead.  In fact, it is making a recovery from recent lows.  Is the cat bouncing?  You Bet it is.  That sucker is going up and down like a yoyo.  Count on it.

History teaches us that it takes 20 years to convert a financial fad into a trend, and a trend into an institution.  Bitcoin started in 2009, and is a nine-year overnight success. The banks deride Bitcoin, but almost all of them are using the Blockchain technology (the underlying bitcoin technology) for developing low cost and stable transactions.  With apologies to the Bard, “Methinks the banks protest too much”.

While the cat is bouncing, you can 
1) Enjoy the show
2) Keep calm and HODL on
3) Buy on what looks like it may be a “low”, and sell some on what looks like a “high”  (Note: it is generally agreed that no one can “time” the market, but with this much volatility, moving 20% in the course of a week, it could be a worthwhile risk – but don’t “bet the Farm” – know how much you can afford to lose, and keep Maalox handy).

Enjoy the show, Hold your coin and enjoy the highs, while avoiding despair when the price plunges and the Fat Cats project the “End of Bitcoin”.

Bitcoin Obituaries – Bitcoin has died 253 times
Best of luck to you, and may your Bitcoin portfolio go TO THE MOON!

 

(with all this volatility, it MAY NOT be Coffee in my mug)

 

All rights reserved by Alan Chenkin & Primrose Path LLC.  Remember to give credit to the author and any cited works. If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:
15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.



Bitcoin Stable (for the moment)…Stock market due for a “correction” – are you thinking what I am thinking?

The recent Stock market correction was a wake up call.  Many of my buddies saw some of their holdings go down in value, as their heart rates went up.  As a good friend, I asked how they protect themselves from a dip in value (we remember the 2009 stock and real estate markets very well).

When asked how I do it, my plan was both simple and works for me.  Everybody has a different situation.  Motley Fool has an article on “stocks to buy during a market crash“.  I imagine some people put cash  under their mattress.  Here is what I do;:
First, DON’T PANIC.  Panic makes you buy high and sell low.  Ask your friends who invest, take a shot of whiskey, don’t be “quick on the trigger”. THE MARKETS ARE CYCLICAL.  Ups and downs are expected, and can be profitable.  Wait a day or two and see what happens when the smoke clears.
Second, review your diversity strategy – consider a small investment in a Gold fund or physical gold.  (Disclaimer, I own a Gamco Gold fund and some gold collectable coins).  Gold, and silver, in my observation, holds or increases it’s value when the markets have an “unsteady” moment.  I also own some Bond funds and Bonds, but they don’t throw off a large dividend.  Bonds are usually very stable through their term, so I am comfortable owning some.  Bonds are not a large part of my holdings.  I also have some Bitcoin (I have other articles on this blog that show you hoe to get some).  Bitcoin is unstable, but putting a “few bucks” into a fractional amount of Bitcoin is both a hedge on it’s future or a gamble.  Don’t bet the farm on Bitcoin, and if you do buy some, hold it – the volatility is real, as is “panic selling”.
Third, take a deep breath!  Do you own a home (most peoples greatest asset)?  Do you have artwork, a coin or stamp collection, a car?  All these assets (if not mortgaged to the hilt) are part of your net worth.  If all you own are stocks and the market crashes, you can see a market drop eroding a large percentage of your assets in days.
So now you know what I am thinking.  It’s not “All Bitcoin, all the time!” It’s about being smart with your own pile of assets and investments and money that you need to make “bigger”.  Pulling some profit out of the market, and buying Bitcoin is part of a strategy to get into cryptocurrency, and it is a wild ride, as it goes up and down with regularity!  So don’t “bet the farm”, spread your money around (stock market, bitcoin, collectible things, gold, etc.) and hopefully, over time, you will watch it grow into a nice nest egg.  Remember, it does take time – investing is not like a winning instant lottery ticket – it’s like a winding road, with ups and downs.
Your financial journey should be more than money.  Money can buy things that make you happy.  I own an antique slot machine.  It was not cheap, but my “one-armed bandit” is fun and anyone that visits can’t resist putting some change in it.  It is also worth more than what I paid for it, and my heirs will either sell it or keep it, based on what they like.  Or I can sell it or “trade up” based on my feelings about this machine.  It’s picture is below.  I enjoy showing it off, and feel like I own a casino!  (I am also thinking of some way it can pay out in Bitcoin; still working on that).
Now you have seen my real strategy – Take some stock market profit off the table, and diversify with Bitcoin and collectibles. Also run this by your financial advisor – don’t just take my word for it; like I said, this works for me – you need to find what will work for you!
Thank you for reading my blog, and feel free to share!  Best of luck with Bitcoin and all your investments!
Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS, and just exited a position in RIOT. I also own some Bitcoin and Litecoin, and the other assets mentioned.

