How I Got Started in Bitcoins, Blockchains & Cryptocurrencies

How I Got Started in Bitcoins, Blockchains, and Cryptocurrencies

I got interested in Bitcoin in early 2013 when I read about it on Reddit. It was interesting and I started learning and accumulating bitcoins. As Bitcoins gained momentum and increased in price & popularity, I started asking people if they knew about Bitcoins and most just laughed. A few got annoyed.

2014 thru 2017 have been a crazy roller coaster ride for Bitcoin prices. I’ve learned a lot and formed a number of opinions and ideas about blockchains, bitcoins, and cryptocurrencies. I’m still excited about these for a number of reasons that I’ll explain.

What I’m Doing

During the Fall of 2017, Bitcoin had a huge rise in popularity, notoriety, and price. Information about Bitcoins started flooding out of every device we own and every program we saw or listened to. Hell, even TV sitcoms were talking about it.

But, when I talked with my friends and family, I discovered that they had a bunch of misconceptions and fears about Blockchains, Bitcoins & Cryptocurrencies (abbreviated BBC). Most folks were curious but very wary of bubbles and scams. They wanted to hear simple explanations, facts and helpful links where they could learn more and form their own opinions.

I decided to improve and sharpen my own learning by explaining what I know, sharing what I learn and improving my own beliefs and strategies.

I’m going to write a periodic blog post about a single topic and share it with you via newsletter.

My goal is to share useful insights into Bitcoins, Blockchains & Cryptocurrencies and what I think that means.  Possibly more importantly (Keith Cunningham taught me to love great questions), I’m going to share some powerful thinking questions about BBC with you as well.

I encourage you to do three things.

  1. DYOR – Do Your Own Research and form your own opinions. Please, use my thoughts and questions as a starting point. Learning by asking great questions.
  2. Get Involved. I recommend a very small monthly investment in one or more cryptocurrencies. Think of it as very tiny dollar cost averaging. There are a couple benefits. You’ll be more motivated to learn about BBC. You’ll almost certainly make a little profit and the downside is very small. Possibly even spend some in online transactions. Learn by doing.
  3. Share your enthusiasm, curiosity, and learnings with other people. Discuss and debate. The BBC is still in the early innings and how the game plays out will depend on how the rest of the world perceives and uses BBC. Sharing what you learn will sharpen your own opinions, beliefs, and strategies. Learn by sharing.

Why I’m doing this

I think there are four reasons I’m doing this – there may be more later as I learn more.

  1. I like learning and sharing. It forces me to sharpen what I learn and ask better questions. I’m not teaching a class but it’s well known that is the best approach to learning a topic.  I hope you learn from what I’m learning.
  2. I see tremendous opportunity and I want my friends to benefit. More on this in a later post but most of what I’ve seen, experienced and learned over the past 5 years leads me to believe that BBC is a lasting and increasingly valuable phenomenon. Sure, it has risks but I believe the long-term outlook for BBC is far more laden with opportunity than peril.
  3. I make a small amount of crypto when you click and complete a transaction from some of the links on this site. It costs a little money to run the website, email, and newsletter so making a little money here will be nice. I won’t include any links that I haven’t used my self. But, as always, DYOR!
  4. My cryptocurrencies get more valuable and so will your’s. It’s simple. Bitcoin supply is fixed at a max of 21 million coins. So, in the supply-demand curve that determines prices, increasing demand when there is a fixed supply increases the price.  If I can convince you to buy BTC, my BTC becomes a little more valuable. When you get disillusioned and dump your BTC, mine possibly becomes a little less valuable. Increasing the value and adoption of BBC is my ultimate goal.  There are numerous benefit from this happening and increasing the price of BTC helps my portfolio immensely. I want you to have a portfolio and feel this way too.

Lastly, Do Your Own Research – DYOR

Don’t believe me or trust me.  I’m not a financial advisor and you shouldn’t take any advice I give you. I hope you enjoy the explanations and questions but Do Your Own Research.

A Final Thought

I named this Boomers, Bitcoins, Blockchains & Cryptocurrencies because I’m 56 and a tail end Baby Boomer. Most of the folks I talk with are of a similar (distinguished) age. Mostly, what we hear about are Bitcoins but blockchain and other cryptocurrencies are important to understand as well.

I’ll explain and link here later but I believe that the current generation of Millenials+ believe more in data and technology than banks and credit card companies.  Bitcoins, Blockchains & Cryptocurrencies appear to be the most likely path forward for the Millenials+ to create, accumulate, store and trade their wealth.  We could keep insisting that this is a bubble but it’s their world and we’re just living in it. Wouldn’t it be wiser to watch what they’re doing and where they’re headed and then learn and adjust to where the world of capitalism and commerce is going than to sit back and loftily claim it’s doomed?

Or, said another way, these kids are going to be keeping our retirement funds solvent and growing through their future work and efforts. Doesn’t it make sense to get a detailed understanding of where they are taking capitalism and commerce? I think we ignore this at our peril.

And, PS. I’m not an expert. I’m more of an educated fanboy. I promise I will make mistakes and tell you things that are wrong.  If you find a mistake, by all means, tell me and I’ll make sure to update and correct the mistake. I’m not an expert.

– Jeff

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