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
Ten Thousand Dollars
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.
The first known cryptocurrency
Bitcoin
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.
Growing Acceptability
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.[1]
- Firms that are accepting bitcoin include PayPal,[2] Microsoft,[3] Dell,[4]
- 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)
Zimbabwe One Hundred Trillion Note
- 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
Buying Cryptocurrencies
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
In Conclusion
Governments are trying to prop up the Economy
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 |
Finally
Take a look around and review other pages and posts while you are here and why not grab a copy of my eBook, Why Invest in Cryptocurrency? while you are on this page.
If you enjoyed this article “What is a Cryptocurrency” please feel free to socially share and leave a comment below.
And if you do I will reward you with a free copy of my 50+ page ebook; Why Invest in Cryptocurrency? And How to get Started. Which is packed with a lot more detail and information that will get you very excited about the future of cryptocurrencies and shows you how to start investing.
So what are you waiting for?
Accept my bribe and socially share and leave a comment below. – Thanks!
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Great article! However, BTC-e, a popular cryptocurrency exchange web platform has been closed by the US government. So, I cannot really agree with the fact that government has no right in the affairs of cryptocurrency. They have to give approval before adoption in any country. However, This article is very informative. I wish I had gotten this quality information earlier. it would have been a great drive in purchasing bitcoins on time.
Hello, John Thank you for your comments. There are more than 5,732 markets for more than 1,165 cryptocurrencies so one (or a few) being shut down will hardly impact the crypto-market place. With growth rates exceeding 1000 percentage points with in a few months you are bound to attract some bad people who will do bad things, As I discus in my book
While it’s been possible to make massive gains like
485% GAIN in 30 days…
1,824% GAIN in 8 days…
1,045% GAIN in 6 weeks
2,477% GAIN in just over 6 weeks…
Specific examples are :
1. Ethereum (ETH) on January 1, 2017, which saw a 4,742% rise in value you’d be sitting on more than $48,000 only 6 months later for an initial investment of $1,000
2. A $500 stake in MONERO (XMR) would have ballooned into $16,565 just 9 months later. Which is a 3,213% jump in 9 months!
However that doesn’t make it a sure thing and in-depth analyse the trends, research the market and gather your information and only invest money you can afford to lose. You don’t need to invest a fortune, you can start small.
Thank you for your comments. 🙂
Hi Peter, this is such an interesting article and I believe everyone should find out more about crypto currency. I hear so much about it now and am pretty sure it’s the money of the future. It would be fantastic not to have the banks and governments taking money off of us. I think it has been going on for so long now that we think it’s normal.
After reading your article I am seriously thinking about investing some of my savings in this system of money. It doesn’t look like I have anything to lose. I just wish I has done it in 2010!
Hello, Stefanie. Thanks for your comments and you are right about the banks as they have had things their own way for such a long time it is excepted as normal. Most people don’t realise that the money you give to the bank in no longer yours. It belongs to the bank who only promise to return it to you. They could actual just freeze you account and keep ‘your money’ anytime they want. As has already happen in a few countries already around the world (its called a bail in). Also the government can and does restrict who and where you can send your money too and of course the IRS (one of many government agencies) can raid you account any time they wish with full government support. Cryptocurrencies threaten this perverse monopoly so they are not welcomed by the banking / government institutions.
I wish you success in your cryptocurrency investing. Thanks again for your comments. 🙂
Wow, Peter ! This is certainly one of the most, if not the most comprehensive overview of what Crypto currency is all about ! THANK YOU ! Bitcoin and all the other forms of crypto currencies out there have become an everyday mention on Business News channels who laughed them off only a year ago or so. Today, it is one of the most recognized forms of exchange out there and, I agree, only growing in its popularity. The information you provided is essential to anyone looking to get involved in either investing or utilization of the currency. Well done, Peter !
Hello, Rico. Thank you for your comments and I am pleased you have found the information informative. 🙂
I found this site amazingly informative. I had heard of cryptocurrency but didn’t really understand what it was. This site breaks it down in a way that I can finally understand. I am definitely going to check into some of the suggestions listed in your article. Thank you for breaking it down to where I could finally understand what it was all about
Hello, Michelle. You are welcome and I am pleased you have found it informative. 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.
Thank you for your comments. 🙂
The government will eventually find a way to regulate blockchain technology. It must. Because the advantages of a cryptocurrency monetary system outweigh the disadvantages in the long run.
