So as a preamble this is not a guide to bitcoin or whatever it’s a collection of thought guiding materials and concepts around Crypto-Currencies. Rather than telling what you should do, if bitcoin is good or bad I wanted to start a process of helping you build a thought process.
THIS IS BIASED!
I’ve been in bitcoin for the better part of a decade, Yes I still own bitcoin, Yes I still buy bitcoin. I have started and sold businesses in the sector, I teamed up with a group of passionate persons to establish bitcoin foundation and while some of those people have come and gone I still call some crypto influencers friends. I got a bitcoin tattoo back in 2013, I consider myself an early adopter and truly believe in a number of values that bitcoin is closely associated with. Have spent bitcoin I wish I didn’t and I spent money to make bitcoin I wish I didn’t. I have seen bitcoin change lives in a good and bad way.
The Goal of this
Again I aim to guide a thought process and not dish out advice. There are some practical tools and resources for the use of bitcoin and Content and materials that I suggest you look at.
Most importantly know this: Bitcoin is speculative, There is no get rich quick schemes that work, The Long Term approach is the MOST important factor. Everything in business and life can come down to the marshmallow test, I would suggest a reading of my article: Delayed Gratification or Bust
Bitcoin / Cryptocurrencies?
I use bitcoin incorrectly above I am referring to crypto aswell, my preference lies with Bitcoin & Etherium there are many others but start by UNDERSTANDING these two and them to measure all other proposals against bitcoin.
My Bitcoin Maxims
Here are a few bitcoin maxims I use to measure a lot of the crap out there.
- If it’s not in bitcoin it’s not bitcoin
- Control is ownership
- Mining is measurable but it’s either a technology race or speculation.
- If you make money signing people up it’s a scheme/scam
- If someone is asking you for money and offering a high return it’s a Ponzi scheme… Prove me wrong
- You can’t understand bitcoin without understanding money
- If it’s online it can be stolen
- Understand security you want to be “unbanked” be as smart as a bank
- Your money is only as secure as the weakest link, weather you made it or it’s a third party.
The content you need to consume — Podcasts:
Don’t just listen while you work. sit your ass down and listen… check the show notes read the referred content!
- THE TIM FERRISS SHOW #473
This is a great recent podcast on the topic of finance and bitcoin, these two titans are always a must-have dive down the rabbit hole with either Tim Ferriss or Naval
Also a recent podcast episode, the guest Greg while was new to me definitely had a ton of great points and from a few inspections his website Bitlift there is some good content here.
- THE TIM FERRISS SHOW #244
Mentioned in 473, just listen take notes of the questions. What is bitcoin
- More to be added I’m going through my backlog and giving a lot of content a re-listen.
The content you need to consume — Books / Blogs:
These recommendations come from a long list of books I have enjoyed, they might not be themed around bitcoin but they form how I think about stuff, don’t expect logic or reasons here, GO get audible / kindle and read/listen to a damned book.
(no sorting except I made key titles BOLD)
- How to Measure Anything — Douglas W. Hubbard
- I Will Teach You to Be Rich — Ramit Sethi
- Thinking, Fast and Slow — Daniel Kahneman
- Lateral Thinking — Edward De Bono
- Mastering Bitcoin — Andreas Antonopoulos
- Bitcoin: A Peer-to-Peer Electronic Cash System
- Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform
Useful tools in the bitcoin space, expect to find the practical items here.
Love the founders here, they run legitimate events in SA
A great resource where you can look up all kinds of data and I found the wallet tools to be pretty good.
Seriousl the next time someone claims to have bitcoin as them for their wallet and look it up on blockchain.com
- Exchanges (places to buy & Sell bitcoin etc)
100% my preferred way to store bitcoin, if you want a hot wallet I suggest the blockchain.com
If you can remember your password it’s probably shit
If you only have 1 password you might aswell not have it
If you only have 1 copy it doesn’t exist
If it’s in plain text you might as well print your secrets on paper.
paper is cute but it’s cold
Before you go on…
You need to know shit, I alluded to this in my maxims if you want to be in bitcoin you pretty much are looking to replace the banks, which means you need to upskill yourself as if you are a bank. These are some concepts you need to study / questions you need to answer.
- What is: Bitcoin, Blockchain, Fiat money, Encryption?
- How will you store your bitcoin? How will someone steal it?
- Is bitcoin anonymous?
- Computer Security, are your accounts secure?
- Hot vs Cold wallets
- How to look something up on the blockchain
- Why are you doing this?
- Read the bitcoin whitepaper Dammit!
- What about tax?
My Suggestion for getting into bitcoin.
I’m bold enough to line this out, my IDEAL way to (in today’s market) to get into bitcoin. My goal — you own bitcoin. no get rich quick no trading, no bullshit the goal is to own bitcoin because I consider bitcoin to be a class of wealth on par with stocks, property or gold.
- Learn Learn and Learn (100% you have to listen to the podcasts above and cover the basics above this section)
- Setup a cold wallet!
- Fica an account with luno (I’ve been trading on luno for YEARS!)
- Buy bitcoin and IMMEDIATELY send the bitcoin to a cold wallet
I will buy bitcoin on luno but I don’t trust them to keep my bitcoin
- repeat 3 & 4…