Get into Bitcoin before the next financial crisis
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
This headline is saved permanently in the very first block of the Bitcoin Blockchain, known as the genesis block. It not only signifies the date Bitcoin began, but also serves as a message to the world about why Bitcoin exists in the first place. Bitcoin is an alternative to the current financial system. It removes authority from any single person or organization, and was created at least partially as a response to the 2008 financial crisis, where the poor judgement of a few led to layoffs, college graduates without job opportunities, and home foreclosures internationally.
People ask me whether they have missed the boat on Bitcoin, or if it is still a good time to buy. Nobody can say for certain whether Bitcoin will succeed, but what I can say is that the world will experience another global financial crisis. It looks to me like the strategy that the central banks of the world will use to respond is more of the same— print more money (tax everyone), control capital outflows (prevent people from leaving the financial system), and drop interest rates (tax savers).
The crucial difference about the next crisis compared to 2008 is that we now have Bitcoin and other cryptocurrencies available outside the traditional financial system’s sphere of influence — a claim not even gold can make, unless you’re storing physical gold in your home. Right now, Bitcoin and Altcoins are fun and exciting speculative investments, but under the threat of capital controls, hyperinflating fiat currencies, or bad government decisions, Bitcoin acts as a life raft for your wealth. If you think $4.20 for a Millibit (.001BTC) is too expensive now, my prediction is that it will skyrocket further when it becomes one of the only assets that isn’t crumbling during the next financial meltdown. Bitcoin has been around for almost 9 years, and we have not yet seen how it will perform during a major global event. I’m betting that it will do well.
I choose Bitcoin because I choose to sit on the sideline of the next crisis. Bitcoin has its own politics and volatility, but its rules are set programmatically. No single entity can directly affect the functionality, and I can actively participate in the direction that it is going. Do you get to actively vote on the next round of interest rate hikes/drops, or the next bout of quantitative easing? There is no longer a need to resign your wealth to bailing out someone else’s bad decisions. Get Bitcoin before you need Bitcoin.
Additional Resources:
My guide to getting started: https://medium.com/@philgeiger/a-gentle-introduction-to-bitcoin-c8f6e55855c1
Find a Bitcoin ATM near you to try it out: CoinATMradar
USD Exchanges/Bitcoin banks: Coinbase, Uphold, Gemini
Euro Exchanges/Bitcoin bank: Xapo, Bitonic
Be your own bank on your phone or computer with a BTC wallet: Android — Mycelium, iOS- Breadwallet, from a computer — Electrum