I went to a super awesome bitcoin meetup event today. It was an introductory presentation which was perfect for a noobie like me. Anyways, here’s a short note:
- Bitcoin was introduced by Satoshi in 2008 when market crashed
- The purpose is to create a cash flow system that cannot be controlled by banks, government, or anyone!
- All transactions are transparent on the blockchain
- Wallet address
- You cannot reverse a transaction and double confirm the account number
- no revert even for switching between wallets
- If you send bitcoin to account that doesn’t exist, that amount of bitcoin is lost forever!!
- Nobody can force you to pay without your permission first
- e.g. if you didn’t pay your tax, the government can deduct money from your bank account without your permission. This act is strictly prohibited in bitcoin world
Where to spend and buy bitcoin?
- Bitcoin can now be used on Telsa, Virgin, Microsoft, Amazon, etc. It can also be used to purchase real estate in certain areas of U.S.
- Bitcoin can be purchased in any amount, not necessarily a whole coin.
- AVOID coinbase.com (should be avoided because it’s closely related to IRS and is not fully transparent with everything)
- Bitcoin ATM: 5~10% rate
- blockchain (works on mobile as well as web)
- mycelium (only works on mobile)
Three ways to earn $ on bitcoin
- Buy and Hold: earn appreciation
- Buy and Trade: buy low sell high on other cryptocurrencies such as ripple or litecoin
- Buy & Compound: USI tech – BTC package
- 1 package = USD$60
- fork: any event that causes bitcoin to dip/decrease in value