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The Definitive Guide to Investing in Bitcoin: How to Become A Crypto Millionaire

how to invest in bitcoin guide

I’ve been delving deep into cryptocurrencies lately, and I figure it’s about damn time I write a guide on investing in bitcoin.

Many people believe that it’s already in a bubble, and that it won’t go any higher—they couldn’t be more wrong.

In this article I’m going to break down how bitcoin operates, why it’s so special, and how you can start making money with it…today.

Mark my words, you do not want to miss out on this opportunity. Each and every day, bitcoin is creating a new class of “cryptocurrency millionaires,” like the pizza man who turned a $13 bitcoin transaction into over $82 million dollars.

Here’s everything you need to know about investing in bitcoin, ethereum, and every other cryptocurrency out there.

 

What is Bitcoin?

how to invest in bitcoin

“You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust” -John McAfee, Founder of McAfee

Put simply, bitcoin is digital currency for the digital world. It’s completely untraceable, anonymous, and decentralized, which is why governments hate it. Due to the inherent nature of bitcoin, it can’t be taxed, it can’t be printed, and it can’t be traced.

In more complex terms, bitcoin is an algorithm that’s completely self-regulating. It’s a set of code that utilizes Web 3.0 or “blockchain technology,” to facilitate transactions between users. While this may seem strange or complex, it’s actually quite simple.

Bitcoin allows two users, thousands of miles apart, to create a transaction that’s completely anonymous, untraceable, and un-taxable. In short, it eliminates the need for corrupt bankers and elites.

While this is by no means a comprehensive definition of how bitcoin works, you don’t need to understand the ins and outs of it, unless you absolutely want to. The big takeaway here is that it’s literally a digital currency that brings power back to the people, and away from the central banks.

If you’d like a more technie-friendly explanation of what bitcoin is, how it operates, and how to invest in it, I recommend you watch this interview with the leading expert on cryptocurrencies, Andreas Andonopoulos.

 

Where Does Bitcoin Come From?

investing in bitcoin

“Bitcoin will do to banks what email did to the postal industry” -Rick Falkvinge, Founder of the Swedish pirate party

Bitcoin is created by cracking an algorithm, which grows increasingly complex as more bitcoins are created. This process of cracking the algorithm inherent in bitcoin, and receiving bitcoins in exchange, is known as “mining.”

The algorithm is set to increase in difficulty as more bitcoins are created, effectively making it a self-regulating currency that governments can’t print. Early on, back in 2010 when bitcoin first came out, nerds would build their own rigs and rake in dozens of bitcoins per hour.

Now, because there’s far more bitcoins in circulation, the algorithms have grown difficult to process. In response, tech investors and silicon valley CEO’s have set up super computer processing centers, dedicated solely to mining bitcoin.

This is one of the things which gives bitcoin its value—it’s linked to something tangible, AKA the cost of hardware, processing power, and electricity. Mining bitcoin is just one way that you can profit off of it, however, as I’ll discuss later.

 

How Do You Store Bitcoin?

investing in bitcoin
This is the digital wallet that I use

Bitcoin is kept in special “bitcoin wallets,” that can be either digital or hardware. I personally recommend that you have one of each, as this will greatly aid you in both day trading and long-term investing in bitcoin.

Digital wallets are exactly what they sound like: they’re digital. You can access them from an app on your phone or from your computer, anywhere in the world, as long as you have a connection. These serve as “transfer hubs,” between your bank account and the trading exchange (which I’ll talk about later).

My favorite digital wallet is Coinbase, because it functions both as a cryptocurrency wallet as well as an exchange. The cryptocurrencies that you can trade are limited, but it’s a phenomenal digital wallet that’s 100% free—plus if you sign up through my link you’ll get $10 of free bitcoin.

I recommend that you keep your “day trading,” money on either Coinbase or an exchange like Poloniex, which I will delve into later. For now I simply recommend you make a Coinbase account since you’ll need one to wire funds from your bank account to the exchange.

In addition to this, I also recommend you have a hardware wallet—these are by far the most secure, and are completely immune from hacking. They come in the form of little USB’s and if you’re going to be investing more than $10,000 into cryptocurrencies for the long term, this is a great way to store them.

I personally use Trezor for all of my cryptocurrency storage needs. It’s small, lightweight, extremely secure, and compatible with Windows, OS X, and Linux. It’s also got a little screen on it so you can actually transfer bitcoin with the device itself, avoiding the need for a third party exchange.

