I first gained knowledge of Bitcoin in late 2015, but didn’t pursue it. I later came across few more blogs and articles, but I still wasn’t interested. At the time Bitcoin was $397.52 USD. Last fall, I got a quick awakening when I learned where Bitcoin was and how steady and fast it had grown.
It was my final year of college and I had to choose an IT related topic to conduct my research on. My topic was, “Blockchain: The technology to power open finance.” Blockchain is the technology behind Bitcoin and other digital currencies, therefore, there were no going around Bitcoin because most articles I read and researches I came across all spoke about different digital currencies that were developed using the Blockchain technology.
In late November, I recieved $10.00 USD in my Caricoin wallet (All figures will be quoted in USD because I do not remember what the exact BTC figures were). I honestly never paid much attention to it because: 1) it was free and 2) I thought it was one of those “bank interest fee thing” were I would recieve an interest of $0.15 USD by the middle of December, well, I was wrong. It was almost the end of December, and my Bitcoin had almost doubled. It was then that I knew I wanted “in” – I wanted a piece of the pie. The price gap of Bitcoin induced a feeling that I was missing out.
At the time, I never had a way of purchasing my own Bitcoins, so I quickly sought how to and the best services to sign up with and that’s when I found BitStamp. BitStamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and Bitcoin cryptocurrency. It allows USD, EUR, Bitcoin or Ripple deposits and withdrawals. My investment will labour for me and I think it might gain some muscles here and there too(lol). If you have not read my previous blog about “The Rich Invests While The Poor Saves” you need to. It speaks about letting your money labour for you.
Earlier I mentioned that in late 2015 Bitcoin was $2542.30 USD and many experts predicts that one (1) BTC will be worth over $3,000 USD by the end of 2017. Experts also says that Bitcoin has proven to be one of the most stable digital currencies on the market ever since its existence in comparison to its competitors Ether and Ether Classic. I believe I’m a forward-thinker and I’m happy I made the decision to invest.and nearly two years later, 2017, one (1) BTC is
What Is Bitcoin?
Bitcoin is digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. Bitcoin was introduced in 2009 by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto.
Bitcoin Made Young Tycoons
Bitcoin and things like it, is equivalent to the red pill. We have entered a completely different world of uncharted water and it is a huge deal. There is a big industry around Bitcoin and people have made fortunes out of it. The number of Bitcoin millionaires, though, is uncertain—people can have more than one wallet. However, I have been following a few of these Bitcoin millionaires, here are the top 5 I’ve admired;
1 | Charlie Shrem
Now 27, discovered Bitcoins on a website in early 2011, when he was a senior at Brooklyn College. Shrem didn’t mine coins himself but bought them on Tradehill. His first purchase was 500 coins at about $3 or $4 each; he bought thousands more when the price hit $20. When he was still in college, Shrem started BitInstant, a company that allows its customers to purchase the digital currency from more than 700,000 stores, including Wal-Mart Stores and Duane Reade. Shrem wears a ring engraved with a code that gives him access to the electronic wallet on his computer. Friends tease him that a thief could cut off his finger to get the ring. “They started calling me four-finger Charlie,” he says.
2 | The Winklevoss Twins
They adopted Bitcoin in the very early days. According to NY Times they invested $11 millions in Bitcoins which makes them two of the richest in the Bitcoin club. In 2013 they claimed to hold 1% of the total existing bitcoins. Their net worth is over USD 400 million.
3 | Yifu Guo
While being a student at New York University, Yofu Guo was mining Bitcoins to earn some extra cash. It was quite profitable for him to pay his rent and bills. Eventually Guo began to understand the potential and future of bitcoin’s blockchain. Later he dropped out of school and founded the first application specific integrated circuit(ASIC) miner manufacturing company for Bitcoin named Avalon. The ASIC chips were almost 50 times faster than graphics card and they cost much less. This invention caused a huge buzz in the Bitcoin community and very soon Avalon began to run out of stock. People were prepared to pay higher prices for the ASIC miners. In ebay a single $1,500 miner was sold for as much as $20,000.
4 | Jered Kenna
Former marine and currently prominent Bitcoin entrepreneur Jered Kenna also takes a spot in the bitcoin millionaires’s list. As an entrepreneur Kenna has seen successes, failures and kept going. He made his debut with the purchase of his first batch of Bitcoins at just $0.2 per coin. Later he traded them for $258 each. This was just one of his multiple batches. He doesn’t disclose his net worth of Bitcoins he holds but rumors say it’s about USD 30 million worth.
5 | Roger Ver
When he first learned about Bitcoin he gave up his daily works and started reading about it at a straight and sleeping for just one hour. One week later he was checked in hospital and medicated for proper sleep. He was one of the early investors of Bit Instant and he is good friend with Charlie Shrem (Number #1 in our list). But the biggest of his investment involving millions of dollars are BitPay, Ripple and Blockchain. These three projects yielded him the profit which took him to the millionaires realm. His estimated net worth is over USD 52 million. He is also known as ‘Bitcoin Jesus’ for his point of view and works for Bitcoins.
The image below shows an example of the calculation in my BitStamp account with a fixed fee of 0.25%. N.B. The price of BTC may change based on the rate for the day.
Invest In Yourself!
I won’t tell you that there aren’t risks because I would be lying, but I refused to be the few who stood back, scared and never took a chance of what could have been a monthly income to pay my health insurance, possibly my car insurance and probably groceries for the month. I’m thrilled I took a chance with Bitcoin because it has changed my life in more ways than one. Furthermore, I can honestly say I’ve seen tremendous returns on my initial investment.
What’s even more exciting is that sending and receiving money is free with your wallets. While anyone can view the wallets, the owners’ identities are not public and transactions are instantaneous and uncomplicated. Therefore, once both you and a family or friend has a wallet, you’ll be able to purchase your Bitcoins at any of the several Bitcoin Merchant Services and make your transfer(s). Even though you’ll be required to pay a meager fee each time you buy your Bitcoins, it is not comparable to the exorbitant amounts of money the remittance companies charge each time you wish to send money locally or internationally to loved ones or friends, not to mention bank fees for transactions that you may have to wait days for. Finally, Once you purchase your Bitcoins they are sent to your wallet, after which you can perform the same transactions as you would with banknotes or coins.
“Caricoin” The Bitcoin Wallet Of The Caribbean
Caricoin is a free application for your mobile phone that uses Bitcoin to let you transfer money between anyone, anywhere in the world instantly and without any fees. Caricoin’s mobile wallet can also be used to make online purchases and top-up mobile phones with prepaid credit.
Want to Buy Bitcoins? Here’s How
Caricoin has full support for all the top exchanges built right into their wallet. You can easily sign up with Kraken, BitStamp, Poloniex or BitFinex to buy and sell Bitcoin and seamlessly transfer them into your Caricoin wallet.
You can also find local sellers at localbitcoins.com who accept everything from PayPal to Western Union and bank transfers, or you can find bitcoin ATM’s that are close to you using the CoinRadar app.
Images via Coindesk, Rancaremicrofinance.com
Guys, this blog is not to force anyone to invest in Bitcoin or any other cryptocurrencies, instead, it’s to enlighten you of the endless possibilities of investing in yourself. I did, and it changed my life 😊.
Any investment plans? Let me know what you’ve been up to lately in the comment section below. You can find me online on Facebook and Instagram. If you’d like to be alerted whenever I publish a new post subscribe via email.