My Answers to 10 FAQs Regarding Bitcoin (and Cryptos in General) You Wanted to Ask Your Friends and Vice Versa.

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1. When did you first hear of Bitcoin?

Quite late, it was not until late 2016 did the word 'Bitcoin' caught my ears, and I did not pay much attention to it back then thinking (mistakenly) that it was just another electronic money transfer platform like Paypal. I started reading up on Bitcoin seriously in January 2018.

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2. When did you buy the first bits of Bitcoin in your life?

In April 2018, through CoinJar, an Australian platform. I bought in AUD 10 worth of bitcoin in my first purchase. I'm still using CoinJar currently as my main platform for purchasing and selling Bitcoin.

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3. What does Bitcoin mean to you?

A commodity for speculation, a means for long distance (international) wealth transfer and a means to avoid inheritance tax.

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4. Do you mine Bitcoin?

Unfortunately, I don't. I don't feel comfortable installing a sophisticated mining software on my computer and pooling my computational power with others.

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5. Beside Bitcoin, what other cryptocurrencies do you currently hold?

Last I checked (02-May-2018) there were Laxmicoin (airdrop), Netkoin (airdrop), Nauticus Token (airdrop), ForumCoin (paid-to-post) and Steem Dollar (paid-to-post).

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6. What is the portion of your liquid assets existing in the forms of Bitcoins and other cryptocurrencies currently?

About AUD 10, that's less than 0.1% of my total liquid assets.

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7. How much money are you thinking of putting into the cryptocurrency markets?

I'm going to put in a total of about AUD 100 into the crypto-markets by the end of May 2018

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8. How much are you going to put your liquid assets into the cryptocurrency markets?

Maybe 10% of my total liquid assets by the end of 2018. My ultimate limit for investment/speculation in any market is 30% of total assets, never put all your eggs in one basket.

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9. Have you ever used Bitcoin or any cryptocurrency to buy stuffs or services?

Never, cryptos are not as liquid as I imagined them to be.

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10. Don't you think Bitcoin is a scam?

Maybe Nakamoto Satoshi did intended Bitcoin to be a scam, I'm just saying maybe (and I believe that it is highly UNLIKELY that Nakamoto intended it to be a scam), but when enough people have confidence in Bitcoin and are using Bitcoin for something, it gains value.

That's the same for fiat currencies that we are now holding, maybe they are scams perpetuated by governments, but as everyone is using them in daily life, they derive values.

So even if Bitcoin was meant to be a scam by the early players, it almost definitely isn't one at the moment, and more unlikely so in future, because so many others have jumped onto the boat.