A few months later a friend of mine started a Facebook page and shared articles on bitcoin and its impressive growth. He also spoke about mining and a multi level marketing opportunity. I was interested again and took a look but decided not to get into it after research showed that mining was a very expensive and time consuming activity. My investigations also showed that one does not need to join any MLM type activity in order to get started with bitcoin, it was merely a case of creating your own wallet for free and buying bitcoins. The other interesting information I had noted was that many people were predicting that the price of bitcoin would double and approach the $2000 price. I was really interested in that but again decided to wait and see what would actually happen. My big concern was that I did not understand where the demand for the currency was coming from. I didn’t believe that it could grow just from an interested community passionate about bitcoin, it needed countries and governments to start using it.
In 2017 the bitcoin price rocketed past the $2000 price mark and then I really took notice. It was clear that even though the currency was new and volatile it had powerful momentum and was here to stay. I decided to buy a small amount of bitcoin every month for the next few years and keep adding to my portfolio. I did not see this as a get rich quick opportunity but started to understand how powerful the idea was and became hooked on learning as much as I could on the subject.
I wanted to explain the history of how I got interested in bitcoin so that it can be understood that I did not see this as a way to make some quick money. I want people reading this to see the impact that bitcoin will have and hopefully make them excited about the concept. The most interesting idea about bitcoin is that of money without friction. In the world of banks, credit cards and bank transfers there is a lot red tape, rules, expenses and fraud. This causes friction and prevents the free flow of money. People find it difficult to open a bank account and get a credit card and the vast majority of people are actually not part of any bank. Merchants are exposed to high transaction fees on credit cards and also credit card fraud is a rising problem. The transfer of money to another country can also be quite expensive with long delays. All these issues are elegantly solved by bitcoin as it is a very low cost and quick way of doing payments and money transfers.
The second important idea if that of decentralization. People are so used to the central control of banks that they can’t imagine another way. The banking system relies on a trust model that prevents bad people from getting in and having just a few trusted people managing the core functions. Bitcoin changes this with an open peer to peer network. In this trust model, everybody has the same authority and rights to the bitcoin network. This means that both malicious attackers and trustworthy entities have an equal chance of achieving their goals and objectives. However, because of the computing power required to solve the puzzle required to validate a transaction, it becomes very difficult for attackers to overcome the good actors. As long as the good actors form the majority of the computation used for transaction validation then the bad actors cannot change the trusted ledger.
The old trust model established by the banking world has failed us as shown by the financial crisis in 2008 and it is time for a new model. Bitcoin has the momentum and we all need to get behind it so that it grows and becomes firmly established as a global currency. So start now, there are many reputable exchanges that will allow you to create a bitcoin wallet for free. Transfer some money into it and do some payments, see how it works. It is not necessary to put large amounts of money into it, just a tiny fraction of your savings will be sufficient. The important thing is to get involved and continue the momentum established by the pioneers of bitcoin. In conclusion I urge everybody to be cautious about get rich quick schemes both in the mining of bitcoin and the pyramid schemes that are everywhere. You don’t need to pay anybody to create a bitcoin wallet, you can do this for free on any reputable bitcoin exchange. The only time you have to part with any money is in the physical activity of buying bitcoin and this is a reasonable exchange for your hard earned cash.
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