Tag Archives: crypto

My Early Experiences With Bitcoin And Helpful Tips I’ve Uncovered

Recently, I finally took the plunge and bought some Bitcoin. I even wrote shared the experience. Overall, it wasn’t that groundbreaking. It didn’t involve a radical rethinking of how I used or thought about money. It was not that different from depositing money in a new account from an ATM. The account in this case just happened to be Bitcoin.

Since then, I’ve bought more Bitcoin. To date, I have a couple hundred bucks in my lone Bitcoin wallet. I’m still using BRD, which is one of the simplest wallets you can get. I have looked into getting others that have more features, but many of them seem to be more trouble than they’re worth.

That may change. I am quite interested in what BitPay has to offer with some of their services, but for now, I’m content to stick with BRD.

However, since I bought my Bitcoins, one issue has come up and I suspect it’s still the primary issue that most people face when they first get involved in this. It’s probably the same issue that prevents a lot of people from getting into it to begin with.

How do I spend my Bitcoins once I have them?

It’s the main issue that all these cryptocurrencies face. Getting them and securing them is challenging enough. Actually spending them like real money is still a challenge. While there are some noteworthy merchants that accept Bitcoin, most major retail outlets do not. You cannot use Bitcoin at Amazon or WalMart or even a standard grocery store just yet. Until that changes, its use will be limited.

This is what kept me from buying much of anything with my Bitcoins. Then, I discovered a useful tool that has helped make that easier and I think it’s worth sharing. While it’s true that companies like Amazon and Apple don’t accept Bitcoin directly, you can still use them. You just have to do it indirectly.

One way to do this is to use a site I found called Bitrefill. What it does is simple. You just use your Bitcoins to purchase digital gift cards for popular retail outlets. It works like this.

Step 1: Go to Bitrefill.com and browse the various gift card options, which includes the likes of Amazon and Walmart.

Step 2: Pick a gift card, choose an amount, and enter your Bitcoin account information for the desired amount, which is usually around $50 to $100.

Step 3: Complete the purchase and wait for the gift card code to come in via email. Then, just add the amount to your existing account.

For those who buy most of their stuff on Amazon, this is a quick way to turn your Bitcoins into something spendable. There are a few other workarounds, like Moon and Purse.io, but I’ve found this to be the easiest. There’s even a similar website called CoinsBee that allows you to do the same to your Apple iTunes account.

Basically, if you know how to send or spend gift cards, you can spend Bitcoin. Does it require a few extra steps from traditional cash? Yes, it does, but you can still spend it.

That may still raise the question as to why bother with Bitcoin in the first place. If it’s just adding an extra step between you and the retailers you prefer, then what’s the point? Well, this is where I’d like to share another part of my Bitcoin experience.

After buying my first batch, the price went up. I don’t know why, but it did. Suddenly, the first hundred bucks I put in was worth $125. That was great. It was downright thrilling. Granted, it did go down to around $103, but it was still impactful in a major way.

That’s because Bitcoin, unlike traditional money, fluctuates in value. Many see it as a reason why they don’t buy in. It’s just too volatile. I can understand that, but I also understand the impact of inflation.

If you go to your bank account right now and look at your money, you won’t see it change much in terms of value. However, inflation does ensure that its value goes down. It’s not a conspiracy. It’s just basic economics. Over time, most fiat currency loses value. That has been the trend for nearly a century.

With Bitcoin, it fluctuates. One day, it has more value. The other, it has less. You’ll win on some days, but lose with others. With regular cash, though, you always lose. You don’t lose nearly as much. Most of the time, it happens so slowly that you don’t even notice. Even so, losing is still losing.

The Bitcoins I have now may only be worth a few hundred bucks. By this time next year, they could be worth a lot more. That’s even more money I can convert to Amazon or WalMart gift cards. There’s also a chance the price could crash, as it has before, but given the finite nature of Bitcoin, there’s more incentive for its value to increase rather than decrease.

That doesn’t mean its value will always go up. There’s still a non-zero chance that Bitcoin’s value could stall or outright collapse, as other currencies have in the past. That’s why I’m not converting all my money into Bitcoin anytime soon.

For the time being, though, I’m satisfied and encouraged by my Bitcoin experience. I also encourage others to get into it as well, if only to get a feel for it. Hopefully, the sites I’ve listed here will help you get some use out of your Bitcoins. Money is a powerful force in this world. So long as Bitcoin and other cryptocurrencies keep operating as such, they’ll have a part in our future. Now is as good a time as any to carve your place in that future.

