[su_quote cite=”JEditorial in the Boston Post (1865)” class=”wwd-post”]”Well informed people know it is impossible to transmit the voice over wires and that were it possible to do so, the thing would be of no practical value”[/su_quote] [su_quote cite=”K. Olsen, Founder/Digital Equipment Corp 1977″ class=”wwd-post”]”There is no reason for any individual to have a computer in their home.”[/su_quote]
If you only read 1 email ever again, please let it be this one. Give me 3 minutes of your time to share with you what I experienced last week.
Last week I attended the Inside Bitcoin Conference in Las Vegas. The group hosting it has scheduled plans over the next year to be in Hong Kong, Berlin, New York, and London. In fact at the time I was there, another Bitcoin Conference was going on in Paris.
Going to this show could turn out to be one of the best decisions of my life, literally. Seeing the people who attended, 99% entrepreneurs, and the speakers: 33% entrepreneurs, 33% libertarians, and 33% geeks on digital crack. This had to be a room full of the smartest people of my generation, I have no doubt that the next Steve Jobs and Bill Gates were in that very room.
What the media and everyone speculating about bitcoin is missing is that there is a real infrastructure being built for this new currency.
or those who have not heard of bitcoin or do not understand it, in the simplest terms think of Bitcoin as Paypal, and Bitcoins as the currency. Unlike the dollars though, it is not controlled by a small group of bankers, it is capped on how many will ever be created, and it is fully transparent.
Like most things in life, you will never fully understand it until you take action. I suggest you start with our website Bankers’ Worst Fear, watch the video and read our report. If you have any questions, we can help walk you through this for free.
Even if you just put a few dollars in it, I think it would be worth your time to help you fully understand it. I spoke with a couple who used only bitcoins for 101 days, traveled from Utah to New Jersey and then flew to a few countries, they are making it into a documentary due out this spring.
This currency is new, so it is speculative. However, at one point in time automobiles, telephones, emails, the internet, and even iphones were new and not easy to understand. At the start of these new technologies, it probably looked like a bubble to many or a short fad, but looking back these advancements changed our lives for the better.
Bitcoin is real and here to stay, just last Thursday a bitcoin service company raised $25 million dollars to advance its company. While I was at the conference I saw many companies and free market solutions rising up to deal with better services and resolving problems this new digital currency faces.
For example, Bitpay is helping merchants accept bitcoin as payment, last reported they had over 15,000 companies now accepting bitcoins.
I don’t understand how it works – That’s okay, you don’t need to understand every detail to know that you can use it. I personally have NO idea how the hell my voice is transmitted through my iPhone so that I can talk in real time to people in China. I also don’t know how the engine in my car works or why my wife puts the toilet paper on backwards, but I still know and trust that it works.
The government is going to shut it down – No it’s not, unless it wants to shut down the entire internet. Bitcoin as a network is more powerful than 250 of the largest super computers combined and is getting stronger by the minute.
Bitcoin is backed by nothing – Actually Bitcoins are demand backed and have many uses, including a medium of exchange, store of value, and a form of payment. While in Vegas I spoke with someone in Africa who said the government and banks in her country were so corrupt, she had to pay all of her workers in bitcoins. Another man in Argentina was using it as a place to protect his wealth from local inflation. Some are using it as a wealth protection strategy, to protect your property from the government and civil litigation.
I can’t buy anything with Bitcoins –
This is becoming more and more NOT true by the day. Give this time, it’s still a new currency. If it helps you sleep at night, you can’t buy anything with your gold and silver either. Imagine how hard it was to find a good parking spot in 1887. Or just who exactly were you emailing in 1994 when you were the only person out of hundreds who had access to an email. Give this time.
Put 1-3% of your net worth in this currency knowing full well that it could crash and go to zero. However, I believe at this point it is very unlikely, even Fidelity just announced that it would now allow IRA accounts to invest in a Bitcoin fund.
For those who really want to position themselves to profit, consider opening a business that helps service the Bitcoin market. The sky is the limit with this, everything the dollar is used for, the Bitcoin market will also need.
FMT first profiled Bitcoins at $13.86, today it trades for around $1,000. The price is a result of the growing demand, but with only 12 million currency units currently available, I suspect we have barely scratched the surface. Nearly 70% of the Bitcoin market is in China now, even a government that is known to try and micro-manage its citizens’ actions can’t stop this.
For those who ever wanted to know what a revolution felt like, this may be it… Just remember, revolutions are messy.
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