BitCoin for Musicians. Simple guide on how to enter.
I have withhold this subject for too long, even though i've been actively holding BitCoin a few years now.
You may think it doesn't concern you, just like i did, but even if it feels that way now, mark my words, it will concern everyone on this planet very soon.
I will keep this post to a minimum and i really recommend everyone to get acquainted with it.
Disclaimer: further writing should be treated as my personal opinion based on what i've learned in three years and nevertheless may be completely wrong. I will not argue about it and will try to retrain myself from comments.
I am not calling anyone to repeat what i've done. I urge you to do your own investigation before making any decisions.
I'm not a big fan of technicalities, so at this point i'll just insert a few lines from wikipedia:
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Now, in my own words, what we have here is probably the greatest invention the world has ever known (after music of course) and that is because BitCoin represents the most powerful, material tool - money; and for the first time in history, this material tool cannot be controlled by government, because it's based on blockchain (which is similar to how torrents work, but more complicated).
The fact that someone could even put this idea into air - that's what made me want to support it. This idea is so brilliant and righteous and beautiful and admirable that i didn't even thought about any income back when i bought a few coins for 800$ and just a few years later the price for 1 BitCoin hit 20.000$. And that is, my friends, a fucking 2400% growth!!!
So, if you would invest 1000$ in 2016, you would have 25000$ in 2018.
Some might say that its price has dropped in recent months, "the bubble has blown" - well, you just don't understand how market works. It happened before and will happen many times after; it's just a simple price correction which is required before hitting new highs.
Richard Branson, 50 Cents, Bill Gates, The Winklevoss Twins (facebook), Rockefellers, George Soros - those are just a few names you may know, who already invested in BitCoin.
and you can join them, just by following a few simple steps.
How to buy Bitcoin
Most common option is to buy crypto at exchanges like Binance. You will find many tutorials on youtube and after a few days of learning you probably will be confident enough to make your first bet.
Where to store Bitcoin
Once you chose how you want to acquire BitCoin, you need to find where to store it, because you should never hold your crypto at exchanges!
1. The simplest option is the TrustWallet app. You can also purchase crypto directly in this app.
2. What i would recommend is software called Electrum, which is available on all platforms and will keep your bitcoin safe.
3. But if you're going big, you must get a cold hardware wallet.
Whatever you choose, carefully follow the installation procedure, read everything and make sure you securely store your passwords and the seed.
What to do with it
What to do next? - Nothing. You don't even need to follow the news really. To some i'd say you even shouldn't, because a lot of traders raise panic just so you'd sell your investments for low price, like right now (9k), when smart people are actually buying.
The first rule of trading is to Buy Low and Sell High.
And you'll know when it's time to sell - it will be everywhere, people will talk about it all around you.
Still, if you want to have a guide in the world of crypto currencies, i can recommend you these channels:
Benjamin Cowen and Tone Vays
Please be extremely cautious about what you read and what your hear in the crypto space.
Now, once again, a reminder: I'm not your financial advisor, I will not argue with you about BitCoin and I will not reply to questions about it.
I couldn't write this post for so long because lately i can't dedicate even an hour for this, but i had to do it because too many people asking about it and right now might be your last chance to buy BitCoin for price below 10k.
Before 2018 i was never interested in investing into something just to make money.
I said to myself "what's the point" - I have a job that i love and i even get paid for that job; but seeing this possibility of growth, you have to ask yourself how can you let this chance pass by you.