Leave a comment

Filed under Bitcoin, Jack Fisher's Insights, technology

A Note To Investors/Enthusiasts Of Dogecoin

We live in a strange time. I know you could say that about almost any point in history, but let’s face it. The past year has been more eventful than most. The past few months have been even more eventful if you’re an investor or follow economic news. We recently learned that a multi-billion dollar hedge fund is no match for a bunch of shit-posters on Reddit.

I’m not gonna lie. That story still puts a smile on my face. Last year sucked, but when a bunch of shit-posters on Reddit tank a predatory hedge fund, the world is an objectively better place.

As much fun as that is, there are some other stories related to investing that are worth noting. On top of the craziness caused by r/WallStreetBets, it has been just as chaotic for investors of cryptocurrencies. When the financial world is in chaos, cryptocurrencies that thumb their nose at old economic institutions tend to thrive.

Now, full disclosure, I do own Bitcoins. That’s the only cryptocurrency I own and I don’t own much. I’m not a bold investor. I buy index funds and ETFs. I would not fit in on r/WallStreetBets, nor would I be a good evangelist for Bitcoin.

For that same reason, I’d like to send a special note to those currently caught up in the Dogecoin craze. If you don’t know what Dogecoin is, then that’s understandable. It is a cryptocurrency like Bitcoin, but it’s unique in a few very particular ways.

Most notably, Dogecoin is often treated as a joke. That’s because it started off as one.

That’s not my opinion. That’s literally part of its origin. Its creators, Billy Markus and Jackson Palmer, were legitimately surprised when people started using it. I guess they didn’t get the joke.

That doesn’t mean Dogecoin has absolutely nothing going for it. It is a functioning cryptocurrency that uses some of the same technology as Bitcoin. Its most notable difference is that, unlike Bitcoin, there’s no limit to how many Dogecoins can be mined. Whereas Bitcoin can only ever have 21 million, Dogecoins can be mined indefinitely.

It may seem like a small difference, but that difference matters if you understand the basics of scarcity in economics. Most people understand it on some levels. If you can make an infinite amount of something, then it’s not going to have much value. If something is incredibly finite and difficult to obtain, like gold or Bitcoins, it’s going to have more value.

It’s that concept that I’d like to convey to those cheering on Dogecoin. Thanks to the recent upheavals from r/WallStreetBets, Dogecoin has been surging more than most currencies and even people like Elon Musk are cheering it on.

That’s not unusual. Sometimes, certain assets get propped up for a brief period. That has happened a lot with cryptocurrencies over the past decade. However, with Dogecoin, it’s a lot more style than substance.

Whereas Bitcoin gains value as it becomes more accepted in various sectors of the economy, Dogecoin gains value because people are just cheering it on. One has long-term sustainability. The other ends as soon as people get bored or find something else to cheer on.

Today, it’s Dogecoin.

Tomorrow, it could be JackCoin, a cryptocurrency made exclusively for people named Jack.

Is that the dumbest idea in the history of finance? I don’t know, but entire economies have gone bust for dumb things before.

Again, I’m not an investment expert. I’m not giving investment advice to anyone. However, to those thinking about getting in on the Dogecoin craze, I offer one important message.

You can win with style over substance in a lot of things, but not when it comes to money. At some point, a product has to demonstrate its value. You can only prop it up for so long before basic economic forces take over. It’s not fair and it’s not rational, but that’s how economics work.

Dogecoin will find that out at some point. Investors may have to find out the hard way.

Leave a comment

Filed under Bitcoin, Current Events, rants

Buying My First Bitcoin: My Reason And Experience

I talk about the future a lot on this site. That’s because, in general, the future excites me. I genuinely want to see some of the emerging technologies under development manifest. From advanced artificial intelligence to hacking our own biology to sex robots, I think these developments will lead to some major upheavals in society and I want to be around to see them.

I don’t know if I’ll live long enough to see all of them, but I want to make the effort. I want to experience the future and not just speculate about it.

This brings me to Bitcoin. Now, before I go any further, let me disclose that I am not one of those hardcore, uber-libertarian Bitcoin fans who see Bitcoin as the technology that will bring down corrupt governments and banking cartels. I’m also not among those who think Bitcoin is a total scam. For this technology, I try to keep my perspective balanced.

