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Planning

Why Bitcoin?

What is bitcoin anyway? Bitcoin is a fairly new form of digital currency. Before you stop reading because you think im talking about some sort of fad that is going to fade away in the next couple years, hear me out. Bitcoin is the internet in 1993! No one knew about it but it changed everything! Bitcoin will do the same and is in the process of doing it right now!Bitcoin has gone through some growing pains just like the internet did during the dot com bubble, but is recovering just the same.

Some critics try to make the comparison of bitcoin to “bitcoin mania” the tulip bulb bubble of 1637. Not very many people had even heard of a tulip during the Dutch golden age when the price of a single bulb shot up to what is estimated to be 10 times the annual income of a skilled craftsman. The collapse of the tulip bulb market has gone down in history as the first recorded speculative bubble.

Let me explain why bitcoin is not the same thing…

Bitcoin is useful. Tulips aren’t.

You can buy and sell almost anything with bitcoin. Similar to gold and silver (bullion), you can’t print or make more of it! This is great for the average consumer and stops the manipulation of currencies that is running rampant in almost every country in the world today.

Bitcoin is decentralized. That means that no one entity controls it. If you travel to Paris, you can still use bitcoin and if you want to move a billion dollars worth of bitcoin, you can put it on a tiny offline device or store it on an online device (much like a bank). When you get to France, your money is instantly there!

How to Get Started

-Open a Wallet – In order to buy bitcoin, you first have to open a bitcoin wallet. It used to be difficult to open a wallet and mostly only nerds could do it, but now it’s easier than opening a bank account.

I suggest:

coinbase.com for an online wallet

and

bitcointrezor.com for an offline wallet

side note… the good thing about coinbase, is that you can buy bitcoin with your bank account making it easy to buy bitcoin.

-Buy Bitcoin – There are many ways to buy bitcoin. Easiest being what I just mentioned about using your bank account. You can also buy bitcoin face-face from someone in your area trying to sell bitcoin. You can do this on localbitcoins.comand this is actually pretty safe because everyone is rated like ebay so just don’t deal with someone who have a low rating. There are other more complicated ways that will probably go away in the near future, so I won’t mention them.

-Now Spend – You can spend your bitcoin anywhere someone is accepting bitcoin, which is limited at this time (think of the internet in 1992…), but you can buy just about every gift card on gyft.com ranging anywhere from Best Buy to Starbucks!

Let’s talk about security for a moment.

Bitcoin is built on a technology called the blockchain. The blockchain can not be hacked, but just like an online bank, where you store your bitcoins can be. I suggest storing most of your bitcoin on an offline wallet like the Trezor. That means that no one can hack your bitcoins from an outside source… most first world countries have the technology to break in and steal everything online in a short amount of time. The NSA has the capability of over a trillion guesses per second…DON’T LEAVE WHAT YOU CARE ABOUT ONLINE! Now this goes much further than just bitcoin. Be aware that every keystroke you make, picture you upload on facebook, gmail, yahoo, google search is tracked and monitored… like this website.

If you have any questions, feel free to comment below and if you like this post, share it through the links below or elsewhere!

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I am the founder and author of Survive For Life. As a Former US Navy Seal I learned a ton of life saving information that will keep you alive and aware. I plan to share my knowledge with you here. I have a wife and a dog named Harper. Two of my favorite things to do are Rock Climbing and Snorkeling. Feel free to contact me for any reason.

Discussion

One Response to “Why Bitcoin?”

  1. You’ve got me thinking a lot! Thanks for sharing great information with people who are concerned about their personal security.

    Posted by Deb L | March 20, 2015, 10:49 am

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