Tag Archives: bitcoin

Thoughts on Bitcoin and Cryptocurrencies

Last October, I stumbled upon the Netflix documentary titled Banking on Bitcoin. Immediately afterward I began researching and educating myself on all things Bitcoin and cryptocurrencies related. Since I’ve watched that documentary, I don’t think a single day has passed where I don’t read and think about Bitcoin and other cryptocurrencies.

There’s a story I read somewhere that involved the British philosopher & mathematician Bertrand Russell. The story goes that Bertrand was hosting a birthday dinner at his home with many famous and smart friends. He was in his late nineties at the time of the event (Bertrand Russell passed away when he was 98 years old), so the birthday dinner had a sort of farewell vibe.

Eventually, at some point, one of the dinner guests proposes a question to Bertrand. I don’t remember the exact wording of the question, but it went something like,

“Mr. Russell, after spending a lifetime reading, writing, studying philosophy and mathematics, what’s something you can tell us for certain? What have you learned?”

I can imagine the entire dinner table stopped their side conversations, finished chewing their food, and put down their eating utensils, only to listen eagerly.

Bertrand said something like, “I’ve learned, that I actually know nothing.”

That’s, definitely, not the kind of answer I would expect. I’m sure many of Bertrand’s guests thought the same thing.

But, that’s exactly how I feel the more I read and learn about Bitcoin and cryptocurrencies. The more questions I answer, the more questions I simultaneously uncover. The more I dig into cryptocurrencies, the more I realize there’s left to dig.

It’s a technology that is going to change everything, like railroads, the gasoline powered engine, and the world wide web. Blockchain, the underlying technology behind Bitcoin, will be revolutionary. Of course, we just need to give it sometime to grow and develop. Exactly, how the internet took many decades to develop and grow. A lot of the upcoming blockchain discoveries are still being researched and developed, in computer laboratories, all over the world.

I believe that those who spend the time researching blockchain, today, will be miles ahead of those who choose to ignore it. Imagine if you had created a simple blog, exactly when it was possible to do so with the internet. You would have a multimillion dollar web page in your hands today!

That’s the kind of potential that we are witnessing once again. It’s very exciting, and that’s why I can’t stop reading, thinking and talking about Bitcoin and crypotocurrencies .

Why Bitcoin and Cryptoassets are NOT Stupid

Did you read Mr. Money Mustache’s newest post titled Why Bitcoin is Stupid? You should, regardless of what you think about bitcoin and cryptoassets. I like Mr. Money Mustache and have been following his blog for years. Probably 3 or 4 years. I’ve read every single one of his posts, because he always gives great advice.

With that being said, I have to say that his latest article on bitcoin and cryptoassets has to be one of his worst posts of all time. I, usually, agree with everything he says and writes about, but that didn’t happen this time.

After reading his post, I got the impression of someone who didn’t do all the research they claimed to have done. MMM (Mr. Money Mustache) claims to have done his homework, but I didn’t get that vibe at all. It sounded like he found a few articles on the subject and shortly after felt confident enough to write an article trashing bitcoin and cryptoassets.

Of course, I know that bitcoin and the crypto world has its flaws (we probably are in a giant bubble), but to recommend that people completely stay away from ALL cryptocurrencies is stupid.

Should you take out a mortgage and invest it into bitcoin? Hell no.

Should you dump your checking account into bitcoin? No way.

Should you empty out your savings account into bitcoin? Don’t do that.

Should you take out credit cards and max them out on bitcoin? Definitely, not a good idea.

But, should you invest zero dollars into bitcoin and the other cryptocurrencies? Hell no!

It would be equally as stupid to completely stay away from all cryptocurrencies, as it would be to over/ dangerously invest in them.

Cryptocurrencies are here and they’re not going anywhere. Blockchain technology is here too and it’s not going anywhere.

It would be ridiculously stupid to watch it all unfold completely from the sidelines. Why not dive in and research some of these amazing projects? Find out which ones you think are great companies. You have a brain and you probably have your own opinions. And, if you get the urge, what’s the harm in investing a few hundred dollars on your favorite coins? Just be very smart about it. Read The Intelligent Investor and Cryptoassets: The Innovative Investors’s Guide to Bitcoin and Beyond if you decide to go that route.

Back in the dot com bubble some people invested in Amazon, Ebay and Priceline, and those turned out to be great companies. The thing is, the next Amazon is on Coin Market Cap dot com. Why not take the time to learn about a few of these cryptoassets, and educate yourself? Everyone agrees that blockchain will be a part of the future, so why would you choose to remain ignorant on the topic? Now, that’s stupid.

If you don’t believe any of the cryptocurrencies you’ve researched have future potential (there are a lot, so you won’t be able to get to them all), then don’t invest your hundred dollars. That’s perfectly fine. At least, at that point, you’ll have a decent understanding of what bitcoin and blockchain is.

MMM’s article really surprised me. Comparing bitcoin to his nail clippings? Come on, are you serious? If you don’t want to invest, that’s fine, but don’t continue to go about your days thinking that bitcoin is as valueless as your nail clippings and tulips. That’s plain stupid.

****This is not financial advise. I’m not a financial adviser.****

Bitcoin is Digital Gold

Have you heard of Bitcoin and blockchain technology? If you haven’t, then do yourself the favor and look into it. This is the next technological revolution and you’re still not too late. You can learn about blockchain, Bitcoin, cryptocurrencies, ICOs and hopefully make a few moves that will pay off for you, financially, in 1 – 3 years.

I’m not a financial adviser, nor is this financial advice.

I’ve wondered how cool it would have been to be aware of the internet revolution while it was happening during the 90’s. Imagine the websites I could have launched, domain names I could have bought and investments I could have made (Amazon at $1 per share!).

Well, here is my new chance. It’s call blockchain technology. It all started in 2008 with the creation of Bitcoin. Yes, I wish I would have known about this world years ago, but there’s no point in thinking about that anymore. I finally looked into Bitcoin around 4 months ago and I’ve been learning as much as possible every single day. It’s a new and insanely exciting world. The more you learn, the more you realize you don’t know.

Yes, I do own Bitcoin and a few other coins. Once you dive into this world you quickly begin to realize that blockchain is going to change everything (like the internet did). Some believe that it will take over 10 years for that to happen. I think back at how quickly smart phones took over, apps, and social media. Taking that into consideration, it’s likely that blockchain tech will change everything a lot sooner than 10 years.

As new technologies continue to emerge, we’re adopting them at a quicker rate. We’re far more accepting of life changing technologies than we were before the internet.

They’re saying that Bitcoin is digital gold, and from what I’ve learned I agree. Today, Bitcoin hit an all time high which was slightly over $8,000 per bitcoin.