 

How to Profit From Bitcoin

investing in bitcoin

“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” – Peter Thiel, Co-Founder of Paypal

As I’ve discussed previously on my blog, there’s a few ways to profit from any market—whether it be the New York Stock Exchange, or from bitcoin markets. There’s day trading, swing trading, and investing.

Day trading is when you trade on a day-by-day basis. I do not recommend this if you’re first starting out, as it has the highest learning curve and can often result in devastating losses.

Swing trading is when you notice a trend in the markets, and jump in for a week or so to take advantage of it. This makes up the majority of my trading, and has netted me some incredible gains ever since I started when I was 18.

Lastly, there’s long term trading, which is by far the most stable. Even though it might seem like slow growth, just $100 of bitcoin in 2010 would be worth over $75 million dollars today. So yes, long term investing in bitcoin is definitely worth your time.

I’m going to break down the methods for long term investing first, since I believe that EVERYONE should be doing this. There’s virtually zero risk if you do it properly, and it could literally turn you into a multi-millionaire within the next five years—so listen REALLY fucking closely.

 

Long Term Investing in Bitcoin (Method 1)

investing in bitcoin

“I am very intrigued by Bitcoin. It has all the signs. Paradigm shift, hackers love it, yet it’s derided as a toy. Just like microcomputers.” – Paul Graham, Creator of Yahoo Store

Investing in bitcoin for the long term is mainly a waiting game. See, it’s really quite simple—you buy bitcoin, and you wait. That’s all there is to it. HOWEVER, that being said, there’s a few caveats.

First off, if you haven’t made an account with Coinbase, do that right now. Seriously—when all your friends are worth $50 million dollars in a few years you’ll be kicking yourself in the ass for not investing while you still could.

Done? Okay good, now buy some bitcoin. It doesn’t matter how much, because you can buy it in increments of .00000001 which is worth like a fraction of a penny. Just make sure you get some before you click away from this page and go to the gym (like you should be doing).

The second way to invest in bitcoin for the long term is through mining it. “But Jon, don’t miners cost like $15,000 to purchase?” I can hear someone ask. Yes, yes they do—but there’s a new way of doing things that many people aren’t aware of.

 

Long Term Investing in Bitcoin (Method 2)

investing in bitcoin
Use the code “StTjby” for a special discount

It’s called “cloud mining.” See, a bunch of tech investors in Silicon Valley got the fantastic idea of pouring literally $100+ million into supercomputers, entirely dedicated to mining bitcoin…and now, you can rent out processing power for a low, low fee.

Yup, it’s the future alright. I personally have a $1500 contract with Genesis Mining, which means that I’m renting out 10 Th/s of processing power for 24 months. In layman’s terms, they’ll mine bitcoin for me, and deposit into my digital wallet daily, for the next two years.

This $1500 contract earned me $325 the first month—and it will earn me $7800 in two years, NOT including the massive gains in price bitcoin is about to see. So really that $1500 investment will be worth more like $100,000 in a couple of years.

I was skeptical at first, but after seeing the deposits they’ve been putting in my account each day, they’ve earned my trust. If you want to get into mining bitcoin through Genesis Mining, you can choose any number of contracts with the minimum being at $150 for two whole years.

I’ll likely put $2,000 or so into this service each month for as long as possible, to provide a steady stream of revenue. What’s great is that they deposit what I’ve mined into my Coinbase account every single day, like clockwork.

Another reason why I like this service is that you can allocate your processing power to different currencies. So say for example Litecoin, another popular cryptocurrency, shoots up in value one day—okay, that’s fine. You can tell Genesis Mining to simply mine that currency, and change it on a day to day basis.

This effectively allows you to play the “daily profits,” game without having to own 10 different cryptocurrency miners for 10 different cryptocurrencies. I usually just keep it on Bitcoin and Ethereum, but have played around a bit with different allocations.

UPDATE: Genesis Mining has previously experienced growing pains in which some transactions were delayed, but they seem to be back to normal now (as of 9/5/17).

 

Swing Trading Bitcoin

investing in bitcoin

“Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency.” – Sir Richard Branson, Founder of Virgin Records, Virgin Galactic, and 400+ other businesses

When it comes to making money with bitcoin, swing trading is where it’s at. Not surprisingly, it’s more difficult than long term trading, because you can’t just buy and hold—you have to actually time when you think the market is going to go up and down.

