What is a Cryptocurrency
What Is A Cryptocurrency
The easiest way to explain “what is a cryptocurrency” is to say that it is a digital currency rather than something physical you can hold in your hand and are primarily exchanged over the Internet. They also operate outside of traditional banking systems and government control. Essentially they are invisible.
Why Is That a Good Thing?
Because they CANNOT be manipulated by the Federal Reserve, or any other of the numerous central banks around the world. So they cannot be inflated or devalued by them, nor can they be seized or confiscated by any Government.
Which is why Cryptocurrencies are probably a more “honest” and “secure” form of currency, than any other in the world today.
I mean, Just look at how much trouble the global economy is in. With the central banks printing massive amounts of money, government Bailouts, bank Bail-ins (which is where a bank take depositors money) and loads of financial ‘stimulation‘ and manipulation going on.
Its created a world of fiat money that has lost massive value, resulting in one messy financial crisis after another to the next and so on.
But that’s not all…
Government Inference with Traditional Money
Just take your own money that you have earned legitimately. Most people are unaware that under the Bank Secrecy Act, if you withdraw $10,000 or more of your own money, your bank is required, by law, to file a Currency Transaction Report with the Financial Crimes Enforcement Network (FinCEN).
This is a special agency that’s tasked with supposedly combatting money laundering, terrorist financing, and other ‘financial crimes‘.
And your bank is also required to file a Suspicious Activity Report with FinCEN. If it believes you are trying to avoid triggering a Currency Transaction Report by withdrawing smaller cash amounts. This then puts all your past and future cash withdrawals under the microscope.
And If That’s Not Enough…
Taking out your own cash isn’t the only activity the government deems suspicious.
Activities, such as,
- Depositing $10,000 or more in cash,
- A foreign exchange transaction worth $10,000 or more,
- Taking more than $10,000 in cash in or out of the U.S,
- Receiving more than $10,000 in cash in a single payment as a business,
- Or having more than $10,000 in accounts outside the U.S.A, for example.
Any of these and more will trigger a Suspicious Activity Report, even if you are an average law abiding citizen with nothing to hide.
In fact if you are an American citizen, irrespective of where in the world you reside or where you earn an income, you must file annual tax returns and declare all bank accounts and assets (including those of your non-American spouse) to the IRS, just because you are a US citizen.
Again, not many people are aware of the 2010, Foreign Account Tax Compliance Act (FATCA) Not only does this new law impact every American living and working overseas but every U.S born person on the planet.
It also requires all non-US (‘foreign‘) financial institutions, such as banks, to allow the IRS to search through customer databases to identify customers suspected of being US persons, and to disclose the account holders’ names, addresses, and the transactions of those accounts.
“Welcome to the Land of the Free and the Home of the Brave“
Then There Are The Civil Asset Forfeiture Laws
That most countries have in some form or another. Under these ‘civil asset forfeiture laws’, police and federal agents can confiscate any cash you might have, if they ‘merely suspect’ that it was involved in a crime.
They don’t need to file any criminal charges or prove any wrongdoing. They only have to ‘suspect’ or say they ‘suspect’ the cash ‘might be’ involved in a suspected criminal activity. No proof on their part is required! And they can keep any seized cash for themselves.
According to The Washington Post, since 2007, the DEA alone (just one agency) seized more $3.2 billion in cash from Americans in cases where no civil or criminal charges were brought against the legal owners of the cash. Over the past decade, the federal government has seized more than $28 billion.
What’s disturbing about this, is that in 2015 alone, civil forfeitures, exceeded the amount stolen by all the robbers.
Yes, the U.S Government stole more from the American public through confiscations, than what was stolen outright from robberies and muggings.
But That’s Not All…
Just having this discussion could soon be a considered a crime. I’m not kidding! Even in the USA, this might well become an illegal conversation.
You Don’t Believe Me?
Most Americans, are unaware that in December of 2016, congress passed the Countering Foreign Propaganda and Disinformation Act (CFPDA). This new law removed all your rights to ‘freedom of speech’. This new law states that if an individual’s ‘statements‘ disagree with “accepted truths” then they are in breach of this new law.