I see Bitcoin the same way I see email. It’s basically a digital form of a tangible thing/service that we’re familiar with. Email was a supplement to regular mail. Bitcoin is simply a supplement for money. Email didn’t end all forms of regular mail. As such, I don’t see Bitcoin ending all other forms of money.

As for the technology behind it, I’m no expert, but I definitely see the value. Bitcoin, unlike other currencies, has no boarders. It has no middlemen or central authorities. It doesn’t require a big bank or some other financial institution to authorize it. All it requires is an internet connection and a smart device with an app.

Beyond the money, the technology behind it, most notably the blockchain, has some exciting applications. It promises to change the way we process, manage, and scale big data. It has the potential to create secure, decentralized operations that can’t be run from the top-down by the future Mark Zuckerbergs of the world.

Even if you think Bitcoin has no inherent value, I hope you see the value in that.

Now, I have been following news about Bitcoin since 2013. I remember the first time it became a major source of headlines. It was primarily associated with black market economies on the dark web, namely the Silk Road. That was not necessarily a good association, but that didn’t stop Bitcoin from growing considerably in both value and use.

However, I didn’t invest in it or seek to buy any Bitcoins. Some of that was mostly because it was still so new. I wasn’t sure what to make of it and I didn’t necessarily trust the early Bitcoin wallets. It also didn’t help that some of the early Bitcoin exchanges went completely bust.

I understand this era still created plenty of Bitcoin millionaires. Those people are the lucky ones. Even after 2013, I don’t think we’ll see Bitcoin create any more millionaires like that. I still watched Bitcoin with a skeptical eye. I didn’t want to buy in until I could be sure it was able to weather these upheavals.

In hindsight, I think I waited too long. At this point, I think Bitcoin has proven its worth and its utility. It’s been around for more than a decade now. If it were a bubble or a scam, it would’ve failed long ago. Even if I’m late to the party, I can safely say that I have finally joined in.

Granted, I didn’t put my whole life savings into Bitcoin. I decided to start off small and honestly, it was a lot easier than I thought.

Here’s what I did to get my first batch of Bitcoin money.

Step 1: I downloaded a basic Bitcoin wallet, namely BRD. It’s the simplest, least cumbersome wallet I could find.

Step 2: I compiled about $100 in cash. These were just a bunch of $20 bills I had in my drawer. They were actually bills I got from Christmas cards. Since I buy most of my stuff with credit cards and my phone, I really didn’t have much use for them.

Step 3: I went to a gas station up the road from my house, which had a Bitcoin ATM. I used that ATM to purchase $100 in Bitcoin. It took less than four minutes.

That’s it. That’s all I did. I didn’t have to give my bank account number to anyone. I didn’t have to give my credit card number to anyone. I just took some bills that I probably wasn’t going to spend anyways and turned it into digital currency. I have every intention of purchasing more down the line.

In terms of loose change or extra bills, I believe Bitcoin is actually better than just letting that paper money gather dust. Unlike bills, Bitcoin’s value actually has the potential to go up. That’s something paper money rarely does.

It’s a key part of Bitcoin’s legendary volatility. That sort of thing turns a lot of people off and I understand that. They don’t want to wake up one mourning and find out their money lost half its value.

However, I would counter that paper money would lose that same value, but just over a longer period of time. It’s like owning fruit. It’ll only ever rot. It’s never going to get fresher. Bitcoin is a bit more like a game of cards, but with the odds in your favor.

Sometimes the value goes up.

Sometimes the value goes down.

Overall, due to the scarce nature of Bitcoin, its value is inclined to go up.

That $100 was only going to get less valuable sitting in my drawer. At least with Bitcoin, there’s at least a possibility that $100 could be worth a lot more later this year. Compared to what inflation does to money, I’ll take those odds.

For now, I just wanted to share my experience. I genuinely believe that Bitcoin and the technology behind it is going to be a big part of our future. It may not completely replace money, but it will improve on what we’ve got.

I’ll share more stories as the year unfolds. In the meantime, I’ll leave everyone with this little anecdote.

The first known Bitcoin purchase was on May 22, 2010 when a man named Laszlo Hanyecz bought a pizza for 10,000 Bitcoins. As of this post, one Bitcoin is valued at $32,711. That means someone payed $327,110,000 for a pizza.

That must have been a damn good pizza.

1 Comment

Filed under Bitcoin, Current Events, Jack Fisher's Insights, real stories