4 Biggest Bitcoin Myths | Is it too Late to Buy Bitcoin? (Cryptocurrency PT. 1)
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Should You Invest In Bitcoin now? Cryptocurrency (PT 1)
Here is my personal investment strategy to get into this crazy market during this time.
You’ve probably been hearing about a thing called Bitcoin. You’re wondering if it’s too late. Might be kicking yourself because you didn’t invest. See it hit over $18,000 where just a year ago it was worth around $800. That means it grew almost +2,000% ROI! AHHH! If only got in on the ground floor right?
Well – I’m in the exact same boat. So in this video, I’m going to walk you inside my portfolio and talk about why I bought bitcoin and how it’s NOT too late to get started.
Hey refusers, Clark back from refusingtosettle.com. Welcome to Money Monday series where we talk about how to break money habits of past, make more in the present so you have freedom in your future. My goal with this channel is to document the process with you. Becoming a millionaire, building this business, living out dream life.
Before today’s video: ALWAYS check with a professional before making any moves with your money. I am NOT a certified financial expert and NOT giving professional advice. There is ALWAYS risk with any investment, so please do your own homework and own research.
Today’s VIDEO: Bitcoin 101 — PT. 1 WHY & WHAT is Bitcoin, TOMORROW release PT 2. HOW to invest in Bitcoin (inside my computer)
Cryptocurrency — think of it like money you can exchange with people without borders. Anywhere in the world, it’s worth the same value.
Big 3: Bitcoin, Etherum, Litecoin
Non regulated by gov or banks. (talk about this in a second)
The University of Cambridge estimates around 3-6M people are using Cryptocurrency wallets
Capped currency — think around 21 Million (heard they raised to 28) Can’t create more than this.
That’s good because holds (some form of) value (unlike printed money with inflation)
Retailers accepting it now more and more: Microsoft, PayPal, Dell, and Newegg
STIGMA: used on silk road back in the day. Drugs, illegal stuff
BANS: China is trying to ban them
VOLATILITY – just saw it go +2,000% this year alone.
ENERGY CONSUMPTION: Criticized for the amount of energy it takes to “mine” a bitcoin.
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4 Biggest Bitcoin MYTHS:
MYTH 1: (Depends on your view here) “Bitcoin is a currency” — I view it as an asset. I’m not in it to SPEND bitcoin. I’m in it to hold and make money. I don’t day trade. I don’t try to time the market. Just like I invest in stocks. Just like I have Apple, Netflix, Facebook, I’m not spending those stocks – holding them until I decide I want to exit.
MYTH 2: Need to buy whole coin ($14k) so I can’t invest. ONE bitcoin can be divided into 100 million parts. Just like shares of stock – buy a share of bitcoin!
MYTH 3: It’s Too Late: how would that work with life? relationships? health?
MYTH 4: TOO Risky — So is money. Look at Zimbabwe and hyperinflation. In Cambodia I was there they use USD! Trust in our government over theirs. The point here is that ANY currency has a risk. Goes up and down. NON is safe. ALL currency is just a form of trust that it’s worth something. Only a question of who are you gonna put that trust into?
Tomorrow: going to look at my investment strategy.
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Note: Please always check with a professional before making any moves with your money. These videos are for educational purposes only. No official financial advice is being given. Never listen to anyone online who tells you to not check with a professional!
Go out there and crush this!