“What is OR are ‘Accepted truths’ is yet to be tested by the courts. But the type of information on this very page could be deemed to be an ‘unacceptable truth’ – about the government” and be in breech of this new law.
So it’s no surprise that Cryptocurrencies are becoming an Alternative to Traditional Money because it can be used outside the banking system and immune from theft by governmental institutions, and could be a way of protecting yourself from further attacks upon your rights and freedoms from your own government.
As a result of these infringement on your basic rights and rapidly shifting times, cryptocurrencies are attracting a lot of interest from everyday people.
As of June 2017 total market capitalization of cryptocurrencies was larger than 100 Billion USD and record daily volume is more than 6 billion USD.
There are now more options than just Bitcoin, there is Ethereum, Litecoin and Ripple, and many others.
You have probably heard of ‘Bitcoins‘. It was the first known cryptocurrency to be used for a commercial transaction back in May 2010, when a web developer purchased two Papa John’s pizzas using 10,000 units of Bitcoin. At that time that many bitcoins was roughly worth about $30.00.
What you may not know, is the value of Bitcoin has been skyrocketing ever since. By 2014 (just four years later), that same $30 of Bitcoin units, was worth more than $5 MILLION.
“Today, that same $30 is now worth a life-changing $20 million!
Have I Got Your Attention?
That is an astonishing increase in value, from what bought a couple of pizzas a few years ago, to what could buy you a very nice mansion today.
There are numerous reasons why you should invest in cryptocurrency and the first of which is that soon millions of people will be investing in them, once they realise how powerful and secure this type of currency is.
You don’t even need to buy a whole coin, you can buy units and pretty much in any currency you want.
This means it’s A HUGE opportunity for you as a CRYTO investor as well as an online entrepreneur to get started before it becomes mainstream:
A Bitcoin Overview
See the 3 minute Video below to get a quick overview of Bitcoin.
While these alternative, decentralized modes of exchange are in the early stages of development, they have the unique potential to challenge the existing systems of currency and payments.
- In a 2013 report, Bank of America Merrill Lynch stated that;“We believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers”
- In June 2014, the first bank to convert deposits in currencies to bitcoin without any fees was opened in Boston.[see Wikipedia]
- In 2015, merchants accepting bitcoin exceeded 100,000.
- Firms that are accepting bitcoin include PayPal, Microsoft, Dell,
- In April 2016, The Wall Street Journal, stated that “Bitcoin is starting to look slightly more stable than gold”.[see Wikipedia]
- On 3 March 2017, the price of a Bitcoin surpassed an ounce of gold.
Many people worry about the legality of cryptocurrencies as the legal status of cryptocurrencies varies substantially from country to country.
While some countries have allowed their use and trade, others have restricted them. As various government agencies, departments, and courts have classified bitcoins differently.
- The China Central Bank, initially banned the handling of bitcoins by financial institutions in China during an extremely fast adoption period in early 2014, then they relaxed they rules on them, only to ban they again in September 2017.
- In Russia, cryptocurrencies are legal, although, it is illegal to actually purchase goods with any currency other than the Russian ruble.
- In Japan (April 2017) they are recognised as legal tender.
A Good Time to Get an Education
While it seems like a good time to invest in Cryptocurrency (There are now more options than just Bitcoin, such as Ethereum, Litecoin and Ripple, for example) and as of August 2017, there were more than 1,000 digital currencies in existence.
But knowing where to start and how to invest in these new assets could be an overwhelming and daunting task if you don’t know what you are doing.
Which why it is probably a good time to get educated about Cryptocurrencies and learn how you can invest and profit from them.
|Get the Cryptocurrency Blueprint here|
Traditional Money is Not As Stable As You Think.
Traditional money as we know it has actually had a tumultuous history. The Romans may have been the first to debase their currency in a significant way, and many historians believe this was a key factor in contributing to the downfall of that empire.
Unfortunately, the world has not learned from those events and countless other currencies and country economies have also bitten the dust due to the government manipulation of the money supply since then. Many currencies around the world have failed due to government tampering and the resulting hyperinflation.
