What is Bitcoin Cryptocurrency

Bitcoins have been talked about a lot in the news and online. Some people are scared about it and some people are excited about it. One of my friends called it in nice terms a very risky investment. Myself I could see it being a mainstream currency. I actually invested in a Credit Card company that deals with Bitcoins. My boys are more open to Digital Currency than the guys I golf with.

An example of Bitcoins becoming more stream line is a good article by Steve Kovach from CNBC back on 2/8/21. He wrote “Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to do so. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.

Tesla’s move into bitcoin represents an investment of a significant percentage of its cash in the investment. The company had more than $19 billion in cash and cash equivalents on hand at the end of 2020, according to its most recent filing.” Link to the full article is located in the show notes of my podcast and below.

My wife doesn’t seem very excited about Bitcoins or any other form of Digital Currency. So, I am trying to learn more and more about the subject so we can decide how much we want to Invest into it. Plus, we want to be more informed on Digital Currency to help educate our boys about them so they can make informed Investing decisions in the future.

The money we have in Digital Currency so far is money we earned from watching some short videos and took a quiz afterwards. So, we have house money so far invested in Digital Currency. The Bitcoins I had years ago was not with Coinbase and I can’t yet find the passcodes to get them. It is probably a pipe dream that I will ever find the passcodes. If I do then we are going on a long vacation. LOL

Other than Politics’ very few things divide opinion across the globe as Bitcoin does. That’s mainly because only a small percentage of the population truly understands what it is. Some view it as an item that can only be utilized by the tech-savvy, while others believe it’s used for the wrong purposes. But, in fact, Bitcoin is just a virtual currency that creates anonymity.

It removes the need to use a bank to store money, it removes the need to attach your name to transactions, and it removes some of the risks of becoming a victim of fraudulent activity. More and more people are beginning to realize the advantages of this digital currency, and the increased popularity is correlated with the soaring prices amongst all of the digital exchanges.

Bitcoin is an entirely decentralized payment network, meaning it’s only maintained through a peer-to-peer network. Moreover, its currency –bitcoin – is just a set of numbers and letters which are stored on the Blockchain technology.

This means it doesn’t actually represent as a conventional currency. Although, the fact that millions of people still purchase things with it, shows that it could become an everyday form

of money in the future.

If we use a more common example, it’s like PayPal enabling you to

send and receive money, and then allowing you to withdraw your

balance in a widespread currency such as the US dollar. However,

Bitcoin is unique and doesn’t operate in that way whatsoever. As it’s a

decentralized network, there’s no official method to determine what

value the bitcoin currency possesses.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

Therefore, it tends to mirror that of the conventional currencies and is influenced by the number of people who want it and the amount that is available—otherwise known as supply and demand. But another difference is that it doesn’t give you the chance to withdraw it for use in the real world. Why? Because in reality, it’s not actually a genuine form of money, it’s software.

Bitcoin is just a line that has been recorded in the Blockchain ledger,

and a set of digital keys stored in an offline or online wallet. So, while

it’s advantageous to make payments online due to its strong security

measures and anonymity, the disadvantage is not being able to transfer that into physical cash.

To put all of that into layman’s terms – the bitcoin currency is a digital

replica of money, which keeps your identity hidden and allows you to

make transactions on the web.

I do believe in the following two sites which have ways to earn Free Digital Currency.

  1. Coinbase.com

I haven’t made a ton of money on this website yet. I have made some money on this website by watching some short films and taking a quiz after watching them.

They also have a way to earn Free Bitcoin when you Invite a friend to join. When your friend buys or sells $100 of crypto you both get free $10 in Bitcoin. Hopefully my friends will join up someday after they aren’t afraid of digital currency.

There are 42 different Crypto Currency on Coinbase website that you could buy or sell. I think of their website like my home Bank but for my Digital Currency. I have linked my home Bank to the website so when I sell Coins and want to transfer the money to my home bank I can and it is very easy to do. Same if I want to transfer money from my home bank to buy more Digital Currencies.

2.    Pi Network – First Digital Currency that you can Mine on your Phone. Use millsway as your Referral Code if you decide to join.

Our boys are having fun with this phone app and watching it grow. Pi makes crypto mining easy for them. The Breakthrough tech allows them to mine on their phone without draining their phone battery.

Bottom line I wish I could tell you that there was a get rich way to get free Bitcoins but I am not able to tell you that. I still feel if our boys use a small percentage of their Net Worth and Invest it wisely using Coinbase then they could possible to make some good returns on their money. That’s my pipe dream anyway.

There are still so many unknowns for us about Digital Currency. I know that Darlene isn’t excited about them but our boys see it as the future. I feel it could be mainstream someday but maybe not in my lifetime. We are an Angel Investor in a Credit Card company that used Bitcoins to convert to Money so you can buy purchases with it. Time will tell if our Investment was a good on or a wasted one.

We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals.

Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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Sources and Resources from Podcast (Available in Show Notes)

1. https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

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