For investing in bitcoin like a swing trader, I recommend you use the Poloniex Exchange. It’s widely regarded as one of the best cryptocurrency exchanges, and has dozens of different types of cryptocurrency pairings:

  • BTC/USDT
  • ETH/USDT
  • LTC/USDT
  • DASH/XMR
  • BCN/XMR
  • ETH/BTC
  • LTC/BTC
  • …and more

This is important if you’re going to be doing day trading—you want as many cryptocurrencies to trade as possible, because it keeps things from getting too stale and stagnant. I primarily trade Bitcoin and Ethereum, although I’ve dabbled in Stratis and Dash among others.

For swing trading bitcoin, the key is to utilize technical analysis. Don’t listen to anyone who tells you otherwise, because they don’t know what the fuck they’re talking about. Forget all of this fancy bullshit about weird formulas and algorithms…just stick to the basics for now, as that will create 90% of your profits.

 

The Best Technical Analysis Tool

Investing in Bitcoin 1
My current Ethereum chart

First off, you’re going to need a trading chart. This is a must—no, you can’t just eye ball it like a fucking pleb. If you’re actually serious about investing in bitcoin, you can make an account and start the free 30 day trial.

I personally use Coinigy, for a multitude of reasons. First off, I find it incredibly intuitive, although this may be due to my previous experience trading financial markets. I used to use TDAmeritrade for trading the stock exchange, but I find Coinigy far simpler and equally as powerful.

Second off, it aggregates tons of data from multiple exchanges into one convenient tool, which allows for incredibly fast cross-referencing and live time analysis. Just this alone saves me HOURS of time!

Previously, you’d have to use slow and lagging charts from different places, and there could be as much as a 20% difference between the prices. Now with Coinigy you can have it all in once place, which takes all of the clutter out of things.

Coinigy also lets you save multiple charts for different cryptocurrencies, it has a ton of different features, allows you to get text message alerts when bitcoin hits a certain price, and even gives you live news feed. This is INCREDIBLY valuable, as news often determines how the market will fluctuate on a day by day basis.

Okay, once you’ve got Coinigy all set up you’re going to want to familiarize yourself with the platform. Go ahead and do that…then, we’ll delve deep into some of the common technical analysis indicators.

 

Supports & Resistances

Investing in Bitcoin 3

Okay, you see that chart above? Your Uncle Jon took the trouble to make it, just for you—so please pay attention. There’s two big concepts that you want to understand when trading cryptocurrencies, or anything for that matter.

There’s areas of support, and there’s areas of resistance. What does this mean? It’s simple. Some areas are going to be tricky to break through, for whatever reason. Maybe there’s a lot of sellers at that point, or maybe it’s a psychological block like the DOW breaking 22,000 for the first time. These are called resistances.

Then, there’s supports. These are points where it’s difficult for the market to pass below, usually because there’s a lot of buyers at that level, and people have a lot of faith that at that price, the stock is undervalued.

Here’s the master key, though—supports can be resistances, and resistances can be supports. Look above, and tell me what you see. You see an area of support on the bottom, and an area of resistance on the top, right?

Notice how the price of bitcoin keeps bouncing down to test the support, and then bouncing back up? This is a very common pattern. Understanding this will allow you to buy bitcoin when it bounces off a support, and sell it when it hits a resistance.

Look at the following chart, however. This is what happens when the price of something gathers enough momentum to pass through a resistance—it becomes a support. The market will usually re-test the previous resistance to see how strong it is, and if it doesn’t drop too far below, that’s a good sign.

investing in bitcoin 4

See that key breakthrough point, where the market tests the “resistance” one last time and then shoots through? The fact that it shot through is a good sign, and after a market shoots through a resistance, it typically goes on to reach all time highs.

You can see this above. There was a resistance around the 3000 level for bitcoin, but then after breaking through that it shot up nearly 25% in just a week—that’s more than the average stock trader makes in four years.

 

Trend Lines

Investing in Bitcoin 5

The second thing you’ll want to understand about bitcoin and any market for that matter is trend lines. When a trend is set, it typically follows a certain line and isn’t uncommon for the stock (or in this case cryptocurrency) to bounce off of it to re-test the trend.