Notably and alphabetically;
- Austria (1922)
- British Malaya (1945)
- China (9th Century and several other times 1945 and 1949)
- France (1796)
- Germany (Weimar Republic, 1923)
- Greece (German-Italian occupation, 1944)
- Hungary (1923 and 1944)
- Iraq (Between 1987 & 1995)
- Mexico (1983)
- North Korea (2010)
- Poland (1923 and 1990)
- Philippines (1944)
- Romania (1990)
- Soviet Union (1924)
- United States (1779 and 1864)
- Vietnam (1988)
- Yugoslavia (1994)
- Zimbabwe (2008)
Recent Events in Venezuela
Currently, Venezuela has the highest inflation rate in the world at 741%. In 2014, 6.25 bolivars got you about US$ 1.00. Today, you need around 16,000 bolivars to get that same $1. So the Venezuelan Bolivar is basically worthless, you can’t even buy a loaf of bread with a wheelbarrow full of them.
So it’s no surprise that Venezuelans are looking to purchase alternative currencies. And the U.S. dollar has been one of their favourites, however the government has tighten, even further controls on currency exchanges. It restricts the number of dollars people can buy and what they can do with them.
As a result Bitcoin volume has surged to record highs in Venezuela since the crisis has deepened…
How Are They Using Them?
They are using bitcoins to buy Amazon gift cards. They buy the gift cards so they can order goods and food from the online store in the U.S. and other countries. The goods are then delivered by courier to Venezuela. The people are doing this in order to survive. But they’re not the only ones who have done this.
In 2013, Cypriots loaded up on bitcoin after the Cyprus government closed banks for a month and then confiscated account holders’ money to “bail in” the banking system. Bitcoin volume in Europe shot up 286% during that time.
Then there was Greece’s 2015 economic crisis, when the government shut down all the banks for a month. Bitcoin volume in Greece increased 79%.
Bitcoin is fast becoming the world’s premier chaos hedge. And we are heading towards more chaos in the coming months and not so distant future.
Getting Out of Government Controlled Money
So if you can’t trust government money, what can you trust?
Gold! Well, yes! But it’s not so easily traded at retail stores and banks and its difficult to move and store.
If you need a way to protect yourself from just relying solely on vulnerable government created paper currency. Then the solution may be: cryptocurrencies.
Cryptocurrencies could be a good way to protect yourself from the wealth-destroying policies of governments and central bankers. As digital currencies like, Bitcoin (for example), are not owned by any government or any bank and as they have a fixed supply, Politicians and bankers can’t inflate its value away or outright steal them. They are also easily moved, stored and traded
If you want to buy* Cryptocurrencies (like Bitcoin) online, it can be a daunting experience. However I have found a useful site called LocalBitcoin.com which is a person-to-person bitcoin trading site.
Unlike other stock-exchange-like bitcoin trading sites, you can make a trade directly with a person from the US or from another country who can exchange their local currency to bitcoins. This makes the process lean and fast, as there is no corporate overhead. You get your bitcoins instantly.
See image below for real time value of a single Bitcoin
The site allows users to post advertisements where they state the exchange rate and payment methods for buying or selling of bitcoins. You reply to these advertisements and agree to buy bitcoins with cash, online banking, Credit Card, PayPal or whatever method is specified. Bitcoins are placed in LocalBitcoins.com web wallet from where you can pay your bitcoin purchases directly.
For more see the video below:
|You can click the image above or use the link here|
* Make sure you get an education first, before you start buying and selling cryptocurrencies – as it is a new industry and there are risks!
For more information about how to buy Bitcoin with cash, credit card or PayPal etc. You can review my post How to Buy Bitcoin https://onlineaffiliatewealth.com/how-to-buy-bitcoin
Governments around the world are pumping up their supply of money, printing billions of notes and injecting astounding amounts of credit into their economies via their central banks to supposedly ‘stimulate spending’ in the economy.
