April 3, 2021
Bitcoin’s up to $59,000, and new crypto investing ventures beckon the horizon. Back in 2012, on a rainy Sunday night in New York, I witnessed patrons paying for beers with bitcoin. Little did I know that I caught the first few baby steps in cryptocurrency becoming a giant leap for financial-kind.
On the American Consequences podcast this week, we chat with Eric Wade, editor of Crypto Capital, a man who mined his bitcoin back in 2013 and has a must-watch crypto webinar out. He answers all my blockchain questions, including whether bitcoin will be the chosen crypto of the future.
The Most Secure Network in Human History
Eric sees bitcoin (and blockchain) as both a currency and a genius bit of technology. Bitcoin is a cryptographic code on the Internet that’s sequenced and transferred to you over a blockchain – it’s a thriving, decentralized financial network: portable, transferable, safe, and scarce… i.e., precious.
Bitcoin can power peer-to-peer or multinational corporate transactions… And there are even discussions now to allow customers to cash in their bitcoin. According to Eric, the immutable, digital ledger of blockchain proves to be the best network humanity’s created.
But where humanity shines, it also stumbles – as Eric mentions that most privacy issues with crypto stem from user error.
“Humans can be hacked — blockchain can’t.”
With its open-source format featuring thousands of nodes and users, bitcoin’s decentralized nature makes it both hacker-proof and government-proof. As long as there’s an Internet and we have satellites in the sky, no one can stop bitcoin.
Bitcoin remains a non-sovereign currency, a bit of magic-Internet money that isn’t a government obligation. Therefore, it can’t be stopped or canceled by Capitol Hill. Crypto also isn’t beholden to Big Tech – for instance, you don’t need Amazon Web Servers (“AWS”) to complete crypto transactions.
At its core, it’s an ideal Libertarian currency – your data and privacy securely sit as it maximizes your financial autonomy.
But what if you don’t have $60,000 for bitcoin? There’s always a learning curve with a new asset class, and you can (and should) get started for less. Listen to how Eric can walk you through your crypto journey at an affordable price.
Cover Your Assets
As behemoths like BlackRock and MassMutual crowd the crypto space, and there’s a general market weariness due to the GameStops of the world, should retail investors be worried about entering the bitcoin space? What about overleveraging and dark pools?
But as Eric reminds us, bitcoin’s not a classic stock. You do not own part of something – you own all of it. If you wish, you can take your bitcoin off the exchange and hold it for yourself – it’s your ledger. Even though bitcoin’s ridiculously digitized, it allows you to pull out of the Matrix into off-the-Internet cold cash whenever you wish. Learn how to make your own bitcoin wallet here.
Bitcoin has beaten gold at its own glittering game – an upgraded store of value for the 21st century and beyond. The precious metal has a half-millennia head start, so it will take some time to catch up despite bitcoin’s superiority. But in a dozen years, bitcoin has been flawless.
Think of it this way… Bitcoin’s an open-source protocol for moving value across time and space, which is precisely what the Internet does with information. So in a way, bitcoin is the Internet.
And would you bet against that?
The mathematicians that devised bitcoin over a decade ago are proof of human ingenuity. And in this dystopian economy where we’re at the mercy of the Fed and the U.S. dollar, bitcoin could be our golden ticket of fiscal freedom.
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Publisher, American Consequences
With Editorial Staff
April 3, 2021