Bitcoin or Bust?

Are you curious about cryptocurrency, but not sure where to start? Do you want to get in but think you're too late?

Whether you think it’s a bubble akin to gambling in Vegas, or a revolutionary technology that will ultimately change the world, crypto has officially been catapulted into the global spotlight, and it’s important to understand the basics.

Bitcoin (BTC) is the original and most popular crypto. It was launched in 2009 as a way for currency to be sent directly and digitally to and from a person, regardless of central banks or international lines.

With no bank or government regulation, Bitcoin represents financial freedom. Each transaction is recorded and stored in a digital wallet (the blockchain) which is controlled by a network of computers around the world which makes it nearly impossible to hack. No one owns it — rather it is a mathematical code that is free from the rules and regulations of the government and banks. Because of its independence, it won’t be affected by inflation, making it a valuable asset in a world that many believe is on the brink of another recession.

When you pay for something with crypto, the blockchain simply transfers it from your digital wallet into the recipients’ without any outside interference, making it thee most resilient monetary system that history has ever seen.

Bitcoin is valuable because Satoshi Nakamoto, its anonymous founder, set a limit of 21 million and no one will ever have the power to create more. As of the time of this writing there are around 2.2 million Bitcoins left to be mined. The scarcity and popularity is what elevates the price. 

Exchange platforms like Coinbase, Robinhood, Paypal, and even Venmo has brought it to the masses, making it easier than ever to exchange your dollars for Bitcoin, Ethereum (ETC — the second most popular crypto), and hundreds of other alt-coins like Elon Musk’s backed Doge Coin which started as a joke. 

While crypto is very volatile, those who get into crypto should be cautious as rates can fluctuate greatly in a day.

For example, in mid April Bitcoin hit its peak at about $64,000 per coin after a series of powerful endorsements by influential people in the media (hi Elon!), but just one piece of bad press can send it on a steady decline. At around $45,000 a coin at the time of this writing (August 11th 2021), bullish experts say now is a good time to buy as certain price predictions believe Bitcoin could reach highs ranging from $250,000 to $1,000,000 a coin in the next five years. 

Best long term strategy? HODL (Hold On for Deal Life) and Dollar Cost Average (buy a certain amount daily) through Bitcoin-centric apps like Swan Bitcoin. 

And if it all just doesn’t make any sense to you, think about the first time you heard about the Internet and iPhones — people tend to first dismiss major trends that they don’t understand… until they hit the mainstream. 

The world is changing quickly, and with only about 3% of the world’s population currently invested in crypto (13% of people in the US), just the fact that you are reading this article shows that you are still early!

“To the moon!”