My History with Bitcoin
Photo by André François McKenzie on Unsplash
I have been interested in bitcoin since the day I heard or read about it somewhere in 2010. Yes, that long. And as a computer geek, I know it had potential, and I know it is the future of doing business, as everything is going digital. I think you do too if you watched any science fiction movies.
But why didn't I act earlier back then? One of the biggest reason would be my time. I don't have time to look at it. I was busy with work, and I was also having too much side project, from keeping a blog to trying to create my Youtube channel to exploring the wonders of my new found love with anything that is Apple, particularly my new Macbook Pro back then. Then there's also dating, so on so forth. When I think about it today, that is not a very good reason to have. I could always make the time, no?
Anyway, the crucial reason that makes sense back then was, where do I start? How does it work? Where should I get hold of it? I didn't have any clues about it. There's also a lot of scams going on so which one is legit? I have also had no clue as to which asset class does it falls under? For me, it is important to understand what it is and how it works. By understanding this then you know how to move forward.
So over a few years, though a lot of people have deemed it as a SCAM, I still think there's more to it than just a SCAM. A lot of "get rich scheme" appeared and it uses Bitcoin as the medium to get rich, guided by just the potential of getting rich, they dump a lot of their hard-earned money into a so-called investment. I still think it is more than that.
Somewhere in 2017, I get more serious about it and did my research. The thing that I found out is that Bitcoin was just a form of currency, just a coin, only instead of you could hold it on your hand, it is in digital form. I like to think it is a gold coin, in the digital realm. A coin is just a coin. Now, let's make this simple. How much does a gold coin worth? You would go and check the price at the gold exchange or something like that. I normally check with goldprice.org. How do you check how much a Bitcoin worth? You would check it against the exchange too. My favourite place to check now is at investing.com.
But how did it get associated with scam? Well, that's easy. The internet is full of news of how much a coin worth against the US dollars. Everybody wants to get rich out of it. But most people don't know how it works. Scammer notice this and started an "investment scheme" where usually they incorporate "Bit" or "Coin" or "Bitcoin" in parts of their scheme name and promising a large sum of return out of your investment. And when it eventually discovered to be a scam, Bitcoin gets the blame. Now, have you ever heard of Swisscash or something like that? This scheme is based on US dollars, and a few months after people joined, it turned out to be a scam. Did everybody call US dollar a scam? No. Did anybody call any currency a scam? The answer is still no. So you can't say a digital currency a scam, can you?
So with the knowledge that I have gathered after doing my research, I've started to buy my coin, Etherium to be exact. What did I do with it? I use it to trade crypto coins on Binance. I didn't start big, just a very small amount, getting around with the trading platform, understanding how it works. One of the coins that I keep even pays dividends. Imagine that. Where to buy the coin you ask? Well, just head down to Luno. It is a cryptocurrency exchange that also serves as you crypto wallet. They are licensed by the Security Commission of Malaysia.
So if you are interested in Bitcoin but not too sure about it, I suggest you get a book from Azizi Ali. He is Malaysia’s #1 writer, speaker and coach on money matters. I have bought a few books from him and it opened my eyes on the multitude of way to gain your wealth. Recently he came up with a new e-book, Rahsia Altcoin. This book covers the history of cryptocurrency, how it does it operate and most importantly, how not to get into scams! It's not available as a physical book like his other publication. You can get this e-book here. Now it's easy for all of you to understand about Bitcoin and other wealth possibilities that you can gain from it.
So? What are you waiting for? Go get that book!
This post was originally posted in my blog:
https://www.northborneogeek.com/2020/10/my-history-with-bitcoin/