In the short term, it’s risky. Crypto thefts are on the rise.
MtGox lost $400 million in bitcoin theft. Sheep Market Place closed and took $100 million of users money.
Cryptsy, Bitstamp, Bitpay and other smaller bitcoin exchanges and processors were hacked and users lost millions of dollars.
No matter how reputable and honest, I don’t think any cryptocurrency exchange service can insure the security of one’s deposit.
Cyber extortion, such as the WannaCry exploit, is on the rise. The hackers demand to be paid in cryptocurrency. Some companies admit to holding bitcoin just so they can pay them!
Privacy is not an issue for me personally. But security of my funds from fraud is of concern.
Blockchain digital technology is super efficient. But the infrastructure and systems supporting these transactions are risky. In that respect, we are still in the pioneer days.
I nevertheless agree that this is the way of the future. I applaud your efforts in helping people become aware and educated on this topic.
Right now it is also an opportunity for those who are willing to take a risk with what they can afford. As you mention, one can get started with $20 and buy small units. Those can add up over time.
Wish I had started back in 2010…lol.
Thank you for this informative article. It is well written and I thoroughly enjoyed reading it. ~Jude
Hello, Jude Thank you for your comments and I appreciate your feedback and you are right on, about a number of points particularly with regard to theft and fraud. (although this is also an issue for traditional banking and credit cards etc) In my book I discuss this issue and I make a security recommendation using an external device to store your cryptocurrencies that eliminates that potential. https://onlineaffiliatewealth…. There will certainly be a lot more innovation around this blockchain technology as it is only early days, as you said… “we are still in the pioneer days”. As you say “wish I had started back in 2010” perhaps we will also say I pleased I started in 2017! Thanks again for your comments. 🙂
Peter, Your post is most enlightening. We’d heard of Bitcoins but paid little or no attention until we read your post.
We checked with the library to see what info was available and found four books and two CD’s on the subject with more to come.
We appreciate your in depth presentation of this subject. Needless to say, we did Bookmark this page. Thanks!
Hello, Donro. Thank you for your comments and I am pleased you have booked marked my post. I’m sure you will find the topic most interesting. Enjoy 🙂
I really like the layout of this website! I enjoyed the article that I read and has some good quality information.
There are tons of articles on this site to read and would recommend this site to others looking to start an online affiliate business.
The articles are pretty easy to read and are easier on the reader’s eyes, so I appreciate that. I hope to achieve success in making money online.
Cheers!
Hello, Noah. I am pleased you found the post and my website in general, interesting and informative. I trust you will also like the eBook that is coming your way for leaving a comment. 🙂
your site is very interesting I enjoyed checking it out. you were explainable. it looked very professional. I honestly can’t say it needs improvement cause it was all put together correctly it helped me change somethings on my site. you have a great website and I now understand now how to build a great website. Thank you
Hello, Jerri Ann. Thank you for your comments. I am pleased you got some value from reading my post. I hope you also like the eBook that is coming your way for leaving a comment. 🙂
Very interesting blog. I’ve notice the uptick on cryptocurrencies as well. Do you believe this is the beginning of the “cashless society”? Do you believe this will replace the dollar or perhaps is part of the one world currency? Can you trace the transactions of cryptocurrencies? Who regulates this for possible abuse or monopolization do you know? I’ve read articles on some people controlling the value of these and people losing their currency through so called bit coin purses or managing companies overnight. What are your thoughts on this?
Hello, Catherine. Yes, Cryptocurrencies use a ‘blockchain’ which are designed to remove any involvement of the third-party and can be customized to complete a certain transaction at a set date at a fraction of any expenses.
In short, you are in control of your own money and this is what we call the ‘Decentralized’ system, which means there’s no ‘Central or Federal Government’ regulating it for you.
Your transaction is practically immune to any influence from your government and its distinct manipulation.
So, it is possible to be able to pay and receive money anywhere in the world at any given time.
That transaction is done with minimum processing fees, thus preventing users from having to pay extra charges from banks or any financial institutions.
Are banks and governments happy about this alternative monetary system that threatens their monopoly on financial transactions?
Of Course not!
But this “Crypto Genie” isn’t going back into its bottle anytime soon.
Thanks for your comments. 🙂
Very good post I must say. I like that you as well are promoting bitcoin, it’s valuable invest strategy nowadays. Only the future can tell what it has in store for the cryptocurrency.