Japan has been doing that for nearly two decades, without success and now we even have negative interest rates in many European countries, meaning you have to pay them interest to hold your cash. Nothing is working and things are not getting any better.
We are seeing increasing regulation, increasing possibility of warfare, increasing social controls, and the removal of individual rights to financial privacy and tightening of banking regulations and capital controls, in ever more dramatic ways.
Unfortunately, there are no positive political trends in today’s world. None of the Governments of the world are cutting back on regulations, reducing taxes, or eliminating laws anywhere. They’re doing just the opposite and making the entire global financial system even more unstable.
Those who do not want to wait for the potential collapse of the financial system and seek to sidestep this distressing possibility, might wish to pursue some type of monetary diversification as a bridge to freedom and future financial security. And one way to do that is get educated about cryptocurrencies.
|Get the Cryptocurrency BluePrint here|
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I appreciate your gift in taking these complex topics and making them easier to understand. It’s my first time hearing about the CFPDA, Thank you for sharing that piece of information as well. On to the next article …
Hello, Belle. Thank you for your comments. I appreciate you taking the time to read my post. As a personal thank you for leaving a comment I am sending you a PDF copy of my book Why Invest in Cryptocurrency And how to get started. Watch out for it in your inbox. 🙂
I feel i am now begining to make some small sense of cryptocurrency…almost daily i get a text message or an email telling me “james verification of your Bitcoins has been proceessed. Available withdrawal : AUD $16,000…”
Sound like a scam to me..but it has caused me to be interested in the concept. And so reading your post has helped. It’s something to re-read as it is full of good information. I will come back to this again.
Am I correct in assuming the TXT message as being a scam?
Hello, James. You are right it is probably a scam, Why, would someone just give you Bitcoin? It’s only because Bitcoin has become such a highly discussed topic currently that scammers will jump on the band wagon and attempt to rip people off. That’s why it’s important to get educated about cryptocurrencies and the reason I wrote the book ‘Why Invest In Cryptocurrencies? Which a copy is coming your way, so watch out for it in your inbox. Enjoy 🙂
Thanks for the website Peter really a lot of good information o n how to start your own affiliate business. Cryptocurrency is great and I’m looking into bitcoin and starting my own affiliate network through amazon now. The best part about it is that you can make money even while you’re sleep, I love that.
Hello, Jason. Yes, indeed that’s what attracts a lot of people. However you still need to do the work before that can happen. I do have other posts on Bitcoin that you may like to review. What is a Bitcoin, What is Bitcoin About and How To Buy Bitcoin. Thanks for your comments. 🙂
I enjoyed your article about cryptocurrency. I actually was just discussing this a couple of days ago with some friends. We were discussing the rise in Bit Coin.
I like the ‘ease’ of using crypto currency but I am still very concerned about how it is valued. I realize that most currency is no longer based on the gold standard but at least it is fairly difficult to produce. My concern with a digital currency is that how do you control the amount of the currency that is out there.
Just seems to me that a digital currency is even easier to fake.
Hello, James. Thanks for your comments and I do discuss more about Bitcoin and in particular the concern you have about digital currency being easier to fake. You can read more about this in some of my other posts What is a Bitcoin and How To Buy Bitcoin and What is Bitcoin About and of course in the book Why Invest In Cryptocurrency?. Which I am sending your way, so watch out for it in your inbox. Enjoy 🙂
After I heard about Bitcoin, it’s been on my mind to learn more about cryptocurrency. I really want to know more about this and I’m interested in investing…I have been doing some searches online but nothing is as well explained as yours. I’m going read it again too… so it ‘sinks’ in. I just feel unsure on the procedures and wondering on the risks. Are there scams I need to be aware of? I would love to hear more on cryptocurrency… this is the future, the way to go for sure. Thank you.