Do you think Bitcoin belongs in a portfolio for diversification?

Cryptocurrency is like penny stocks in the 1990’s. There is risk, meaning you can lose your investment, and there is potential for reward, meaning you can make big money.  Think of bitcoin in December of 2017, when it reached a high of almost $20,000 per BTC!

Cryptocurrencies do not have a long history, and have a lot of  volatility (at the present time). I would consider the investment across a few cryptocurrencies or several Blockchain companies (as example: BTCS, BLOK, RIOT, BCCN – These are publicly traded) as a watchable trade or small investment, not a diversification move.

If you do consider Cryptocurrency as a diversification move, please don’t commit more than a small percentage of your assets to this emerging asset class – and certainly not more than you are willing to lose.

Cryptocurrency is starting to emerge as an “Asset Class”, but it is not there yet.  The old adage is “Bulls make money, Bears make money, Pigs get slaughtered” – and my addition, “Missionaries get eaten”.  Don’t be the first missionary in this asset class; take a slow and measured approach.

Don’t just take my opinion:

How to Start a Crypto Portfolio – Robert Leshner – Medium – Medium

Should your portfolio include bitcoin? Yes, but just a 2% position, says analyst – Marketwatch

Bitcoin: Mastering Bitcoin For Beginners: How You Can Make Insane Money Investing and Trading in Bitcoin (Bitcoin Mining, Bitcoin trading, Cryptocurrency, Blockchain, Wallet & Business)

Best of luck to you, and may your portfolio go TO THE MOON!

The Last Word:

Liam Neeson bitcoin Meme

 

 

Bitcoin Watch – Men’s Wrist Watch – Classic Black Leather | Bitcoin Gift | Bitcoin and Ethereum Coin – Crypto to the Moon

If you enjoyed this blog, please feel free to share and send some bitcoin in appreciation to my Bitcoin Address:

15EzAW7wfyqHD8pj6hS1dUCaLeLxW8uMbn
If you need a Bitcoin wallet, try Coinbase.

Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS, and just exited a position in RIOT. I also own some Bitcoin and Litecoin.

It’s the Dip, Time to buy more Bitcoin? Or is Bitcoin Dead?

Bitcoin Prices dropped again this week.  There are lots of reasons for this, as I will outline, and some things you can do.
 
 

The war on Bitcoin is moving forward. 

Bitcoin continues to be volatile, and is traded 24/7 on international markets.

The pundits and writers are looking deeply into the situation, pointing to what makes bitcoin a volatile commodity.  https://lifehacker.com/why-bitcoin-s-price-is-so-volatile-1822143846

Some are decrying the death of Bitcoin!

Bitcoin is Dead (Again!) – Buy Bitcoin Worldwide
“Reports of my death have been greatly exaggerated” – Apologies to Mark Twain

But Bitcoin is NOT dead.  It is still used for purchases, transferring money between people (and across borders), and enabling commerce where the fiat currency is hyperinflated or devalued.  The Electronic ledger called the blockchain is being researched as a model for financial institutions to reconcile their monetary transfers, saving millions in fees. Look into What Is Bitcoin and What Can I Do With It? – by Lifehacker.

Books are appearing en masse to guide us on out Bitcoin journey, like Bitcoin: Mastering Bitcoin For Beginners: How You Can Make Insane Money Investing and Trading in Bitcoin (Bitcoin Mining, Bitcoin trading, Cryptocurrency, Blockchain, Wallet & Business)

So, what are we to do? 

