I bought some cryptocurrency, and you should consider it too. (& get $10 free!)
by Joe Kalis
DISCLAIMER: I am by no means not an expert (quite the contrary, actually), and anything I say or even suggest is not professional legal/financial advice, and I am not responsible for anything good or bad that happens if you actually get in the crypto game after reading this personal account.
Truth is…I don’t completely understand what cryptocurrency is or how it works either. What I DO know is when to listen when several people I highly respect tell me something is a good idea.
And, I thought a free $10 was a cool bonus for rolling the dice.
Could be $10 for you, too…which is $10 in Bitcoin, of course, which can appreciate in value and turn into more…but I’m getting ahead of myself.
Let me start with a few high level concepts I’ve needed to internalize for myself, and then I’ll explain how you can join the party with a couple free bucks in your wallet.
(If you want to just know HOW to open an account and join the party, click here to skip all my rambling for a step-by-step recipe for how to get involved in 2 different ways)
- Proper deposit amount. SERIOUSLY, only deposit as much money as you are comfortable with LOSING if this whole thing does actually crash and burn (which is not likely, because…)
- Industry training wheels. Cryptocurrency, and specifically Bitcoin, has already shed its training wheels. January 2018 will mark Bitcoin’s 9th birthday. It’s been through hell and back in terms of market validation, and if it was going to crash and burn, it probably already would have. This is not a guarantee, but this is my (and many other people much smarter than me) educated guess.
- Gambling. In my eyes, cryptocurrency is straight up GAMBLING, and not an INVESTMENT. Aside from my belief that it’s actually a legit industry on the rise, I am in it because I think it’s fun to watch! I don’t gamble, I don’t have a drug habit, I don’t have a lavish lifestyle…so throwing money into an account and refreshing 100x/day is just a form of entertainment for me, if nothing else. Somewhat related to my next topic…
- FOMO. This is a “cool” buzzword these days, “Fear Of Missing Out”. I personally just do not want to look at my family in 10 years, and tell the story about how “they told me to get in at $10K…we would’ve been rich!”. I don’t want to miss out if this thing actually hits like they predict it could. I remember CLEAR AS DAY in 2003 saying, QUOTE, “Why would I need a Facebook account? I have MySpace!”. Never again.
- Advice. I made as much of a calculated decision as I could to jump in with having no real knowledge about the TECHNICAL workings of the industry. I make it a rule to listen to wise counsel in my life…listening to my smartest friends for business advice, not my best friends. Some of my best friends are also in the game, but I finally jumped in once I heard from 4-5 really successful friends that they were keen on the industry…even though I don’t really understand it.
- Don’t need to know how it works. I would be willing to bet that you also don’t know how the US Treasury works, or how and why the US Dollar (or whatever your fiat currency is) has value, but you use that every single day. You turn on lights without knowing how electricity actually works. You drive your car…you get the idea. You don’t need to know how something works to use it and benefit from it.
- Industry disruption. Don’t think anything could possibly replace money because it’s been the standard in the industry for decades? Tell that to Facebook, Amazon, Apple, Google, Uber, AirBnB. They didn’t seem to care that humanity has been doing things a certain way forever. They all destroyed what we knew about this world, and replaced it with a new way of life. Money itself is not protected from the same fate.
What I actually know about cryptocurrency
(which might even still not be 100% accurate)
- It is a digital currency instead of physical. More and more, we are living in a digital/virtual world. It just makes sense.
- It is de-centralized. Nobody owns it…it is made up of “we the people”. It is not subject to a government or banks to impose its will on the fate of the currency.
- Transaction fees are extremely low because there are no middlemen.
- There are no borders…it can be used anywhere in the world. No exchange rates.
- The “blockchain” is a public ledger where every transaction is recorded and verified by a council of peers vs. 1 bank or 1 government entity (that have proven to hurt people out of selfish motivation)
- Bitcoin, specifically, is limited to 21 million…which allows it to maintain value…vs. having the ability to create more on a whim and de-value the currency.
If this was enough to make you feel better about the opportunity, and you just want to know how to set up an account…you’ll get $10 worth of Bitcoin for free if you deposit at least $100. Full disclosure, they also give me $10, but it doesn’t cost you a dime, and frankly, I feel I’ve earned it for breaking this all down for you. 🙂
- Visit my referral link (unless you don’t want $10 free) and set up a free account with Coinbase, your virtual wallet to hold your Bitcoin, Ethereum, or Litecoin: http://www.JoeKalis.com/coinbase
- Confirm your account
- Add a phone number for 2-factor authentication (added security)
- Visit Settings –> “Linked Accounts” and connect a bank account or debit card.
- Verify some test deposits they make on your account
- Buy $100+ of Bitcoin (to get $10 free). They take a 1.5% fee for the transaction.
- Wait ~8 business days for the transaction to clear and show up in your account. The amount of Bitcoin you receive is based on the value at the time you Buy, so if the value of Bitcoin increases over this 8-day waiting period, you’re still locked in at the lower price you bought at.
Example: if you buy $500USD when BTC is $17,000, that’s 0.028970588BTC, including your free BTC. If this transaction clears on day 8 and BTC has gone up to $19,000, you still own 0.028970588 x the current value of $19,000 = $550.44, so you would have “made” $50.44 just in that week waiting for the transaction to clear. This is obviously true the other way, as well, but this is an example of the value of BTC increasing.
Welcome to the world of cryptocurrency!
July 7, 2015
May 4, 2013
April 27, 2013