Hello, Monica. Pleased you have enjoyed the article. I have some other posts you may also like. What is a Bitcoin and What is Bitcoin About and How To Buy Bitcoin plus also the book I am sending your way. Why Invest In Cryptocurrency? Which will also give you some great information. Thanks for your comments. 🙂
Very interesting read! I am a little bit cautious about the cryptocurrencies – especially now when they have reached such a high value. I believe that banks rule the world so I am not sure about the future of the cryptocurrencies. What I am sure about is that banks definitely don’t like the increasing use of cryptocurrencies as this has a direct effect on their business and they can’t control this. Do you think there is any way banks (with the help of governments) could restrict the development of the cryptocurrencies?
Hello, Arta. Thanks for your comments. I have said this before, we are just at the beginning of a revolution in blockchain-related technologies and cryptocurrencies. Financial services incumbents like traditional banks, institutional funds, and hedge funds are all trying to determine their role in this exploding industry. So I think it is early days yet and that will continue to see a lot more volatility and wild fluctuations with Bitcoin yet but the general trend will be upwards.
Anyway check out my other posts What is a Bitcoin and What is Bitcoin About and How To Buy Bitcoin plus of course read the eBook I am sending your way. Thanks for your question. 🙂
Amazingly much information about (crypto) currencies!
I do have some worry about the currencies. I just sold my bitcoin and made a nice profit. Don’t think I want to re-invest. Or do you think we will see a better implementation of crypto currencies in the world?
Also, what is your opinion on a society without currency?
Hello, Steven. Thanks for your comments. I think we are just at the beginning of a revolution in blockchain-related technologies and cryptocurrencies. I think it is early days yet and that will continue to see a lot more volatility and wild flucuations with Bitcoin yet.
Financial services incumbents like traditional banks, institutional funds, and hedge funds are all trying to determine their role in this exploding industry.
One thing was very clear to me, the blockchain industry development has happened right under their noses and they’re all scrambling to catch up. They’re also trying to take the same industry structure and business practices and force them onto the blockchain industry.
And it won’t work…
It’s like trying to fit a square peg into a round hole. The big financial institutions are trying to insert middlemen, increase friction, and position themselves as rent seekers just like they’ve been doing for centuries.
But the blockchain industry won’t have any of it.
These are precisely the things that blockchain and distributed ledger technology were designed to fix. And early blockchain companies have proven that it works. They’ve proven that the utility of these protocols makes the transfer of assets faster, cheaper, and entirely secure, all at a fraction of the cost of the way things work now.
So I think the future is for Bitcoin is still bright.. Enjoy the eBook that is coming your way. 🙂
Wow! What a great way of explaining cryptocurrency! I have a client who has been trying to explain this to me, and I just now got it! The scary thing is that I am in the process of trying to buy a house, and my lender is requiring 20% of the sales price at closing since I am self employed. I had no idea that the government would deem this as suspicious activity:(
This was a very informative article, and actually written in such a way that it was easy to understand. Thank you so much for helping me to understand this process of cryptocurrency better:)
Hello, Suzie Pleased you have enjoyed the post and that you found it helpful. As a thank you for leaving a comment I am sending you an eBook that you might enjoy. So watch out for it In your inbox. 🙂
Wow! You’ve literally explained more than I’ll ever need know about normal currencies and cryptos.
Its crazy to think about how much the value of one bitch in has increased since its Papa John’s buying days.
This article has been very enlightening and informative.
I have one question. Do you feel that in the near future that bitcoin will become a monopoly in the currency game or that there will still be other competing currencies?
Hello, Amhil. I give the answer to your question in my book Why Invest in Cryptocurrency? A copy of which is coming your way, so watch out for it in your inbox. Thanks you leaving a comment. 🙂
Your article is very informative for me.
I’ve been hearing about bitcoins since last 2 years but didn’t even nudge to take action on investing.
After reading your entire article, it made me realize what has happened to the world economy and things are not as pretty as we think they are.
Your article has opened my eyes in the opportunity of investing in cryptocurrencies and wealth possibilities that is coming our way.
But you did mention they are risks involved. May I know what they are?
