Bitcoin 101 – How To Get Started

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You’ve heard about BItcoin.  Maybe a friend or family member has said over and over “You have to invest in Bitcoin!” But no matter what you hear, it’s not really clear to you what it is or why people are making such a big deal about it.

Today is your lucky day.  After you spend just a few hours, reading and/or listening to the resources in this post, you”ll understand why Bitcoin is important for you and your family.

As they say, “fortune favors the prepared mind.”

There’s a lot of noise out there, and it can be difficult to put it all together.  This post will save you countless hours–it summarizes the basics about what you need to know to get started.  I also will introduce you to crypto experts that are doing an amazing job in helping educate people about Bitcoin. You absolutely will be at an advantage when you grasp why Bitcoin is revolutionary.

Mainstream media, on the whole, is not doing a good job of educating people about Bitcoin. Reporters who are confused about Bitcoin incite fear and suspicion about the cryptocurrency.  Even some renowned investment managers are in the dark about it.

It’s common in human nature to fear, or at least be suspicious, of what we don’t understand.  But ignorance doesn’t make something a scam.

What Is Bitcoin & Why Should You Care?

Bitcoin can be described as…:

  • Digital money that is a medium of savings.  Since it has a finite supply (only 21 million bitcoins can be mined in total) investors see Bitcoin not only as a way to increase their net worth but as a way to hedge against inflation.
  • Digital gold that has advantages over gold as it’s more scarce, divisible and much more easily transportable.
  • Digital money that is not under the control of central governments or banks. You can be your own bank. You can have control over your money..

I believe the most important aspect of Bitcoin at this time is its role as a medium of savings. Its finite supply and increasing demand  makes it an outstanding store of value.  It very likely could be the best savings plan you ever had, and the best “sound money” that society has ever had...

Gven that cryptocurrency is going to revolutionize the world — even more than the Internet did, you owe it to yourself and your family to learn about it.

Cryptocurrency is the future. Governments, major banks, hedge funds and even central banks have begun to invest in cryptocurrencies.  

If you decide to buy Bitcoin (BTC) invest for the long-term —several years.  Long-term investors (“HODLRS”) don’t worry about short-term price movements because they understand the fundamentals and the future of money.  It will continue to be volatile until it matures into its next phase as a unit of account. And only invest what you can afford to lose. Just like the stock market, there are no guarantees.

Enjoy reading and/or listening to the amazing resources below. You’ll be glad you did!

How To Get Started

You can buy Bitcoin (BTC) on a crypto exchange, such as Coinbase, or buy crypto using an app. Once you create an account on an exchange or app, you will then transfer money from your bank account to your crypto account. Once your crypto account is funded, you can trade your fiat currency for any amount of cryptocurrency. Many people start out with just a few hundred dollars worth of crypto to get comfortable with the new financial system.

If you prefer to use a desktop (website) to create an account, Coinbase is, in my opinion, the easiest website to use–especially for beginners. Coinbase is a regulated exchange in the U.S.  They make it easy to buy, sell, and store Bitcoin and other cryptocurrencies.

If you prefer to use an app, I think the Celsius app is the most secure app.  With this app, you can buy crypto and also earn interest on your crypto; the APY% you can earn is higher than what any bank or other crypto platform offers.. Plus, you can take a loan on your crypto using this app.  Celsius is regulated in the U.S.

Find out more on this summary page:http://unlimitedinnerpower.com/alternative-finance/

SAFEGUARD YOUR CRYPTOCURRENCY 

After you buy crypto on an exchange, you should transfer your cryptocurrency to a hard wallet,  A hardware wallet is a special type of offline wallet which stores your private keys in a secure hardware device.  This way, you have complete control of your crypto. You are your own bank.

The industry is changing fast.  Today you have way more choices. For example, you can also transfer your crypto to an app to earn interest rates that are FAR above what banks and crypto exchanges are paying.

You can diversify and use both –hard wallets to secure cryptocurrencies & apps to earn higher interest rates on cryptocurrencies.  Find out more on the Alternative Finance page  http://unlimitedinnerpower.com/alternative-finance/

SOURCES TO READ

Click here for a great introduction on Bitcoin by Ben Yu. While this extensive article is a bit dated, it still is a great introduction about Bitcoin. You’ll get a good overview on the financial markets (including a review of the 2008 financial collapse), our economic and banking system.  Ben also explains why Bitcoin is superior to gold.

If you want to go deeper into understanding Bitcoin, then you will want to read The Bitcoin Standard by Saifedean Ammous. You’ll discover the fascinating history of money and why Bitcoin can help societies prosper as they did in the days when gold was the foundation of our monetary system.  Saifedean explains what sound money is and the fundamentals of economic prosperity.  This book will help you understand what money is.

SOURCES TO LISTEN TO

Andreas M. Antonopoulos is a critically-acclaimed author, speaker, educator, and one of the world’s foremost bitcoin and open blockchain experts. This video provides a good introduction about why we need a decentralized currency–a new form of money.  You can find more of his videos on Youtube.

Max Keiser and Stacy Herbert, known as the “crypto couple,” were one of the first financial commentators to inform the public about Bitcoin shortly after the first Bitcoin was born in January of 2009.  In Bitcoin: The Genesis (Episode 1) , they interview cutting-edge thinkers to ask them “What is Bitcoin?”  Not only will you hear about different definitions of Bitcoin, you will also be introduced to some of the brightest minds in the space.

Ivan on Tech has a YouTube channel that is fantastic.  He explains Bitcoin and crypto from a programmer’s perspective.  Ivan has a gift for teaching and his energy is amazing.  His videos clearly reflect his depth of knowledge and passion about the space.

In this post, I have introduced you to some of the brightest minds in this space who are passionate about helping to empower people with financial knowledge.  If you liked this post, please share it.

*Disclaimer:

The information presented is for educational purposes only and is not financial advise. Nothing herein shall be construed to be financial legal or tax advice. The content of this website is solely the opinions of the writer who is not a licensed financial advisor or registered investment advisor. Purchasing cryptocurrencies or other investments, such as precious metals, poses considerable risk of loss. The writer does not guarantee any particular outcome. Past performance does not indicate future results.

All information presented is the writer’s opinion and is meant for public awareness. Please take this information and do your own research. Unlimited Inner Power (UIP) can receive compensation when a product is purchased via links that are shared.