Notice above how the first two points set the trend line—then, weeks later, there was a dip that re-tested it. Again, if you understand technical analysis, you can time these dips and buy off of the rebound.

Sometimes, however, the trend lines can be broken. Look at the chart below, which is an extension of the trend line which I drew above—in it, bitcoin tests the trend line, but there’s too much pressure and it breaks through.

Investing in Bitcoin 6

Then, something interesting happens. Rather than shooting down into oblivion as some people might expect, it actually bounces off a previous resistance. Look at the picture below to see what I’m talking about.

Investing in Bitcoin 7

By having an accurate chart with previous resistances, supports, and trend lines, you can begin to predict what a stock, or in this case cryptocurrency, will do. For example if you see it hit that support, you can bet that’s a good time to purchase more, because there’s a high likelihood that it will rebound.

 

Want A Full Bitcoin Trading Course?

how to invest in bitcoin

I understand that this may be a little bit overwhelming, so I’m going to recommend some further resources. First off, there’s plenty of free content on YouTube—you could spend a lifetime looking through all of the information there on bitcoin and other cryptocurrencies.

While you can certainly use free content to expand your knowledge base, if you’re serious about making money investing in bitcoin, I urge you to take it one step further. I recommend you invest in my course: “Bitcoin Millionaire,” in which I personally coach students 1-on-1.

When you sign up for my course, you’ll immediately get access to over 12 hours of premium video content, in which I lay out everything you need to know about trading cryptocurrencies and how I make over $100,000 a year from doing so. You’ll also be notified EXACTLY when I buy and sell an asset, so you can follow along and make money WITH ME.

It’s certainly not cheap, but the profits that you’ll make in just a month or two will pay back the cost of the program. If you’re interested, you can get more information here, but you’ll have to get in fast because I’m only allowing 30 students to join since it’s so intensive for me to coach.

Another great resource to check out is Andreas Andonopoulos, a very obviously Greek bitcoin activist. He has numerous free talks on YouTube, my favorite being his interview with Joe Rogan. You can also check out his book called The Internet of Money.

 

Summary: How to Invest in Bitcoin

Investing in Bitcoin 7

I understand that this is a lot to take in, so I recommend that you start small. You don’t need to begin with $10,000 or anything like that, you can start with just $100 bucks. Start by making an account with Coinbase as a digital wallet, then buy $15 or $20 worth of bitcoin.

Consider getting into the mining game, by making an account with Genesis Mining. Like I said, I love their service—I get bitcoin deposited into my wallet every single day, and as the price of bitcoin rises, this will only go up.

If you’re serious, I recommend you use a trading platform like Coinigy and check out some of the resources I recommended. My course on trading cryptocurrencies is by far the most extensive, but if you can’t afford it, just start with free YouTube videos.

As of the time of writing this article, bitcoin has just experienced a massive crash in response to China’s new anti-cryptocurrency policy. That means this is the perfect time to buy, when it’s cheap. Don’t wait, don’t hesitate, just pull the trigger and take action—thank me later.

If you guys have any questions, comments, or concerns, feel free to leave them in the Disqus section down below. And, as always, I’ll see you next time.

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Commenter
1 year ago

“plus if you sign up through my link you’ll get $10 of free bitcoin”

How do I get this? I have signed up using the link given 🙂

Alex
3 years ago

i am learning crypto trading and one thing that i does not have clear is on what time interval does a swing trader checks the graphic? one hour,4 hour?

Jon Anthony
3 years ago
Reply to  Alex

Good question. Depends on the time frame. Personally for swing trades, I prefer 1 hour, 12 hours, and 1 day. That’s just me, though.

Jon Anthony
4 years ago

Not very familiar with Onecoin, but Ethereum and LiteCoin are great – both have huge practical application potential. Recently bought some Ethereum when it was at $323, I’ve gained about 35% in a few weeks

Jon Anthony
4 years ago

Not a scam, bruh. It makes sense from a stability perspective on their end.

disqus_zSAdeZG2yG
4 years ago

Great article. I follwed the steps and i am now in cryptos. I also found steemit.com. If you are not on it you need to be. I have already been paid after a week. Seriously awesome and the future i reckon.

Kyle Corinchock
4 years ago

I know I’m late to this article by some 3 weeks, but genesis bitcoin mining is all “out of stock” on the website. Does that mean it will never come back? What does that exactly mean?