Hello, Izuddin. Thanks for your question. I am sending you a copy of my book Why Invest in Cryptocurrency? So watch out for it in your inbox over the next few days. Inside it will give you much more information about Cryptocurrencies and how to begin buying them. I also cover the upside and the downside risks and what to do to protect yourself when you have some crypto coins etc. Thanks for your comments. Enjoy 🙂
Thanks Peter. That’ll be great! 🙂
You are welcome 🙂
This is indeed a very extensive information on cryptocurrency. I feel better enlightened. I had heard about bitcoin in the past but the information was not so indept. The fear most people have with cryptocurrency is the safety of their investment, especially since it is kept by a third party. Can you allay some of these fears?
Hello, Tim Thanks for your comments. I am sending you a copy of my book Why Invest in Cryptocurrency? So watch out for it in your inbox over the next few days. Inside it will give you much more information about Cryptocurrencies and risks etc. Enjoy 🙂
Cryptocurrencies are the future! I kick myself everyday for not buying at least a few Bitcoin when I first heard about it (it was just over $8 back then – would have been an EXCELLENT investment!). I loved the article, but I wish you had gone more in-depth regarding altcoins. Otherwise, thanks so much for writing it!
Hello, Kenneth. You will discover more about Altcoins in the book Why Invest In Cryptocurrency? that is coming your way as a thank-you for leaving a comment. Enjoy. 🙂
This is what is trending on the online world today. Everybody is running to it. Some say it is the new wave on investment just like the stock market. but my take is , those who were fortunate enough to get into bitcoin earlier have made their money. There are many cryptocurrencies on the block today and many more to come. Will they crash in the future soon? hard to say. i think if you are investing into the cryptos, just make sure this is money you can afford to lose .That is my take. maybe wrong.That is my opinion after doingmy research.
Hello, Patrick. You may be right, but its still early days. You might enjoy my other posts on Bitcoin, What is a Bitcoin and What is Bitcoin About and How To Buy Bitcoin as these will give you some great information about this industry. Also check out my eBook Why Invest in Cryptocurrency? that is coming your way, for leaving a comment. Enjoy. 🙂
Hi Peter, thanks for this great article on cryptocurrency. I’ve only heard of bitcoin, and of course, wish I would have got some back in the day.
With so many other cryptocurrency seeming coming out of nowhere, how do you know what ones to get? It still seems a little confusing.
Hello, Greg2112. Thanks for your question. You will find the answer in my book ‘Why Invest In Cryptocurrency? thats coming your way for leaving a comment. Enjoy 🙂
Wow, I had no idea that there was an S.A.R. report. To think that a “free” country can monitor how much money you take out or deposit into your own bank account, just seems very unconstitutional!
Which one of the cryptocurrencies is recommended? I was thinking about signing up for Bitcoin…
Hello, Jason thanks for your comments. You will soon receive a copy of my eBook Why Invest in Cryptocurrency So take a look to get a better understanding of Cryptocurrencies and also see my other posts How To Buy Bitcoin and What is Bitcoin About and also What is a Bitcoin This will give you a ton of information and answer your question. Enjoy the eBook that is coming your way. 🙂
Cryptocurrencies are becoming really popular and very fast! A few years ago nobody talked about them and most didn’t know they exist. But now everything has turned upside down. The information is spreading around the world. If they weren’t so complex I’m sure they would’ve already taken over the world!
Hello, RichPersonality. Yes, it’s only been this year really or late 2017 that the world has started to notice Cryptocurrencies. Some have even made people very rich, very quickly. Thanks for your comments. 🙂
Thanks for the info! I have been watching and listening to adverts on the television, radios, newspapers, internet and satellites and have started doing some researches about it. Cryptocurrency is becoming a topic in the minds of many people, being a digital currency that can be spent anytime or used to acquire assets or other valuable things of life.
The most genuine way to earn cryptocurrency is by mining and investing. It’s the currency of tomorrow and its value is increasing daily. Cryptocurrencies currently in the coin market now include Bitcoin, Litecoin, Dogecoin, Primecoin, Dashcoin and so on.
Hello, Pioneer80 Thanks for your comments. Pleased you have enjoyed my post. I trust you will get a good deal of additional information from the eBook I am sending your way. 🙂
central banks are going crazy about bitcoin trying to demise it and ban trading with it. Many countries has banned bitcoin or any other e-currency, because they are afraid to lose control.