What I like most about cryptocurrency is that it doesn’t rely on the government or the bank. And as we all on know all currencies are doomed to someday crash.
Thank you for this post I learned a lot.
Hello, Victor. Pleased you have enjoyed the post and yes that’s why many people will start investing in cryptocurrencies and it will increase in value as time goes by. There is something like 25 million people who own them now out of the 6 Billion potential buyers. Thanks for your comments. 🙂
This was an extremely eye opening article for me. The portion about “unacceptable truths” was especially interesting for me. The fact that you could say something true about the Government that they may not like and get in trouble for it is mind boggling for me.
Am I understanding “unacceptable truths” correctly in the context that I mentioned?
Hello, Burleyboy. Welcome to the ‘real’ America, not the school book version and what the Government wants you to believe. There are so many things that if the people actually knew about their Government there would be a revolt. But we can’t wait around for that to happen. We can only do what we can to protect ourselves and Cryptocurrencies may be one avenue. Thanks for your comments. 🙂
HI Peter, I have heard of cryptocurrency here and there around the internet. All I know about it was it is a currency that’s traded online something like the bitcoin and that’s all.
After reading your review, I have to say I’ve learnt a ton about cryptocurrency and the potential of it. Another thing is you know SO MUCH about it and where did you learn all of these from?
Thanks a lot and looking forward to reading your other articles!
Hello, Fernglow. Thanks for your comments and I am happy you have enjoyed and the post. I have actually written a book about Cryptocurrencies so I have done a lot of researching and learning. Thanks again for your comments. 🙂
Hello Peter-
So glad I came across your article on cryptocurrency. I have had numerous people online trying to get me to buy into it. I had no idea how big it was-but I do now! I was always under the impression that it was somewhat shady-if not totally illegal. Now I understand it so much better. Is it legal in Canada? Cause I am definitely interested now!
Hello, Vic. Currently it is legal in most parts of the world. But even it it wasn’t it can not be stopped because its essentially invisible. However it all can seem a bit over whelming hence the information ad course I have created and provide for those interested. Thanks for your comments. 🙂
Great article and great job putting this one together.
I wish I would have bought into bitcoin when it started. If I would have taken the plunge I would have made a lot of money.
It sounds like investing in this type of currency is a really good idea. I really like that it cannot be manipulated by the government.
Thanks again for this post.
Hello, Jerry I may still not be too late. You don’t have to buy a whole coin and there are lots of other types of cryptocurrencies available now. However the choice is almost over whelming hence the information and resources I am providing. Thanks for your comments. 🙂
I never really understood the concept of bitcoin until reading your article, very informative, I like the idea that the government can’t put their hands on this type of money and it’s value keeps going up, I hate to think that our government steals from us but this is a true fact so after reading your article I will be looking into the other types of cryptocurrencies out there, I had know idea that there were other currency types out there thanks for the great information.
Hello, Mary You are right of course about our Government stealing from us and Cryptocurrencies may be a great way to put an end to that. Pleased you have enjoyed the article and thanks for your comments. 🙂
Wow, what very interesting and great information! I had never heard the term cryptocurrency before, but I have heard of bitcoin. Which I now know so much more about. I can see now why the craze and why the value has gone up so much. I am glad that the government cannot control cryptocurrency. I don’t agree with the fact that the banks report transactions over $10,000. Seems like an invasion of privacy, but I know they do it.
Hello, Matts Mom. Absolutely it’s an invasion of privacy. But the government and your elected representives don’t care. They know they can get away with it because, sadly most Americans never recognise they have been brainwashed into thinking they are still living in the land of the free & the home of the brave. They prefer Instead, to believe that countries like China, North Korea and Russia are their enemies and that their own Government is their ‘friend and protector’.
Yet in truth, not only does the government spy on them, deceive and mislead them, they also hide the truth from the very people that voted them into office.
Wealth and prosperity do not come from the Government or its rules and regulations. Government regulations restrict and hinder business to the detriment of society. It’s rules and regulations are not for the protection of our society, as they claim. These rules are in place for control, not for protection.
We do not need more regulations. We need far less. (if you think otherwise you need to see this article).
And if you want to discover who are the real benefactors to society, you may like to read this post I wrote about that
As always thanks you for your comments :).