Sit Tight – Sell it all (or part) – Buy more?

Sit Tight

Do nothing.  Take the long view, squash your emotion and fear, Stand back and watch, as the price fluctuates. This is what The Hodler’s do, keeping out of the day-trading madness, and keeping their Bitcoin long term.  Thee is an argument that points to Bitcoin prices going very high, possibly even $100k or more per BTC.  Keep in mind, there is a limited supply (21 million) Bitcoins that can be mined, and that is it.  This is the Long-Term view.  Bitcoin has been around nine years, and it most likely has many more to go, lets “Let it Ride”.  (Note: I may buy and sell, but I am keeping some Bitcoin, as I have a long view of Bitcoin).

SELL!

Sell it all, and be happy you got out before it “Really Tanked” (Unless it goes up, in which case you cry in your beer).  If this makes sense to you, consider selling your Bitcoin in parts, at levels you set.  This preserves your profit, and puts you in a cash position to buy more Bitcoin at what you think the bottom might be.

Buy More?

When the price drops, Bitcoin is cheap compared to buying at the top price. The risk is that you may be buying it all the way down to the “bottom” (which is an unknown price level that defies prediction, even with those claiming clairvoyant power).  FYI – Good luck predicting the next “Top” too.  Lots of people did not sell when Bitcoin hit $19,000 per BTC.

There you have it, based on my perception, these are the options we are presented with when Bitcoin prices take a nosedive.

Let’s be clear about something: there is no such thing as a meaningful Bitcoin price prediction. It just isn’t possible with the current structure. – Jeremy Arnold, Internal consultant. Past analyst/co-founder, on Quora (article presented on Forbes Website)

Best of luck to you, and may your portfolio go TO THE MOON!
The Last Word:
Jamie Dimon of JP Morgan
Disclaimer: This answer is offered as opinion and is not a recommendation on investing. Please consult knowledgeable advisors and professionals you trust when seeking investment advice. I currently own BTCS, and just exited a position in RIOT. I also own some Bitcoin and Litecoin.
 Don't Tread On My Bitcoin BTC Meme Gadsden Embroidered Hook and Loop Patch

 

 

 

How do I identify a fake or scam coin?

Scam coins in the cryptocurrency world are coins that do not add value or have any use other than making the creators wealthy.

Bitcoin is the most well known coin, but there are plenty of Alt-coins, Bitcoin clones or new coins with purpose, mining pools, a whitepaper, and a form of exchange.  Not all Altcoins are good investments, or will hold up over time.  Investing in Altcoins is like investing in Penny Stocks in the stock market – Potential reward, Great risk, and many “pump and dump” schemes to increase the value so the early investors (scammers?) can cash out.  Please read on to learn some techniques for detecting cryptocurrency scams and altcoins.

 

There is a lot of information on this on the web:

 

If a coin looks too good to be true, it most likely is. If you are unsure of a coin, you can reduce your initial investment (don’t buy a lot), or set a time frame and watch it’s performance. Should you be really wary, step back and invest in the better known cryptocurrencies; Bitcoin, Litecoin, and Ethereum.

ICO’s are unregulated, and anyone can create and mine their own coin – this does not mean it will reach high levels of popularity or financial success. Coins need to have a purpose other than to make the founders wealthy.  The more you know and understand about how cryptocurrencies are manipulated is the best way to make good decisions on purchasing,- or not purchasing, any altcoins.

Cryptocurrency: How to Make a Lot of Money Investing and Trading in Cryptocurrency: Unlocking the Lucrative World of Cryptocurrency (Cryptocurrency Investing and Trading Book 1) Kindle Edition

I have other posts here in Bitcoin Money Man and on The Chenkin Report (Please forgive my shameless self promotion)

 

BE wary and cautious when investing in ICO’s!
May your investments go to the MOON!

