Better known as Bitcoin or Blockchain Technology.
I’m writing this post to educate friends who have been asking about it and also those who aren’t but maybe should be……
I heard of bitcoin many years ago, but not until I watched the Netflix documentary “Banking on Bitcoin” did I start down the rabbit hole. (not an early adopter obviously)
Since our 2008 collapse many Americans have realized how government bailouts and financial institutions can fail us……….in some this has put serious doubt into the USD and the governing system itself.
Like a phoenix rising from the ashes Bitcoin was born 2009 to combat these issues.
How do we decentralize currency?
How do we take the power out of the institutions that control it and essentially control us?
Bitcoin answers these questions and many more. It puts the power back into the hands of the people.
If you have no idea what I’m talking about then watch the Netflix documentary on Bitcoin or this quick video here:
Within 1 month of me watching the documentary disturbing events took place: Trump doing Trump things, Hurricane Irma devastating Texas & Puerto Rico, Las Vegas Shooting, etc…
All things that played into my emotions of: “The world is UNPREDICTABLE…….let’s hedge against this US dollar and look into cryptocurrency”.
*Please don’t take any of this as professional investment advice, everything posted here is just an opinion
Because no ONE person or institution can control Bitcoin, governments are scared of it and even talk badly about it. Russia even BANNED it……..then created their own LOL. Many wish for it to fail but let’s take a look at how it’s doing currently:
Zero to 6000% growth in 8 years with a market cap of $100 billion dollars (not bad – 10/21/17)
Like it or not, it’s thriving, shaking up the world and providing some breakthrough utilities.
So what do I like about Blockchain Technology, Cryptocurrency or the more widely known Bitcoin?
- It’s Decentralized
- To date Bitcoin has not been cracked or hacked
- You can take it off-line and across-borders
- It helps individuals in third would countries with no banks
- It helps individuals in countries where the sovereign party is corrupt (think Venezuela and what’s happening with their currency currently……TONGUE TWISTER!)
- Blockchain technology will disrupt and improve industries where corruption/confusion occurs (advertising, news, medical records, real estate etc…)
That last bullet point might get you saying HOLD UP, how can a cryptocurrency disrupt industries? Well turns out the ledger system/blockchain helps in more ways than just keeping track of currency, it can actually be utilized as Smart Contracts. Check out this video to see why:
Blockchain technology is a quite a disruptive new technology based on old ideologies. To truly understand it we must look at it with a completely new paradigm. A complete shift of wealth from fiat to cryptocurrency? The de-valuation of gold?! Perhaps the below picture with help us to see the new norms:
To date my own investments are mainly in Total Index Funds and Bonds, specifically Vanguard funds. (Shout out to Millennial Revolution for Index investing tips.)
Do I want to miss out on the greatest shift of wealth in human history? – Um…no.
Will I invest – Yes
How Much? – Very little to start.
Do I wish I bought Bitcoin back in the days? – Yes of course (but I might’ve also been that person who paid 10,000 Bitcoins for a pizza, which values that pizza at currently $60,000,000 that’s one expensive pizza!)
Next post I’ll go into all the beginner steps of investing into cryptocurrency. Stay tuned. Like, Subscribe!
Shameless Crypto T-Shirt Plug!
Yes I designed these and yes I have worn one this week!