How to Take Advantage of Bitcoin and Cryptocurrencies
Back in 2012 I called up a co worker and said “Hey Sandy, there is a new online digital currency called Bitcoin. It’s increased by 1000% already and is trading at $10 per coin. We should each put $100 in and if we lose it its no big deal… Sure, I let’s do it!” One week later their was a major hack that occurred and someone lost $3 million worth of bitcoin. I ended up not making an investment. Had I invested an held my $100 would be worth over $15 million today. It pains me every time I think about. it.
What is Cryptocurrency and Blockchain?
A cryptocurrency is a digital asset that works as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrency transactions are controlled by the blockchain. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Simply put it is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
Bitcoin was the first cryptocurrency.
Today there are over 1300 cryptocurrencies. The overall market cap for cryptocurrencies is close to 1/2 trillion dollars. Yes that Trillion with a T. As of today 12/6/2017 Bitcoin has crossed the $13,000 per coin mark. Is this a bubble? Will it burst? People have been doubting bitcoin every step of the way. When it crossed $1,000, then $5000, then $10,000. It just keeps on rising. Some bitcoin gurus are prediction $500,000 per bitcoin. Is that possible? I have no idea… What I can tell you for sure is this. There total bitcoins in existence is limited to 20 million coins. No more can be created. With scarcity and demand comes a substantial appreciation in value. Currently the adoption rate for bitcoin is about 1%. As this number grows the value of bitcoin will increase substantially.
What are the risks? One of the main risks is security. This was one of the main reasons why I did not invest $100 back in 2012. I let a perceived risk stop me from making $15 million. Don’t make the same mistake that I made.
How to capitalize on bitcoin and other cryptocurrencies?
Over the next several months I will share various ways in which you can take advantage of one of the greatest wealth creators of our generation.
The one that I would like to focus on today is a platform called Bitconnect. What is Bitconnect? Bitconnect is a platform that allows you to lend bitcoins to others and receive daily interest on your investment. The interest rate varies, however as of the writing the average daily interest rate was about 1%, or 30% per month. I suggest starting with an amount that you are comfortable with risking, so that if it were lost it would not be a big deal to you. For me that is $100. So I suggest you try it out with $100. My $100 returned to me $127 in the first 30 days.
Click below to signup for bitconnect free.
All transactions need to be made with bitcoin. So you will need to transfer bitcoin into the account first. There are many places where you can buy bitcoin, I use Coinbase. Click below to sign up for Coinbase.
Good luck and drop me a line if you have any questions.