Hey, this was a great page. I have heard of crypto currencies in passing when they were mentioned on some of the podcasts I like to listen to, but I didn’t really know anything about them. Your page is very informative. I also agree that owning gold is not all its cracked up to be. You can’t walk into a store and spend it, and if you want to sell it, you are lucky to get a 1/3 of its value unless you know the right people. The guys at the pawn shop for example are just low-balling you so that they can turn around and sell the gold themselves.
I will check out your links, thank you!
Hello, Megan. I am happy you have found my post informative and educational. Thanks for your comments. 🙂
I came to know about BitCoin and cryptocurrency in general, due to the inflation of prices of graphics cards. Everybody seemed willing to buy graphics cards to mine cryptocurrencies. I have never really looked deeper into it, but I finally understood what cryptocurrency is thank to you.
It is hard to believe that the government can not control cryptocurrency, is there any way that they can do it in the future?
Hello, JohnB Thanks for your comments and to answer your question about the government controlling cryptocurrencies in the future. Well, think of it like this. If you wanted to hack or control the system you would need to open millions of locks that would need to be picked in a rapid amount of time, rather than just hacking into one central place. Cryptocurrencies have completely revolutionized this old system, by cutting out the requirement ‘for trust’ ( and potential abuse) of a third party (such as the Government) in the transaction.
Thanks again for your question. 🙂
Hi Peter,
I’m not a savvy person when it comes to banking and finance, but I was made to understand that the right time to invest in Bitcoin was back in 2010. What is the difference between someone who invested in Bitcoin in 2010 and someone who does that in 2017? Is it advisable for amateurs with zero experience in trading to invest in Bitcoin?
By the way, I wish to grab a copy of the Cryptocurrency BluePrint (unfortunately, the link isn’t working). I hope it’s not too late for me to learn about Bitcoin.
Hello, Princila. Not it’s not too late and also you don’t have to buy a whole Bitcoin you can buy a unit if you wish. I will fix the link. Thanks for letting me know. 🙂
Thanks for the website. I learn so much from reading your posts every day. Your posts are very informative and easy to read. You make complicated subjects easy to understand.
Bitcoin isn’t going away that sure. Thanks for the information about how bitcoin works and how we can invest if we decided to.
Hello, Jerry. Pleased you have enjoyed the article and found it to be interesting. I try hard to give my readers engaging content so thank you for your feedback. 🙂
Great article Petervcrisp! To think about the amount of bitcoins those pizzas cost. I have been watching cryptocurrencies and when i went to to invest in bitcoin it was way to pricey. This article contains some really interesting history about money and how it is evolving. Very interesting article keep it up
Hello, Elias. Thank you for your comments and I am pleased you have found it informative. You realize that you don’t have to buy a whole Bitcoin. You can just buy a part of one (like 0.0000001) if you want. So even if you start with just $20 you can invest in them. Thanks again for your comments. 🙂
Hello, Ash here.
I found the layout of your site to be practical and easy to navigate. Everything was placed strategically and images were used accordingly. Plenty of information on your topic, no stone was left unturned. You used several sub-headings containing quality content relevant to your niche which displays the time and effort you have put in to your website.
Great information and a very good read I learned quiet a bit actually and it has opened my mind to many things I had not even thought about.
Excellent job with your site Peter, all the best.
Hello, Ash. Thank you for your comments and I am pleased you have enjoyed the article and I appreciate your feedback. 🙂
Great article. I didn’t know about the Countering Foreign Propaganda and Disinformation Act (CFPDA). Very informative. The value does keep increasing. I’m interested to see where it goes from here. If people are going to invest and trade Bitcoin they should educate themselves. A great resource is also Cris Dunn. He’s a trader and has a great YouTube Channel.
Hello, FreedomJunkie. Thanks for your comments. Oh yes, there is much we don’t know about our Government and the many ‘nasty surprises’ they have in store for us. It could easily be an entire website just dedicated to what nasty anti-freedom, restrictive laws they have already passed. And they haven’t finished yet. America is no longer the one of the land of the free in fact its become more like China and Russia except that the people don’t realise it.
Thanks for the information about the Bitcoin trader. 🙂
Thank you for the website!!! I learn a lots how to earn real money online and how to recognise the scams. Now I am on my way to create my own and to earn revenues. At least I found really helpful information!!!! I will continue to follow your website with passion to learn more!!! Here I found all the information that I need to start!
Thanks again!!!!
