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A Quick Bitcoin 101 for Beginners

December 18, 2017

 

I’ve been seeing a lot of misleading and pushy posts by people trying to get you to invest into Bitcoin. But have you wondered...what's in it for them? 

 

Let's say Candy is the author of the 'Bitccoin is Amazing' post. 

 

Candy creates a post listing all the positives of Bitcoin! Candy shows how much money she's made this week and how she predicts she'll be a millionare in 2 weeks! Candy gets you so excited about Bitcoin and then...gives you a link to sign up.

 

But what Candy doesn't tell you is that when you sign up with that link..

Candy makes money!

Off of you!

 

Of course she wants you to sign up! What Candy also doesn't tell you is that the value of her coins significantly dropped last week when Bitcoin's price fell. If she panicked and cashed out- she wouldve lost money. If she's dedicated to riding the Bitcoin wave, she saw her investment go back up (this time, at least). 

 

If Candy's promises of instant riches sounds too good to be true, that's because it is. While Bitcoin is seeing a lot of success, the succes is gradual with dips and rises. Its a wave you've got to be willing to ride through the good and the bad if you want to see your money grow. 

 

 

So while Candy probably has made money in Bitcoin (and while I have made money in Bitcoin)...you need all the facts before you click that sneaky link of hers. 

 

So here we are... to shed some honest, transparent light on this Crypto Craze and answer your question of, "Should I invest in Bitcoin today?"

 

Bitcoin 101 for Beginners

 

What is Bitcoin?

In simple terms, Bitcoin is Internet money! Bitcoin is the world’s first decentralized digital currency tied to no country, bank, or privately owned company. Bitcoins are just digital coins that you can send through the Internet to buy shit.

 

Bitcoin & Cryptocurrency Prediction

The grand prediction is that, overtime, the world will largely switch from paying with cash to paying with Bitcoin. Economies will use Bitcoin like regular, yet more secure, currency in stores, online, for large investments & even buying houses.

 

Now, if this prediction is correct and you jump on the Bitcoin ship early- you could really make a lot of money down the road. If this prediction flops, then you might not make anything or worse, you could lose your investment.

 

Investing in Bitcoin is like getting on a spaceship to a planet that no one has ever been to before.

 

If the planet turns out to be filled with puppies, unicorns and champagne…then you’ll be so glad that you jumped on and will live an abundant life.

 

If the plant turns out to be inhabited by 1 million mini Donald Trumps…well, you’ll be full of regret and question all your life choices.

 

Not you, not me, not Candy, and not Warren Buffet- none of us can say for certain how Bitcoin is going to perform in the future. While we're optimistic, we can only guess and wait. 

 

So let’s weigh some the advantages and disadvantages of Bitcoin…

 

Advantages:

  • Bitcoins are transferred directly from person to person (or business to business), avoid 3rd party banking fees.

  • Theoretically, you can use Bitcoin as currency in every country. It's an international currency!

  • Unlike a bank account, there are no prerequisites to have a crypto currency account and your account cannot be frozen.

  • Any person from any country can use this currency.

  • It’s predicted that crypto investments have the potential to double/triple/quadruple your money OVER TIME.

  • You can cash out your Bitcoin investment at any time.

 

Disadvantages:

  • Like any investment, Bitcoin comes with risk. No one can guarantee its rise- we can only predict it.

  • One day Bitcoin might double your money and the next it might dip and swallow your investment all together.

  • No one knows how well the Bitcoin transaction network will cope with increased demand going forward - will it be able to process everyone's payments quickly? 

 

Keyword: Predictions.

Many cryptocurrency analysts forsee Bitcoin increasing from it's current ~$20k value to $300-$400k value in a matter of years. That's huge. But again...just a prediction. 

 

You see, all signs point to the fact that cryptocurrency is here to stay. However, there are hundreds of currencies circulating this new economy and the real question is- which cryptocurrency will be the strongest? Will it be Bitcoin? Many say 'yes' and many say that it's a bubble waiting to burst. WE DON'T KNOW.

 

To reiterate...don't let Candy or any other 25 year old "Bitcoin Guru" in your Facebook group guarantee you that this is a risk-free investment. It's not. It comes with a lot of risk but it also has the potential to offer a massive reward. The key is patience and reason. 

Myth Busting Bitcoin Claims

 

✅Bitcoin is a promising long-term investment that has the potential to make you some serious cash if you’re patient

 

❌Bitcoin is NOT a ‘get rich quick’ scheme – unless you’re great at day trading

 

✅Bitcoin is a brand new currency. No one knows exactly what will happen.

 

❌Bitcoin is not a guarantee. Don’t invest money that you can’t afford to lose.

 

❌Bitcoin is NOT increasing in value every day

 

✅Rather, it is steadily increasing month-to-month but experiences dips where value decreases and stagnant periods where value remains relatively the same 

 

The Way I Invest

 

Everyone plays the game differently based on what they can afford and what works for them. Here's how I do it.

 

I invest money into Bitcoin not as a ‘get rich quick’ scheme, but as a long-term investment. I put my money in and say "Okay, I'm going to let this money sit in my Bitcoin wallet for 3 months. Then in 3 months, I'll reasses the market and decide if I want to make any trades or cash out."

 

Personally, I’m totally excited (and maybe a bit obsessed) about cryptocurrencies. I own Bitcoin, Litecoin, Ethereum, and Ripple - the big players at the moment.

 

I have tripled my investments….over time, not over night. It's been about 3 months since my first investment. I've been patient, I've been constantly educating myself, and I've been watching the market while taking risks. Maybe that works for you. Maybe it doesn't. But it works for me. 

 

Now that you’ve got the basics down...

 

 

How to Buy Bitcoin?

 

  1. Download the App called CoinBase. It’s the most popular Bitcoin exchange for beginners as its so simple to use. You can also use their desktop site, just as simple.

  2. Link your bank account or credit card and purchase to purchase Bitcoin, Litecoin or Etherum just like you would with any other online transaction.

 

Now...the referral link! 

 

When you click the following CoinBase link you get $10 towards Bitcoin AND…I also get $10 towards Bitcoin. That's if you invest anything over $100.

 

Here: https://www.coinbase.com/join/59a79581c3fc2101a6b3d64f 

 

That, my friends, is called transparency. Now, the next time you see someone preaching about Bitcoin...take their words with a grain of salt. And if you're a fiesty one like me- suggest a little transparency in their hussle. 

 

Thanks for reading! Trade wisely. Invest cautiously. If you have any questions, YouTube is your friend. There are so many experts to answer every question! 

 

 

 

 

Photo Credit: Worldsteam.com

 

 

                        And there's another affiliate link. They're everywhere! 

 

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