What is Bitcoin? It’s not a real coin that you can put in your safe or hand someone for payment. The short and sweet answer is, it’s a digital currency, very similar to airline miles. Back in 1987 airline miles were invented and rapidly adopted by every major carrier. In the beginning you could only use your points/miles to purchase more airline flights. Now you can use airline miles to purchase just about anything, like a stand up, life sized, old school arcade game. My son talked me into it : )
Airline miles became so popular that credit card companies started their own points/miles programs that you are no doubt familiar with. The next step for the credit card companies was to allow you to redeem your points/miles for cash. This is the first rendition of crypto currency. The airlines or credit card companies would never send you paper bills or metal coins amounting to the points/miles you had, they simply stored the miles for you in your digital wallet. When you wanted to redeem them, you would log on or use the app. Simple, clean and easy.
Bitcoin is a similar concept with a little twist. Unlike points/miles there is scarcity with Bitcoin, only 21 million made. As we all know, the more scarce something is, Art, Beach Front property etc. the more value we give it. When Bitcoin first came out in 2009 it’s value was less than 1 cent a coin. As of today’s date 1 Bitcoin trades at $50,000 USD! Yes that’s correct, but you don’t have to feel late to the party. Many experts and common sense thinkers believe it will be $1,000,000 a coin, simply because of it’s scarcity.
So let’s get into how Bitcoin affects your Health, Relationship and Finances. It’s as simple as this, imagine if you saw an article in the newspaper 20 years ago saying how the “internet” will affect your Health, Relationships and Finances. Back then you probably wouldn’t believe it, how about now?
It’s the same with Bitcoin, it’s more than an alternative currency/ investment. What Bitcoin runs on is called the “Blockchain” which will affect your life in the next 5 to 10 years the way the internet has and more!
How you may ask?
Bitcoin isn’t controlled by a Bank, Wall Street, Credit Card company, Airlines or a Government and neither is the Blockchain. It’s the purest form of a Free Market society. Imagine being able to invest only $100 USD for fractional ownership on a beach front dream home or a rare piece of art? Now you can, no legal hurdles, no “accredited investors only”, just a pure Free Market, and the Blockchain can securely keep track of who own what. Groundbreaking, isn’t it.
In closing, if you have noticed that your money buys less than it did 2 years ago, then you will love Bitcoin. Just put a little of your money in Bitcoin and wait 5 to 10 years and see what happens, you will be so glad you did!
For those that know what a ROTH IRA is, you can now buy Bitcoin and other crypto currencies in a special ROTH IRA that I can give you access to. Imagine a 100 X increase TAX FREE!
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ALL THE BEST!
Photo Credit: BBVA