 

Cryptocurrency: Insider Secrets – 12 Exclusive Coins Under $1 with Potential for Huge Profits – Amazon Books

Thank you for taking the time to read my research and cautions on investing in Altcoins.  Don’t risk more of your hard earned money than you can afford to lose, and be careful!
The Last Word:
A fake story about a man selling Chuck E. Cheese tokens and claiming they were bitcoins went viral over the weekend. Unfortunately, it was fake.
Verification: The Daily Dot

BITCOIN SWAG! T Shirts, Tokens, Keychains, Gifts – Things you can show off, and impress your friends!

Happy woman wearing bitcoin

 

Bitcoin hat umbrella jewelry

You should do more than HODL your bitcoin; you can show your support of the cryptocurrency movement by wearing Hats, Shirts, Jewelry, and stickers that show you feel strongly about Bitcoin.  More than a conversation starter, Bitcoin accessories show you are a money-smart, ready for the next “big thing” crypto-savvy person.  That is why we like you!

When you click on the underlined links, or pictures, the items will open in a a new window, with pricing and options on sizes and colors.  Enjoy and “To The Moon”!

If you have a friend who is a Bitcoin fan, you can get him or her some unique and classy accessories for their Bitcoin loving lifestyle!  Show them you care, and give them something they will treasure (just like their Bitcoins)!

-A physical manifestation of a digital currency, Plated in Gold.
Many people don’t understand the concept of money that only exists in the internet – and has no physical country that it is restricted to.  These gold plated “Bitcoins” Are just a physical token that “represents” a Bitcoin – their value is as a novelty item, and a distinctive gift.  “Want to see what a bitcoin looks like”? (If it had a physical form).
Bitcoin socks
Bitcoin Hats from Amazon – from eBay!

Bitcoin art and Prints

Bitcoin Posters, Paintings, more! – from eBay

 

Bitcoin Banners & Signs and MORE on EBay!

Bitcoin Coffee Mugs! from eBay

Bitcoin Coffee Mugs! from Amazon

It’s pretty clear how we feel about Bitcoin, and showing off your Bitcoin is fun and a great conversation starter!  Our best sources (Amazon and EBay) are listed, and you can find lots of unique gifts from T shirts to Coasters to really cool artwork!
Thanks for taking a look – feel free to share!
 
The Last Word:
Related image

Bill Gates, Founder of Microsoft

 

Where can I buy Bitcoin legitimately?

My preferred method is Coinbase. Here is my referral link: Bitcoin & Ethereum Wallet.
This link sends you to a Bitcoin sign up page. (Pardon my shameless promotion)
Coinbase is an “exchange” that allows you to link your bitcoin to your traditional credit card and bank accounts, and will sell you Bitcoin directly – and allows you to sell your Bitcoins to Coinbase.
While there is nothing wrong with buying or selling Bitcoin to someone you met on-line, and consummating the transaction at a local coffee shop. That has a greater element of risk, but keep it in a public place, with lots of people around.
Coinbase is a legitimate, established exchange for certain cryptocurrencies.  Coinbase also owns the GDAX exchange, where you can trade for reduced fees.  You can transfer Bitcoin, Ethereum, and Litecoin from Coinbase to GDAX without paying any fees, and the trades are near real-time.
If you like to play games, or want to mine Bitcoin with a “Bitcoin Faucet”, Take a look at freebitcoin.  This is one of the longest running Bitcoin “faucets” on the internet.  When you sign up, you can play their lottery game or engage in browser-based mining.  This is good if you have a computer running, and you want to use some of it’s chip power to mine (not a fast way to get rich, but hey – Free Bitcoin?)  The link appears after you sign up, under the “free Bitcoin” tab.  FYI, I have been earning Bitcoin with them for a while, its fun.

Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.

Here is a list of Faucets you can work with – Bitcoin Faucets. I have not tested them, so let me know if they work for you (send me an email).
Never ever send a website any bitcoin to “validate” or “justify” a payout; that is usually a scam.  This Article from Hackernoon talks about some specific scams and how to avoid them.
Be careful and cautious, and you will avoid the scams that plague any emerging internet sensation!
Thank you for reading my blog!  Feel free to share!
 
 
 

More Bitcoin Bling

The Last Word: