What is Bitcoin?
Bitcoin is
- Liberty
- Freedom
- Digital gold
- Store of value
- Payment network
- Internet of money
- Mathematical truths
- Cryptocurrency
- Digital property
- A decentralized monetary system
- Never been hacked in 13 years
- Adaption curve is growing faster than the Internet
- A deflationary asset
Videos
Bitcoin Documentary: “Bitcoin: The End Of Money As We Know ItIntoduction to Bitcoin: what is bitcoin and why does it matter?
Bitcoin is Generational Wealth
The Saylor Series
Other
The original bitcoin white paper by Satoshi NakamotoUnderstanding Bitcoin – Fidelity
Henry Ford’s 100 year old prediction of Bitcoin
The Christian Case for Bitcoin
The Bitcoin Standard: The Decentralized Alternative to Central Banking
How to buy Bitcoin?
You can get Bitcoin in several ways:- Using an online exchange
- Somebody sends you some Bitcoin
- Buy Bitcoin with cash at a Bitcoin ATM
- Create new Bitcoins through mining
Exchanges
CoinbaseCoinbase Pro - (Recommended)
FTX US
Kraken
Gemini
Binance US
ATMs
Find an ATM near youCrypto Wallets
Video by InvestAnswers (please watch)Wallet Basics: Private Key vs Seed
- Seed - set of words used to generate your private keys
- Private Key - keys that unlocks your bitcoin
- Keep your seed safe! Always keep backups
- If you loose your wallet you can use your seed to restore your crypto on wallet or device
- Custodial (Fiat Gateway) - Allows ability to exchange fiat currencies for crypto and vice
versa. Wallet is managed by the service provider. A good fiat gateway has:
- Ability to withdraw crypto
- High liquidity and low fees
- Platform security and privacy
- User friendly
- Mobile Wallet
- Mobile Wallets are app-based wallets that allow you to hold the keys to your crypto and spend it through app
- Your everyday wallet for making payments with crypto and sending/receiving crypto
- Balance of self-custody, convenience, and security
- Security: your keys are encrypted and stored on your phone and only your phone can access it
- Only store small amounts of crypto at a time on your mobile wallet, security of this wallet is only as good as the security of your phone
- Trust Wallet - Recommended
- Muun Wallet
- Bread Wallet - You can find the wallet for download on Google Play and Apple Store.
- Blue Wallet
- Mycelium Wallet
- Strike Wallet
- Hardware Wallet
- Wallet that stores your seed and private keys in a secure physical device
- Protect against cyber attacks by air gaping your private key from the internet
- Since cryptos on these devices are kept offline, it makes it nearly impossible to attacker to access through the internet
- For most people, hardware wallets offer the best overall security solution for storing large amounts of crypto
- Desktop Wallet
- Desktop wallets are software programs you can install on your computer/laptop to store crypto
- Private keys are stored on your ocmputer - you have more responsibility and control over your own security. Ideally, you would make it a dedicated device for crypto and harden the computer to attacks
- Desktop wallets are typically more customizable allowing you to track the crypto from all of your other wallets without compromising their security
- Also functions as backup wallet where you can restore crypto from seed if your hardware or phone is ever damaged or lost
- Web3 Wallet
- Web3 is the next evolution of the internet where data is decentralized. Solves issue of companies owning large sets of personal information - instead, users control their own data. Web3 wallet essentially allows users this ability.
- Web3 wallets allow users to access decentralized applications. Since Web3 apps have no centralized databases, you don't create an account and login. Rather, a Web3 wallet allows you to authenticate identity, authenticate ownership of data and assets, transfer crypto, etc.
- This wallet is how you: create and acquire NFTs, make/take DeFi loans, send and swap tokens, play blockchain games, explore the metaverse, and more
Videos
Video by InvestAnswers (please watch)Crypto Wallets Explained (Beginners' Guide!) - How to Get Crypto Off Exchange Step-by-Step
What is inflation?
"Inflation is typically defined as a general increase in the prices of goods and services—described by changes in the Consumer Price Index (CPI) or other price indexes."[Source]The Proper Definition of Inflation: It's a Wealth Transfer
WTF Happened In 1971?
The Ultimate Guide to Inflation
How Bitcoin Combats Inflation (Video)
Inflation Nation: Why America Is HURTLING Toward Economic Collapse | Glenn TV | Ep 165 (Video)
Investment Strategies
"You should NEVER sell your Bitcoin. Instead, you do what rich people do, accumulate hard assets like Bitcoin and get into debt by borrowing fiat."-- Michael Saylor, CEO MicroStrategy
In short, borrow against Bitcoin to get the money you need to live off while Bitcoin keeps appreciating in value, year over year.
How does this all work? (Video)
Why borrow cash?
-
Avoid selling your Bitcoin
- Selling Bitcoin can result in a taxable gain or loss.
- There are no fees or credit checks involved, just a low APR of 8% (with Coinbase), 1%, 6.95%, or 8.95% APR with Celsius.
- Pay off the balance on your line of credit on a schedule that works for you.
- Your borrowed cash can be instantly deposited to PayPal or transferred via ACH to your bank account.
-
Choose what to borrow
- You can borrow as much as 40% of the value of the Bitcoin in your account, up to $1,000,000. Recommended not to borrow more than 20% to cover possible margin calls if Bitcoin price dips too low.
- Using your bank account or PayPal, get access to your borrowed cash quickly with no fees.
- Each month you only need to pay the interest due ($10 min). Pay off the balance when you’re ready.
- The Bitcoin you use as collateral remains safely held by Coinbase. It’s not lent out or used for any other purpose.
Borrow cash using Bitcoin as collateral (Celsius)
Taxes
- Receiving cash for depositing your cryptocurrency as collateral is not a taxable event
- No need to report this on any tax forms
- Need to make interest payments
- Liquidation risk so make sure you are over collateralized
Crypto IRA
Misconceptions about Bitcoin
Common misconceptions about Bitcoin are:- Bitcoin is a Bubble
- Bitcoin’s Intrinsic Value is Zero
- Bitcoin Isn’t Scalable
- Bitcoin Wastes Energy
- Bitcoin is Too Volatile
- Governments Will Ban Bitcoin
- Where to Buy Bitcoin
- Bitcoin will lose value to ‘forks’ and digital copies
- Bitcoin is for criminals
- Bitcoin is a ponzi scheme
Some argue that bitcoin is in a bubble that will pop and disappear. The line of reasoning is that bitcoin has no intrinsic value, its appreciation dependent on speculation like a game of hot potato or tulips and “a greater fool” willing to pay a higher price. In their view, bitcoin is not an investable asset.
To counter, Bitcoin accrues value over time. A monetary asset like bitcoin, is nonproductive, its appreciation is based on how effectively it preserves or enhances value over time. In a way, the value proposition is circular: a monetary asset will appreciate as more people demand it, and more people will demand it if it is an effective monetary asset.
According to monetary history, the most common and sustainable monies possessed qualities that sustained their demand. For thousands of years, for example, economists have recognized gold as the most successful form of money, thanks to its scarcity, fungibility, and durability.
Often called digital gold, bitcoin not only shares many of gold’s characteristics but also improves upon them. While scarce and durable, bitcoin also is divisible, verifiable, portable, and transferable, a range of monetary characteristics that confer superior utility, potentially driving demand and deeming it suitable, if not superior, for the role of global digital money.
For utility, Bitcoin allows self-custody, mobility of funds, and permission-less settlements. Although there are other interesting blockchain projects, no other cryptocurrency offers a similar degree of security to prevent attacks against its ledger (both in terms of hash rate and node distribution), or has a wide enough network effect to have a high probability of continually being recognized by the market as a store of value in a persistent way.
And importantly, Bitcoin’s growth was the most organic of the industry, coming first and spreading quickly without centralized leadership and promotion, which is what made it more of a foundational protocol rather than a financial security or business project.
Why Bitcoin is Not a Ponzi Scheme: Point by PointResources
Debunking Common Bitcoin Myths7 Misconceptions About Bitcoin
Why Bitcoin is Not a Ponzi Scheme: Point by Point
Is Crypto Adoption Gaining Speed? A Deep Dive Into Its Adoption Curve
The history of money
It is extreamly important to watch the below episodes about money with Mike Maloney. These episodes started airing in 2013 and Mike's recommendations about Gold & Silver were the go-to solution. Now, with Bitcoin taking over as the #1 store of value around world, watch these episodes through the eyes of Bitcoin that solves all the problems he is mentioning. Once Mike discovered Bitcoin in his episode From Bitcoin To Hedera Hashgraph, he becomes a Bitcoin bull, now that's amazing!Resources
Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike MaloneySeven Stages Of Empire - Hidden Secrets Of Money Episode 2 - Mike Maloney
This Timeline Shows The Death Of The US Dollar As World Reserve - Hidden Secrets Of Money Episode 3 - Mike Maloney
The Biggest Scam In The History Of Mankind - Hidden Secrets of Money Ep 4 - Mike Maloney
Where Does Money Come From? - Hidden Secrets Of Money Ep 5 - Mike Maloney
The Rollercoaster Crash - Deflation FIRST - Hidden Secrets Of Money Episode 6 - Mike Maloney
VELOCITY & The Money Illusion - Hidden Secrets Of Money Episode 7 - Mike Maloney
From Bitcoin To Hedera Hashgraph - Mike Maloney
How is Money Created? – Everything You Need to Know
Anti-Social Money
What is Money? - Robert Breedlove
Pierre Poilievre Uses Bitcoin Lightning Network To Buy Tahini's Shawarma & What Happened in 1971 ?