You’re a Legend if You Bought Bitcoin a Year Ago
Some people will see life-changing events.
A year ago, Bitcoin was $28,206.94 when I wrote that you should buy this cryptocurrency before it’s halving. Some probably did, and others paid no attention.
For those who bought Bitcoin (BTC) and held on, they have made a 156% return since then.
This morning Bitcoin was trading at $72,239.52.
Many people still see Bitcoin and cryptocurrencies as a scam.
Well, Bitcoin was created in 2009 right after the last financial crisis. The idea was to create a monetary system tied to the financial structure, government, or banks.
This year, 12 financial firms offered a Bitcoin Exchange Traded Fund that helped Bitcoin reach a new all-time high before the Bitcoin halving. The Bitcoin halving is scheduled for mid-April.
If the cryptocurrency market were a scam, there would be regulations outlawing it.
But so far, that hasn’t happened.
I’m no guru or a cryptocurrency insider. I’m not even a whale with a boatload of Bitcoin or another cryptocurrency sitting in my portfolio.
To be honest, I didn’t buy my first Bitcoin until 2017 right before the cryptocurrency crashed.
Granted, there are a lot of cryptocurrency scams out there, so you have to take anything people say with a grain of salt. Even Wall Street traders and financial gurus get the market wrong.
The only thing I did was study and devour anything on this topic that I could.
I’ve taken classes, a few courses, and read several cryptocurrency books, tweets, and articles on the topic. In addition, I’ve talked to people who are involved in the cryptocurrency space.
In addition, to writing for a few cryptocurrency start-ups, I learned more about this space.
You don’t even need to be a rocket scientist to understand cryptocurrencies. Even people with a finance degree or years of investment experience don’t completely understand the coming movement.
Warren Buffett and the late Charlie Munger have frowned upon Bitcoin.
Buffett has called Bitcoin rat poison.
Munger has called Bitcoin noxious poison and a fraud.
Yet, the cryptocurrency space has turned some people into millionaires and billionaires.
So, if you bought, Bitcoin a year ago, then you’re a legend.
The future looks bright for this cryptocurrency and the market, overall.
How to buy Bitcoin
There are three general ways you can buy Bitcoin.
- You can buy Bitcoin on a cryptocurrency exchange, such as Coinbase, Binance, Crypto.com, or other platforms.
- You can buy Bitcoin through PayPal or Cash App.
- The other way you can buy Bitcoin is through an exchange-traded fund.
The main difference is you are the bank or you let a company be the custodian and hold your Bitcoin. That’s the main difference.
Of course, when you are your own bank, there are a few more steps you need to be aware of.
- You need to remember the seed phrase
- Buy a wallet to secure your cryptocurrency
This doesn’t include opening an account on a cryptocurrency exchange. It isn’t hard since the process is very similar to opening a bank or financial account online.
There may be more steps, but this is a quick overview. Cryptocurrency exchanges will provide you with more details that you’ll be required to fill out.
Just be aware of working with people online since there are a lot of crypto scammers out there.
Tom Handy is a ghostwriter open to partnerships and you can find him on Twitter @tomhandy1 and email [email protected].
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.