Jon Anthony
4 years ago

No, I think they just re-opened it up. They have to stop taking new orders occasionally so they can expand their mining centers.

Commenter
4 years ago

I think you’re wrong about Bitcoin being untraceable, it can easily be traced, starting with your wallet/exchange (not advisable to leave the bulk of your crypto on the Coinbase or any other exchange). Coinbase already collects info about your account, so tracking it is just a matter of looking up your account history and following what addresses you’re sending your money to.

Jon Anthony
4 years ago
Reply to  Commenter

Good point, but here’s the thing – the other wallets are anonymous. So in other words if Coinbase transfers money to your bank account, sure this can be traced, but nobody knows who it went to and for what purpose. That’s what counts.

There are some instances of people slipping up, or having their actual physical computers taken, in which case yes, your transactions can be tracked – but that’s more keywords and residual files than it is bitcoin.

Commenter
4 years ago
Reply to  Jon Anthony

my point being the IRS can know you had those initial coins on Coinbase, and can demand to know where you transferred them to if they were so inclined. Well, they can get the address you sent it to from Coinbase too, so that “outs” your anonymous wallet.

Commenter
4 years ago
Reply to  Commenter

if you want privacy, Monero is your coin

Commenter
4 years ago
Reply to  Commenter

maybe better to buy your crypto on a foreign exchange that the IRS won’t as easily track.

Abba Okoro
4 years ago
Reply to  Commenter

Unless you purchased $10,000 worth of bitcoin in the past 4 years you don’t owe shit dude. Don’t spread FUD

Zaalim
4 years ago

Hey, thanks for the great article.

Does a higher hashrate mean more or less profit, all else being equal?
For example if Bitcoin hashrate was 100 PH/s last month and now its 300 PH/s , does that mean it takes more energy to mine it now??

Also on genesis mining I cant seem to switch my hashrate around. I bought a 30MH/s Ether contract and it says I dont have enough hashpower to switch it to something else?

Also regarding the contract, do you get that money back after the contract is over?

thanks

Jon Anthony
4 years ago
Reply to  Zaalim

Hash rate is basically your processing power. So the more hashpower you have, the more money you make – and yes I read the contract, it said you’d be refunded partially.

I wouldn’t worry about that though, because as far as I can see crypto is going to go way up in the next 1-2 years.

World King
4 years ago

Overall thoughts on Ripple coin?

Jon Anthony
4 years ago
Reply to  World King

Not sure.

Joel W
4 years ago

Note of possible interest. While I am not certain of the exact details, BitCoin is not as anonymous as people think. The FBI now has a tool that can trace it. There have been multiple arrests. The is info about this at the ZeroHedge & Alt-Market websites, among others. Nothing, and I mean nothing, is anonymous on the internet, including BitCoin and even VPNs. If government agents want to find out, they most certainly will. They have the tools. And that means tax evasion issues due to it will also become an issue. Not saying this to turn anybody off from it, just a warning. Proceed with caution. Hate to see people facing prison over this due to not being entirely informed on the matter.

Jon Anthony
4 years ago
Reply to  Joel W

This has been one of my concerns as well, but I think that as long as we’re moving in the right direction, it’s a good thing. Cryptocurrencies are far less traceable than Credit/Debit, but I still advocate for using cash and precious metals in person.

Joel W
4 years ago
Reply to  Jon Anthony

No disagreement here. Like I said, just wanted to put the info out there for those who haven’t come across it yet. And glad you do the hybrid investing. There are too many out there that are anti-precious metals/all crypto, and as Puerto Rico is now showing, cryptos ain’t gonna help in a grid down situation. But like all smart investors have been saying since investing was a thing, Diversify.

Anyway, keep fighting the good fight brother. God bless.

Abba Okoro
4 years ago
Reply to  Joel W

Hence bitcoin money laundering services

Joel W
4 years ago
Reply to  Abba Okoro

In all honesty, I would not be surprised if Satoshi Nakamoto was some made up name (sounds Asian-y so it must be legit, huh?) or the code name of an NSA/CIA program or something of the sort. I mean, I have used BitCoin, but for the purpose of a lot of vendors give a discount when paying with it. I have no illusions of getting rich off of it (that bubble will pop eventually) and I never had any delusions of its purported anonymity even before news broke of the FBI tracks capabilities. Nothing is anonymous. Silk Road 1 & 2 got caught using TOR and that was supposedly ‘untraceable’. A VPN can even be broken and tracked IMO.

