Every month I try to set a goal to learn a new skill or industry outside of my normal scope of work. Last September it was Morse code, November was bread making and of course Christmas cookie baking in December. This month my goal is to finally learn everything I can about Bitcoin and crypto currency.
The month of May saw a huge spike in the crypto currency markets and even got a lot of national press, so I decided this would be my thing to learn. I started on the 15th of May and dove right in.
First I started with YouTube videos, and then blogs and then I started following the daily price charts and checking in every hour. The first week was just constant learning about the industry and what Bitcoin is and how it works.
Basically, Bitcoin is a digital currency that uses encryption to regulate the units and verify the transfer of the money. It is supposed to happen instantly, some issues have risen lately, but the transfer of the money is independent of any central banking system.
Bitcoin is just the most popular of over 600 crypto currencies. Aside from Bitcoin, the one that I have found to be most intriguing is Ethereum. Ethereum is like Bitcoin but it’s platform just activated SegWit. It gets too technical for this blog, but the point is Bitcoin isn’t the only crypto to watch.
The crypto currency market seems flooded right now and everything from Bitcoin to Ethereum to countless others are seeing all time highs. Despite seeing all-time highs, within 24 hours of this blog being posted, it is still unbelievably early. This is really a true emerging market that could redefine how money is transferred around the world.
The market cap for all crypto currencies broke $100 Billion on the 5th of June. That is a drop in the bucket compared to the global economy, but none the less impressive and an indication of the money behind it.
Once I dove in and understood more and listened to a ton of really smart people, I decided to start investing myself. I see it as investing because my plan is to hold or HODL as some may say. (Inside joke for crypto currency traders.)
I also plan to only invest in Bitcoin and Ethereum to begin with. That was on May 31st and since I got into Bitcoin it has gone up over $500. Ethereum has gone up over $30. The nice thing is, you don’t have to buy an entire Bitcoin for $2,850 to start. You can spend $20 and get .0007 Bitcoin. It makes it easy to invest a little each week.
Doing all the research on where to go and who to trust with my Bitcoin purchases, I picked Coinbase. The company is a billion dollar company and just completed another round of funding. They are really growing in the right direction.
Currently you can only buy Bitcoin, Ethereum and Litecoin on Coinbase, but since that is really all I am interested in, then it doesn’t matter. I have tried to open an account on Kraken, but it takes weeks to get approved. I was able to buy Bitcoin the same night that signed up for Coinbase.
One of the most important things that I learned about crypto currency is the need to protect it. There are only a lifetime total of 21 million Bitcoins available. If you lose a hard drive with all your keys on it or someone hacks your phone, you could lose it all forever.
This is the key to investing in any type of crypto, buy a hardware wallet. A hardware wallet is basically a usb thumb drive that is uniquely secure that can allow for you to recover your crypto in the worse types of scenarios.
The one that I am trusting and the one that so many in the crypto world use is the Ledger Nano S. It is perfect for holding onto crypto during this major growth period, and it is the best priced one on the market. It is around $65 bucks.
If you are looking to get started, you can buy your Bitcoin and Ethereum on Coinbase and then transfer it to yourLedger Nano S for safekeeping.
With projections from experts I trust saying that Bitcoin will likely be around $11,500 early next year and Ethereum could be around $1,200 by the end of the year, I couldn’t be more excited about the future of crypto and getting into something this big, this early.
So of course, Keyser Media is now accepting Bitcoin and Ethereum for any of our services. Crypto is going to be the future and it is going to be a bumpy ride, but I think it is worth spending some time in understanding if it is right for you to invest. After all, I am a marketer and consultant, not a financial advisor.
If you want to join Coinbase, use this link and you and I will both get $10 free Bitcoin.
If you want to get a Ledger Nano S, please use this link so I can get a couple of dollars.
Thanks for reading and let me know your thoughts about crypto in the comments below.
C. P. Keyser