Friend says: “For Pete’s sake…just tell us what and how you did it…”
I immersed myself in it. Once I started reading it I couldn’t stop. For day after day I researched deep and then deeper. It was so obvious what I had to do after all that knowledge. What was not so obvious was how.
Yes once I did my proper research I realised I must buy Bitcoin…so I did.
Just buying it gave me huge insights into all the things you have to find out for yourself.
I mean where the heck do you buy it…and how.
More research! I chose my wallets. Yes wallets! It was obvious that there is NEVER one price for Bitcoin – so many prices. Yet again more research and this gave me a good understanding why so many prices. If you google the concept of Localbitcoin you’ll see just how big a difference there is in how you get your hands on this stuff and why prices are so different across different exchanges.
I did it…I bought Bitcoin.
I kind of felt a little bit naughty. A little bit smug. OK to be honest I was pretty pleased with myself!
It went up!
I felt a little bit more smug.
More research across the news channels – different ones to the ones you are thinking of – and then I bought Ethereum. That was a no-brainer, I mean talk about a cryptocurrency that was embracing blockchain technology. Don’t worry I really was not sure what that meant either, even when I bought it.
I know now. It is very exciting.
That went up as well. Smugly smug. I am made for this, I am thinking, I mean it is like so easy!
They both went up…a lot more. Day after day.
Then the game changer came along. Long story short I have a rather interesting amount stashed in OneGram. A brilliant idea. BUT this one sat writing this was not quite so brilliant as he thought. They have a 120 day ICO. Great, get in early I thought. Whilst my Bitcoin and my Ethereum were going nuts, my OneGram was not, OK it has not been losing either. But an Initial Coin Offering with a four month long window is a very long time to have money tied up in a cryptocurrency doing NOTHING. Hey, we learn more from our failures than our successes right?
The others kept going up!
OK so I have covered this in the 500% blog here: http://bit.ly/500percentBitcoin.
Where am I now?
I now own three different coins, I have several different accounts, I have four different wallets, I source the price of the coins from several exchanges, I seek daily information from several sources, I am growing a truly valuable knowledge bank…I am further stepping out of the system. I spend an hour or so a day in this world!
The biggest question I am going to be asked is…but how do I use it? Right now the direct uses are of course almost completely online, but if I am going to truly support my audience into this “scary new world” then they have to know that they can spend it.
MORE research…another wallet…one with a DEBIT CARD attached! The card cost me $7, paid for via one of my other bitcoin wallets in bitcoin and out of the gains I have made…OUT OF THE SYSTEM!
It took an afternoon and I went through some interesting verification. I then wanted to increase the limit of how much I could put into that account so I went through a skype call two days later, with video on, to verify me further and I now have a limit (not a credit limit because it is not a credit card) that I can use through that card a month of fifty thousand euros. I will be able to use that wherever visa is taken and that means I can take out cash. Cash in any country on the planet. Turning virtual in to tangible. The retailer will receive the currency they trade in and my bitcoin balance will reduce by that amount. This is banking without banks.
Oh yes and finally…I now understand the security levels, I use the authenticator app for two step verification and there is probably lots more I have not mentioned.
So I know all this simply because I did it. Because that is what I do.
Why EVERYONE might want to think about doing this. Getting my first wallets took a few days. The security is high – so it should be. Simply getting a wallet and loading with even a small amount is such an education. It actually was empowering.
I know you haven’t…but if you want to mirror me then just ask…I will give you the step by step…no point in repeating my mistakes: firstname.lastname@example.org.
Just one question: who the heck is Pete?