How I Tripled My Earnings By Getting Paid In Bitcoin
Post on October 4, 2015 by Seket
The main reason why I choose to use bitcoin can be summed up in three words, fractional reserve banking. If you think about it, and only six short years one bitcoin is worth $230 USD. The idea of it is actually incredible. Ten years ago almost no one was thinking about crypto-currency. These days it is being used by big websites like PayPal, Amazon and a few other sales giants. The block chain starting to revolutionize the way we think about money. It’s also changing the way we think sovereignty in relation to our governments ability to manage money. Bitcoin has proven itself to be a way to actually save money without inflation eating it away. Since only 21 million bitcoin will ever be produced, the price of this commodity is likely to only go up in the future. In many ways it is immune from the same types of manipulation that you see with Fiat currency. For instance, it seems that the government solution to all monetary problems is to pump the system with more dollars, but unfortunately this causes the value of the dollars that you hold in your hand to go down. If the dollar loses 3% of its value each year how many years before the dollar is worth nothing? It is said that in the last 36 years the value of the dollar has decreased by 50%.
This peer to peer trust less monetary system is the wave of the future. It is not owned by central government, it is not a company and is not run by a single entity. It is entirely decentralized and cannot be controlled by anyone. And on a personal note it has restored my faith in humanity. I have been accepting bitcoin for several years as a form of payment and I think you should to. In fact I think everyone should, as a means of easing the pressure on Fiat currencies to increase inflation. Bitcoin is not replacement for Fiat, although in almost all cases it could be, I still don’t think that the world is ready for an entirely digital currency. I still love the smell and feel of fresh dollar bills in my hand and that can’t be replaced by bitcoin. And I don’t think you should be.
I started using bitcoin about five or six years ago and I still use it now when I work with shady or less than trustworthy clients. When I first started one bitcoin was worth about one dollar. So I accumulated quite a few of them in a short time. About 2012 when the price bitcoin started to rise to its all-time high of about $1200 each I was trapped in the Middle East, so selling off my bitcoin for profit didn’t really occur to me. Since it wasn’t practical for me to really carry cash, most of the transactions that I was involved in were transacted in bitcoin. I didn’t check the value of it on a daily basis so I assumed it was still about one dollar each, so when I demanded my fees I would say send me 3200 bitcoin. These guys had so much money that they would send the 3200 bitcoin, I was thinking $3200 but in reality I received 1200 times what I expected. Of course by the time I got myself untangled and settled down back in the US bitcoin wasn’t worth $1200 anymore. But it was still 300% more than I expected, so to say I was happy about my choice to use it as a payment method would be an understatement.
From that moment until now I’ve been a supporter. The only problem I ever had was getting money into and out of the system. In order to convert it into cash, at the time you had to have a bank account. It really wasn’t as prevalent as it is now. Now you can have it sent to Western Union or sell it on one of the open markets such as Btc-e or Coinbase. The Bitcoin infrastructure has grown by leaps and bounds last three years. It has become an actual currency where you can move it in and out of its digital state freely. Unfortunately the government is stepping in and beginning to regulate it. Officially calling it a “commodity”. I’m not sure if government involvement is good or bad at this time, but I do know that the mainstream attention will open a lot of doors. Maybe by this time next year you will start seeing it in your local restaurants and corner stores. I have even been contemplating setting up an exchange, a private exchange, but an exchange nonetheless.
I’m kind of hesitant because the technology is moving so fast, it’s at a point where you can spend a lot of money to develop a platform and within five or six months the security of it or the technology itself is obsolete. Then there is the proposed XT split that is supposed to occur sometime in January of 2016, which has a lot of people concerned about the value of their investments in bitcoin. Satoshi Nakamoto is a true genuis, see this is the beauty of it, the way I see it a few of the core developers have decided to make modifications to the programming, but since bitcoin decentralized they can’t do it without consensus. Meaning that people have to switch, the miners have to switch and the nodes that hold ledgers have to switch to the new software in order for it to take effect. It’s just my opinion but it seems like the move was a little premature and a whole lot foolish. Fortunately for us bitcoin was designed to deal with power grabs. Remember that the road to hell this paved in good intentions, assuming that their intentions are good. I don’t think the bitcoin community should be in a rush to appease the venture capitalists or bow down to the holders of the most Fiat. We have a chance here to revolutionize how goods are bought and sold as well as how value is transferred, with that being true why would we adopted anything from the old model. Doing so would only subject bitcoin to the same constraints and the same manipulations that are plaguing the system today.
The majority of people, even those that use bitcoin, still see it in the same way as they see their current currency, but it’s not, it is something entirely different. And it should not be thought of as the same thing. Sure you can remove your value as cash but bitcoin is not cash money. In the same way that air is not the radio, the radio waves travel through the air but so do a lot of other things like UV light, radiation from the sun and satellite transmissions. You have to have a radio, a solar panel or a satellite dish just like you have to have cash, to actually receive what is being transmitted. What I’m saying is we should not build a box around it like we do everything else, think of it as the stem cell of money, it can become any instrument of value.
When I listen to the economist it readily becomes clear that they don’t have a clue what they are dealing with, all I hear is blah, blah, blah, using the current construct, blah, blah, blah, using our corrupt rules, blah, blah, blah if we can’t siphon off your money’s value through artificial inflation it’s not gonna work out for us. I just want to say, “Excuse me sir, I hate to be the one to inform you, but your old rules do not apply to this new game. You don’t have the monopoly anymore, You’re not in control. We are not listening, Okay? Get it?”.
Stay tuned for the conclusion of Chapter 5 and buy your subscriptions using bitcoin.
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