Hello, Melanykomy07. Thank you for your comments and I am pleased you have found the site to be informative. I’m sure you will also like the eBook that is coming your way for leaving a comment. 🙂
Wow, that’s some useful information right there, learned a lot. I can see that you have great experience in this topic.
We know that paper-money might not exist in the future, only cards and bank accounts, but…
Do you think that crypto currency will/can replace money in the future? And would it be a better idea or is it a really bad one?
Have a great day.
Jan
Hello, Jan. Thank you or your question.
In the past, (before the block chain concept) all transactions took place using an intermediary, (like a bank), overseeing the process. ‘The bank’ would verify the transaction, which required a certain level of ‘trust’ and ‘control’ by them, as the third party, making it vulnerable to abuse, if they decided to refuse or intercept the transaction .
Cryptocurrencies have completely revolutionized this traditional system, by cutting out the middleman entirely and does away completely with the requirement ‘for trust’ of a third party in the transaction. Ultimately, making this new system, virtually impossible for hackers to breach (without an enormous amount of computing power). Think of it as millions of locks that would need to be picked in a rapid amount of time rather than just hacking into one central place.
Appreciate your comments. 🙂
woah !! so much information! You covered the topic in a lot of depth – thank you! I will definitely reread it again to check on the things I missed out! Also, thanks for the cool eBook – very helpful things for my startup business! can’t wait to read more 🙂
Hello, Anna You are most welcome and thank you for your comments. 🙂
Wow great info and forethought on a looming problem we all may face one day. I definitely believe one day Cryptocurrency will be the preferred payment method for most e-commerce and digital services for the reasons you have laid out.
My one big question is, do you for see any Government organizations or World organizations being able to legally put a halt or regulate the Cryptocurrency marketplace? I feel that the big banks and people in power see it as a threat in certain circumstances and may try to disrupt the change. Would love your input and thanks for the info and food for thought, Great article!!
Hello, Aaron. Thanks for your question.
Firstly there is no ONE centralized location for transactions to occur. Instead, records and payment details are spread across a massive public database using super-powerful computers that confirm and authenticate each transaction within the network. Which means there is a lot of computers that each confirm the transactions and they also reset every 10 minutes. And each 10-minute group is called a “block.” Each proceeding ‘block’ is verified and then linked to the last block, creating a chain. Hence the term “Block Chain”
Ultimately, making this system, (with so much computing power behind it), virtually impossible for hackers to breach without an enormous amount of computing power. Think of it as millions of locks that would need to be picked in a rapid amount of time rather than hacking into just one central place.
In the past, all transactions took place with an intermediary, (like a bank), overseeing the process. ‘The bank’ would verify the transaction, requiring a certain level of trust and also control by a third party, making it vulnerable to abuse. Cryptocurrencies have completely revolutionized the old system, thereby cutting out the middleman entirely and the requirement for trust of a third party in the transaction.
Thank you for your comments. 🙂
Well thank you for the education into cryptocurrency and bitcoin. I had heard of these things before but knew nothing about it.
I never realised that our money systems were so unstable and it is quite concerning. You have explained it all so well and this is something that I will be following on your page in the future, so thank you.
Hello, Stefanie. Pleased you have enjoyed the post and yes happy to hear you will be following this page. Thank you for your comments 🙂
Been hearing a lot about cyrpto currency these days and had a look on your site a few times over the past couple of weeks to check out for more information. From what ive heard this is either going to be the future or its going to tank should shit hit the fan. It also is often talked about as being volatile too, but im not so sure.
Hello, Chris Yes, it is indeed early days and its difficult to predict what the future value will be, hence the reason for getting an education about cryptocurrencies, which is the point of the article and the reason for the link provided within. Thanks for your comments. 🙂
Hello! This is most certainly a very relevant article. Cryptocurrency is certainly hot right now. I can appreciate how in depth you went into historical events in the past of national currencies and their failures, and I really like the embedded links you have created for the reader to obtain more information.
The only suggestion I may have is that you may want to inform your readers of additional cryptocurrencies for them to be able to compare and contrast the strengths and weaknesses of Bitcoin versus its competitors. Great article though. My brother-in-law is obsessed with stuff like this!
Hello, Josh. Yes, that’s a good point and one that I cover in the eBook I have created that is available vis a link within the article. Thank you for your comments and I hope you enjoy the eBook I am sending your way. 🙂