I am still trying to understand cryptocurrency and I am not a die-hard fan of it. But imagine a world where we can trade with each and exchange currency with each other without a small group of people controlling us and robbing us off in plain day via banks and central banks.
Thanks for the post, very informative.
Hello, Fadi. Thanks for your comments. I am pleased you have found it to be informative. You can read other posts about Cryptocurrencies What is a Bitcoin and What is Bitcoin About and How To Buy Bitcoin plus of course, my book Why Invest in Cryptocurrency? for more information about Bitcoin.
I am sending you a copy of the eBook as a thank-you for leaving a comment, enjoy. 🙂
Under the first heading government interfere with traditional money,
it should say ” this then puts all your….” It says you. Other than that your website looks awesome! I love that you decided to market your own affiliate company. I think thats a great idea and you will find success.
Hello, David. Thanks for the ‘correction’ I have found and amended it so all is well thank you. Pleased you have enjoyed the post. I hope you get value from the eBook that is on its way to you asa personal thank you for leaving a comment. 🙂
Thank you so much for this great information! I have been looking for ways to invest since I have recently come into a chunk of change. This may have moved to the top of my list.
Hello, Kellye Happy to help. It’s an interesting investment that for sure. I do have other posts that you may like to see and Thanks for your comments and please watch out for the eBook that is coming your way. 🙂
Amazing! Thank you for teaching me what cryptocurrency is. I have a hard time understanding what it is and you helped make it very clear.
I have heard a lot about bitcoin and their successes, but I never knew the story behind it. Their story is very interesting and awesome! As a 16 year old, do you suggest I should take action and invest in cryptocurrency. Please leave me a response, thanks!
Hello, Marques. In answer to your question. “Should I take action and invest in cryptocurrency? Absolutely! Cryptocurrencies could be a good way to protect yourself from the wealth-destroying policies of governments and central bankers. As digital currencies like, Bitcoin (for example), are not owned by any government or any bank and as they have a fixed supply, Politicians and bankers can’t inflate its value away or outright steal them. They are also easily moved, stored and traded. You also don’t have to buy a whole coin. You can buy a portion of a coin 0.0000001 for example.
You can discover more about how to do this from my other posts How To Buy Bitcoin and What is Bitcoin About
Thank you for your comments and I hope you enjoy the eBook that is coming your way. 🙂
You make some great points about the Federal Reserve. I made a significant deposit to a bank in the Philippines lately and I encountered some of what you mention here.
I have lots of friends who have recently gotten involved with cryptocurrenty and namely Bitcoin. It seems very interesting to me. I love the fact that is is not regulated by the Federal Reserve.
I believe cryptocurrency is definitely the future. Thanks for sharing such great details.
Hello, Nate. I have several other posts that you might also enjoy What is Bitcoin About and How To Buy Bitcoin and an eBook Why Invest in Cryptocurrency? And how to get started. which I am sending your way as a personal thank you for leaving a comment on this post. Enjoy. 🙂
Hi Peter, thank you for you post.
Allow me to add a 2 things to your content about the benefits of using cryptocurrency.
Firstly, cryptocurrencies cannot be counterfeited, whether a person is using bitcoin, ethereum or ripple. And there’s no charge backs like in credit cards. Because, the platform mechanism just doesn’t allow reversed arbitrarily by the sender.
Secondly, no possible of identity theft. The sender just sends on what the person wants to the recipient with no other information, unlike credit cards, where the sender is actually giving the merchant a full credit line, even for a small amount.
Thank you again, Peter.
Hello, Izuddin. Thank you for your comments and yes you are right. Although I do cover that in my other posts about Bitcoin How To Buy Bitcoin and What is Bitcoin About plus its in my book that I give away as a thank for leaving a comment. Which a copy of is its way to you. Thank you for your feedback :)i
Hi thanks for sharing your thorough article, it is very interesting. I’ve long had my problems with the FIAT money system and have looked into buying gold in the past, but like you say, it is difficult to transport and store. Bitcoin does look like a good alternative and I appreciate you listing where you have bought it in the past. In light of rising national debt and China no longer wanting to back the petrodollar, do you think the western economy will collapse in the next few years?
