WOAH HOLD ON! (Cryptocurrency & Bitcoin) – What You Need To Know About Bitcoin (Financial Education)

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This topic is on every investor’s mind, what the heck is Bitcoin? And how can I make some money from it?

Well let’s start from the beginning, Bitcoin was first created in 2009 by a guy (Or company, since no one really knows who he is) called Satoshi Nakamoto.

You could think of cryptocurrency and Bitcoin-like digital money, that you can exchange with someone anywhere in the world without restrictions or borders.

Before, if you had US dollars and you wanted to buy shoes from somebody in India, you would have to take a U. S. dollar go to the bank, and exchange these for Indian rupees, then you can go buy your shoes.

But that’s kind of an indirect process, yeah, I know things like, PayPal and credit cards have made things easier.

But the amount of Rupees a $1 could buy is changing pretty much every second, why is the value of our fiat money changing?

Well, private entities like the federal reserve and our government both play a part in manipulating the value of our dollars, through lots and lots of debt, the goal of cryptocurrency is to create a decentralized worldwide digital currency.

Decentralized worldwide digital currency, means that cryptocurrency like Bitcoin, does not rely on banks, the government, or any private entity like the federal reserve to exist.

Now you can buy and exchange money from anyone anywhere in the world, without worrying about exchange rates, banks, or borders.

And you can’t just create a cryptocurrency to change the value of it, like how the federal reserve can just print more money.

Let’s take a look at Bitcoin, for example, more Bitcoin can’t just be created it has to be mined using a whole bunch of complex computer algorithms, but there’s a limit to how much Bitcoin we can mine.

You can only have a total of 21,000,000 coins in existence once you hit that number you will not be able to create or mine anymore Bitcoins.

The mining process is pretty complicated, but what you need to understand is that there’s a limit to how much cryptocurrency can be created and there’s currently no way to exceed that limit.

This way you can’t devalue cryptocurrency the same way you can with fiat money by just printing a whole bunch of it.

There’s a handful of different cryptocurrencies out there like Bitcoin, Ethereum, and Litecoin which all have their own properties.

But they all follow most of the basic cryptocurrency principles, Except Ethereum. Because when Ethereum was created the founders did not put a cap on how much it could be created.

So, these are a few reasons why people are huge fans of crypto, but what’s the downside?

Well for one, a lot of places and people don’t accept cryptocurrency… Yet, this is starting to change but, you still can’t rely on Bitcoin to buy your toilet paper when you go to your local grocery store.

Now, this is purely speculation, but if Amazon was to start accepting Bitcoin as a means of payment you can imagine the cryptocurrency and Bitcoin would…

Second, because cryptocurrency is such a new asset class, it is very volatile, which means if you’re trading it you can make a lot of money very quickly, and that also means you can lose your money just as quickly.

And third, and maybe the most important thing, is that the rise of cryptocurrency would ultimately mean the decline in big banks and government.

Let’s say hypothetically that cryptocurrency continues to grow in popularity, so people start to use fewer dollars, or they stop using dollars completely.

That would mean the big banks and the government would lose their control, profits, and their power.

So, you could imagine how much the government and big banks must hate the whole cryptocurrency movement.

What can they do exactly? Well, it’s kind of unclear, they might try to ban certain exchanges or create more regulations, which is already why a lot of foreign exchange brokers don’t allow US clients.

As we just saw this happen in China, because the Chinese government is worried about the rising cryptocurrency, so they announced that they’ll be trying to ban cryptocurrency exchanges.

So, this is one of those things where you really don’t know what could happen, we know that they’re going to do what they can to fight the cryptocurrency movement but to what extent will it work? We really don’t know.

Now that we have the background information, here are 2 ways you can make money with cryptocurrency.

First, you can trade and invest in cryptocurrencies like Bitcoin, but I must tell you.

DISCLAIMER: I am not an expert (…Yet) I am a beginner just like you, however the great thing about this, is that we can learn, grow and become stronger together, think of this as a journey for both of us. 😊

Trading Bitcoin is kind of like trading other currencies in the foreign exchange market, you’d buy cryptocurrencies like Bitcoin and hope that its value goes up, so you can sell it and make a profit.

But remember what I said earlier, the crypto market is very volatile, so that means if you are a trader you could try to trade on some of the swings.

Or if you believe that Bitcoin is the future you should be focusing on the long term.

If you want to trade or invest in cryptocurrencies like Bitcoin you have to find an exchange that allows you to trade cryptocurrencies, one of the most popular cryptocurrency exchanges is Coinbase.

The second thing you can do is be the bank.

Remember there are no big banks that control cryptocurrency or Bitcoin, but, there are businesses and people that rely on cryptocurrency as the currency of choice, and they need access to more.

So, you can be a Bitcoin lender.

What you would do is find somebody who’s looking for Bitcoin to fund their business, then you would loan the borrower Bitcoin and they would pay you interest until the loan is paid off.

Unlike most bank loans, these Bitcoin loans tend to have a shorter term, they’re typically between 6 months to 2 years.

Loan borrowers like this method because now they don’t have to go through a bank.

And a group of investors anywhere in the world and (Like you), can benefit from this because, you can make money by charging interest on your loan, the interest rates on your loans are usually pretty high to cover your risk.

I see people willing to pay 25 or 28 percent interest a year on Bitcoin loans, now I’ll be completely honest, this isn’t something that I’ve done, but it’s a unique way to get involved with cryptocurrency.

The best way to do this lending would be by going through a lending platform that focuses on small business loans.

One example is Bitbond, you can create an account for free, and then you can search their database for business owners that are looking for Bitcoin.

Then you can see what kind of money they’re making, how big of a loan they want to take out, how much interest they want to pay, and what they want to use this Bitcoin for.

If you want to invest you can fund a portion of the loan, or you can fund the whole thing, so you can invest as much as you want.

If you want to reveal the easy-to-implement methods of how you can go from A to Z in becoming a BITCOIN BOSS! I got other helpful blog posts just for you!

So, what do you think of Bitcoin, is it our future?

or

Is it all hype?

let me know in the comments below.

Thank you for reading, make sure to discover more of my blogs that you will find interesting, entertaining, and helpful.

Leave a comment if you have a suggestion.

And don’t forget to click the link below, so you don’t miss out on any of my future blogs, that are made to transform you into a stronger investor, and entrepreneur.

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I will see you in another blog post, bye for now 😊.

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