Jon Anthony
4 years ago
Reply to  Joel W

I’ve wondered this as well, but all you need to do is just compare bitcoin to credit card/debit card since you can’t use cash for online transactions. Which is more anonymous lol

Joel W
4 years ago
Reply to  Jon Anthony

Like I said previously, not arguing against it fully. Just helping people understand there is no such thing as truly anonymous when it comes to the internet.

Abba Okoro
4 years ago
Reply to  Joel W

It’s hal finney

Also look into the case the owner of the site was a fool and under normal circumstances he would’ve been aquitted hell he wasn’t even allowed to use a shit load of evidence on the FBI’s corruption

Jay
4 years ago

Hey man really informative and helpful article. I have a couple of questions please

1. Would you still invest in bitcoin now (or has the boat sailed) and if yes, would you recommend a dollar cost averaging approach?

2. Have you heard of DasCoin and if yes whats your opinion on it?

Thanks very much

Jon Anthony
4 years ago
Reply to  Jay

1. Yes – I’d recommend timing it properly, and purchasing right after bitcoin hits a support level and rebounds. If you can’t do that however, dollar averaging should be just fine.

2. Nope. If it’s an ICO you need at least $2.5 mill net worth to invest in them.

Jon Anthony
4 years ago

Ah, good observation. A proper response to this would take longer than I have, but here’s the gist of it – if you really want, you can make bitcoin anonymous, whereas you can’t do that with credit/debit.

It will take more work, for sure. You’d need to get a VPN, and link your wallet to dozens of other wallets to effectively “launder,” the bitcoins – but my main point is simply that its’ far more anonymous than putting in your name, address, and credit card information to buy something.

James
4 years ago

I love cryptocurrency so let’s talk pure Math

Bitcoin s current market cap at 45,225,351,137$ The number of bitcoins in circulation is 16,463,962 BTC If you divide the market cap/number of coins in circulation the value comes to be 2746.93$ which is the price of bitcoin! So in order for the price to be 50000$ one of the 2 things has to happen 1) Circulation goes lower 2) Market cap goes up. Quite simple right?

Let’s analyze circulation. When a bitcoin is lost which people often do, it is lost for ever and there is no way to recover it back. Surely people must be losing 1000k bitcoins a year or so but its gonna take a miracle to lost 6463962 BTC for sure and reduce its circulation to 10 million. Bitcoin still hasnt reached its peak supply of 20 million which it is estimated to do so by 2035 after the miners mining the crap out of Bitcoin. So atleast till 2035 as people lose BTC , new BTC will also be created, now the questionable aspect here is whether

the rate of people losing BTC = rate of BTC getting created

Let’s say they are equal to keep things simple, that means the number of BTC’s in circulation cannot be changed, meaning the only adjustable factor now is the market cap.

Out of a total market cap of 96390218333$ btc has a current cap of 45225351137. Assuming the ratio of bitcoin dominance is constant, the market cap needs to go up 50000/2746.93 times which is 18.20213838721773 , lets multiply the bitcoin’s market cap with this number which will give us the projected value of bitcoin’s market cap 823,198,100,006$ which is 823 billion dollars! Now remember that the overall market cap was a little more than twice so the overall crypto market is at 1.6 trillion dollars or so.

Will the overall market cap reach 1.6 trillion?

Of course it will! Crypto is still far behind stocks and other assets in terms of overall market cap. Infact it will reach 10 trillion or so in the next 10 years

Will bitcoin reach 50000$?

Bitcoin is an asset not a currency, no one is ever gonna spend 0.0000534 BTC buying a pizza, everyone s gonna hold it because it keeps appreciating in value. Most other cryptocurrencies have the same problem. In order to be a true currency that people wont hold and spend, we need to have a PEGGED crypto whose value relative to the dollar always stays the same. If such a currency comes out (Kin has the potential to be one such currency) people will spend it and transact it thereby using it in place of actual currency. We aren’t there yet. Bitcoin only does 3 transactions a second. With the whole Segwit update, it still won’t do more than a 1000 transactions per second whereas VISA does 50000+ transactions per second. So bitcoin may stay at the top only because it was the first but most altcoins are gonna disappear in 2 years except the ones with a solid technological use case. Remember the marketing principle “There will only ever be 2 competitors in a niche” Bitcoin is one of them and therefore will stay and yes I believe it will reach 50000$ because more and more people will HOLD it. But my personal prediction it will take a lot longer then 2020.

