The Bitcoin Guarantee

One thing is Guaranteed when you have Bitcoin;

Volatility!

Bitcoin is unregulated, without government or regulatory controls (except market forces, both normal and manipulated).  It is also a very young form of monetary commerce, so no long term-trends are available to track.

 

Bitcoin has had a perfect storm of troubles since it’s precipitous high of almost $20,000 per BTC.  China and South Korea are trying to ban trading in Bitcoin;  it may destabilize their currency, and move money out of the country without government purview.  China is allegedly making their own coin (China planning the world’s largest state-backed cryptocurrency).  Venezuela is also planning a state -backed Cryptocurrency, the “Petro”.


Charlie Lee, who founded litecoin in 2011, said on Reddit Wednesday that he had “sold and donated” all of his litecoin tokens over the past few days — except for some physical ones he keeps as “collectibles.” – CNBC

In case you have not noticed, the death of Bitcoin has been reported by major news articles 309 times.

With this volatility, regulation, state-run competition, and exposure to negative opinion, It’s no wonder that Bitcoin is taking it on the chin. While some feel the need to kick Bitcoin while it is down, Many of the hedge funds have not sold any of their Bitcoin reserves, as many credible sources predict higher prices for Bitcoin in the near future.  They may even be buying more, as the next article states:

Bitcoin headed to $100,000 in 2018, says analyst who predicted last year’s price rise

Personally, I am not selling off my Bitcoins.  I have been buying all the way down.  And I am going to join the Hodlers keeping their Bitcoin and waiting for the pendulum to swing the other way, maybe even with another meteoric price rise.

Bitcoin is not a large part of my holdings, so I am not “betting the farm”.  But I am certain it will, as it has done in the past, have wild swings in valuation.

Many established finance people denigrate and even fear Bitcoin, because they don’t understand it, don’t see any regulation or protections, and worry it will siphon money from traditional investments in Forex towards Bitcoin.

Why the Big Banks Attacked Bitcoin

Bitcoin is 300 Times Cheaper Than Wire Transfers, Banks Take 83% Profit 

Product Details
Cryptocurrency: Mining, Investing and Trading in Blockchain, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Dogecoin, Emercoin, Putincoin, Auroracoin and others (Fintech) [2nd Edition]

Crypto Success: Investing in Cryptocurrency for the Long Term - Tips and Tricks by [Lema, Pablo]
Crypto Success: Investing in Cryptocurrency for the Long Term – Tips and Tricks

For me, I am staying the course, strapped in and enjoying the wild ride.  For those who are jumping with glee over the death of Bitcoin, well, we are certainly not there yet.

Yours in Cryptocurrency,

Alan

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.




Want to learn more about Fintech?

Fintech is a mash-up of the words Financial and Technology.  It includes anything from Back office financial systems to Blockchain technology.
The uses can be pretty loose, from smartphone interfaces to “smart contracts”.
It starts with a Google search. Then you can break it down to what aspect of FinTech interests you the most. Then you can begin a deep dive, and determine where you want to be with it – Fintech Job, develop a fintech product, work on a blockchain project, etc. There is much to learn before you can effectively execute.

Fintech is Booming;  Smartphone banking apps, peer to peer cryptocurrencies, Blockchain technology  – all these and more are making up the new Fintech environment.  Fintech can enhance or eliminate your job, change the way you do business, and automate financial transactions with complete transparency and roll-back.  Learning the basics will help you navigate the waters in the new Fintech world!

Understanding Fintech and what it can mean for your business, job, or financial literacy will increase your value and guide future decisions.  Best of luck with Fintech in your future!

Should I buy ICO’s (Initial Coin Offerings)?

Buying ICO’s and altcoins are like investing in IPO’s and Penny stocks.

Lots of potential reward, but real risk that you may lose up to all your investment.  Many ICO’s are for coins that have no practical use (you can’t buy anything with them) – only an investment value that may plummet at any time.  For Example, Bitcoin can be used to purchase goods and services from many established companies.  Altcoins need to be on exchanges, where they can have a value equal to Bitcoin (BTC) and other coins, so the altcoins can be traded.

If the ICO price is low, You may want to accumulate some over time – adding to your position (or abandoning it) as your comfort level permits.  Going “ALL IN” my be fun, but figuring where to start taking profit is a mystery, and many investors have watched their value climb, and then plummet, with little warning.  Remember, any profit is good profit.

Two sites you should look at are:

Live Coin Watch – Live coin Watch

How to Differentiate between legitimate and scam coins – IB Times

I strongly recommend that you don’t mortgage your house or max out your credit cards to invest in such unstable securities. Keep your head, study the market, invest with Money you can Afford To Lose.  Some people use their Bitcoin profit to invest in Altcoins.  Some altcoins have a social component, or are mined to benefit causes, like veterans (see Globalboost).  If you are actively mining, see this Mining Profitability Calculator.

Here are some books on Altcoin investing:

 


Learn all you can, invest smartly, learn from any mistakes you make.

Best of Luck with your alt-coins and cryptocurrency investments!

– Alan

How to get started with the new money, Bitcoin

Greetings and welcome to the Bitcominmoneyman blog!

Bitcoin started in 2009, based on an anonymous paper on building crypto-currency by Satoshi Nakamoto.

Bitcoin image from Pixabay

 

Satoshi Nakamoto is the name used by the unknown person or people who designed bitcoin and created its original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double-spending problem for digital currency.” (from Wikipedia)

Bitcoin is a “Peer-to-Peer” digital currency, which means individuals can transfer Bitcoin to and from their digital wallets without fees or regulation by banks or governments.  Since Bitcoin is available globally, it is outside of the fiat currency controls of any one government.

This is why most bankers and Governments openly criticize Bitcoin  – They can’t control or make money from it.

Here are some books on Bitcoin, for more detailed reading (much more detailed than this blog):

 


Bitcoin is unique in that all participants in the currency have access to the ledger that records all the transactions, known as the “Blockchain”  “A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.” – From Google Dictionary.  “We can actually have a look at the blockchain and see evidence of what’s going on”.

Bitcoin: The Ultimate Beginner Through Advanced Guide on Everything You Need to Know About Investing in Bitcoin, Blockchain, Cryptocurrencies, … Future of Finance

Now that we have a base understanding of Bitcoin and the Blockchain, You can get your own digital wallet (even if you don’t have Bitcoin – yet).  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 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 with the Coinbase wallet or application. 


As for a way to get “Free Bitcoin”, I will be writing about Bitcoin Faucets in my next Blog Post.
 

Thanks for reading, and your interest in Bitcoin!