Hello, Oliver. I do think there is going to be an economic reckoning due to the Trillions of dollars that has been created by the central banks and the gross mismanagement of the economy by the governments of the world. Hence my faith in the future of a decentalized currency such as Bitcoin. Enjoy the book that is coming your way I am sure you will find that interesting and informative as well. Thanks for your comments. 🙂
I found your article very helpful and informational. I have come across many times different articles suggesting that Bitcoin is a great investment.
Having said that, I work in the finance and insurance industry and as a result I often hear the exact opposite and that Bitcoin is just another dead end.
I’ve come to the conclusion after reading your article and many others, that it only makes sense they way that technology and innovation is going that Bitcoin is the next type of currency.
I’m not familiar on where to buy bitcoin, but I have looked at your suggestions and am contemplating my first purchase. Do you have any other recommendations to compare to when purchasing bitcoin?
Hello, Cameron To answer your question about how to buy Bitcoin I have just completed a post about this How To Buy Bitcoin which I sure you will find most interesting. Thanks for your comments. 🙂
I just saw that Bitcoin reached an all time high of about $5,900 and I had to find out what all of this commotion was about. I finally stumbled across your site and thank you, thank you, thank you ! Finally, a thorough, easy to understand breakdown of what crypto currency actually is and how it will affect us going forward. It is amazing to read your vast knowledge on the matter, Peter ! Thank you, very much ! I feel much better now talking about it’s effects on our economy.
Hello, Rico. Thanks for your comment. If you enjoyed that post you may also like my latest post How To Buy Bitcoin that you can access here. It explains how you can buy Bitcoin and walks you through the process. Thanks again for your comments. 🙂
I’ve heard so much about cryptocurrency but didn’t really have any idea about the benefits and how people use themm.
After reading your article I know loads more than before and am intrigued to learn more.
I also had no idea how much the government can find about your bank transactions that should be secure and private, kinda scary.
Do you think the government will take measures to slow/eliminate cryptocurrencies in the near future.
Hello, Jacob. Yes, I’m sure the banks and the government will try to implement measures against cryptocurrencies. In fact China tried it a bannin Bitcoin a few weeks ago that inititally saw the price of Bitcoin fall and then once everyone realised that it’ a ‘decentralized currency’ and it doesn’t need any government support and the the government can’t actually stop it. The price raced back up and went to it’s highest level ever. So I don’t think its going to be prevented from being a great store of wealth and a private source of money. Thanks for your comments 🙂
Very insightful page! All I can say is that you’ve opened my eyes and made me see that cryptocurrency is the way to go these days. Very informative and was very easy to understand what your message was, and I really enjoyed your video to entice people to sign up to your updates! Great job and keep up the great work!
Hello, Jeremy. Pleased you have enjoyed my page and thanks for your comments. 🙂
Thanks for this article.
I have been looking into cryptocurrency and looking to learn more so that I can make some investments. I really apprectiate your information.
Bitcoin seems very interesting to me. I wish I would of invested several years ago.
I also heard that bitcoin has been declining, is this true?
Hello, Jerry Thank you for your comments and yes Bitcoin has been declining and then rising rapidly again. So even though the price of a single bitcoin has exceeded the price of an ounce of gold. It has been very volatile and its price has fluctuated wildly, – adding to its appeal as speculative investment opportunity. That’s why its important to get an education about cryptocurrencies and not just rush in. 🙂
Hi, I enjoyed navigating your site. your site provides the visitor with a good deal of information on affiliate marketing and the scams to avoid. Your site is effectively organized and makes it easy for the site visitor to understand. I found the topic of Cryptocurrencies very interesting and I want to congratulate you on a well researched and written article. Also, I liked the images on your site and the pop up too!
Hello, Vick I am pleased you have enjoyed my site and thank you for your comments. Please find an Ebook heading youe way as apersonal thank you for leaving a comment. 🙂