Jon Anthony
4 years ago
Reply to  James

Phenomenal write up. Right now bitcoin is being used as an asset, but believe me, it will be a currency very soon. Whether it’s Litecoin, Ethereum, or some other form of cryptocurrency, we will be replacing the central banks very soon.

Shaen
4 years ago
Reply to  Jon Anthony

If central banks are replaced, who is going to give mortgage or car loans?

Jon Anthony
4 years ago
Reply to  Shaen

Crowd sourced loans

Commenter
4 years ago
Reply to  James

steem backed dollars (SBD) stay worth about $1 each, but are more used for stable value in the steemit account, not a spending wallet.

James
4 years ago
Reply to  James

We talked about this 2 months ago and the price of bitcoin was around 5000$. It is now very close to 12000$. Jump in now even if you have 100$!!!!

Jon Anthony
4 years ago
Reply to  James

This.

Jellyroll
4 years ago
Reply to  Jon Anthony

Just bought 500$ worth.

Jon Anthony
4 years ago
Reply to  Jellyroll

Nice. We’re in for a choppy next month or two, but if you hold it for long enough you’ll be thankful you did.

Alejandro Nava
4 years ago

i will try to pucharse the cheaper Genesis Mining contract to see how it goes also what is your opinion about hashflare?

Jon Anthony
4 years ago
Reply to  Alejandro Nava

Never tried them.

Felix
4 years ago

You said that you have a $1500 contract with Genesis Mining. Does that mean that you have to pay $1500 per Month? Or do you just pay it once für the 24 months?

Sorry If my English is Bad. I’m from Germany

Jon Anthony
4 years ago
Reply to  Felix

One $1500 contract lasts 24 months. I’d wait to buy it though, bitcoin just entered into a bear market and will probably hit 2,000 before bouncing back up.

Jon Anthony
4 years ago
Reply to  Jon Anthony

Update: now might actually be the time to buy it. BTC is re-testing its all time high, could break through. It’s hard to say, because it changes on a day by day basis.

Felix
4 years ago
Reply to  Jon Anthony

Thank you!

Andrew
4 years ago

I saw this article and got really excited so I looked up some videos on youtube like you suggested. Some people are saying that one Bitcoin will be worth up to 1 million. This just seems crazy to me. Stefan Molyneux said that Bitcoin would undermine central banking once it got big enough and then elites would try to handicap or eliminate it. What’s your opinion on the possibility of this happening and when Jon?

Jon Anthony
4 years ago
Reply to  Andrew

The elites have already been trying to undermine it, but they won’t be able to. It’s like trying to censor the internet or stop the spread of the printing press. It’s inevitable, because there’s too many people aware of it already and it’s grown far too much in power.

Shaen
4 years ago

Wow just 100 bucks 7 years ago would be worth 75M! I didn’t even hear the word bitcoin until 2014 or 2015. I bought 60 worth of bitcoin about a year ago and was shocked to see how much it was growing. Ive read the same things like “bitcoin is in a bubble and cryptocurrency is not a good investment” so I never purchased more. After reading this I will buy more. How much more do you think it will go up? It shot up considerably since 2010. In worried that it might cap or float around where it is now? Also litecoin is real low right now I considered buying some of litecoin in hopes it will do the same as bitcoin what do you think?

Shaen
4 years ago
Reply to  Shaen

Just a quick statement on it being untraceable. It is totally traceable.

Jon Anthony
4 years ago
Reply to  Shaen

Don’t believe so, care to explain?

Jon Anthony
4 years ago
Reply to  Shaen

I have no idea how far it will go up, all I know is it’s going up. Some investors and analysts have predicted it will hit $500,000 by 2020.

Jon Anthony
4 years ago

Never heard of it until now, but that’s actually a great idea. We need more blockchain based technologies to start replacing platforms like YouTube and others that are known to censor.

Teddy93
4 years ago

Very informative article! I have a couple of questions: does Coinbase work anonymously? Do I need to use my real personal details to sign up?

Thanks in advance.

Jon Anthony
4 years ago
Reply to  Teddy93

It’s anonymous – you can opt to put in more information to increase your purchasing limit, but it’s not necessary.

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