Open a Bitcoin Account and Join the Phenomenon

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Posted by The Savvy Retiree on July 5, 2017 in Money Saving Strategies

Mark Nestmann writing on bitcoin…

I’ve never been an early adopter of new technologies.

While cell phones started to become popular in the 1980s, I didn’t buy my first one until a decade later.

I didn’t see what all the fuss was about the internet. I didn’t start using it for research until the late 1990s…although I did use email for several years before that.

I was also skeptical about the bitcoin phenomenon. When Bitcoin burst onto the scene several years ago, I thought it would soon be forgotten. My belief was that any digital currency that could replace those issued by central banks would need to be backed by gold.

Obviously, I was mistaken. Bitcoin has rapidly gained acceptance as a medium of exchange because it offers low to non-existent transaction costs and, with the proper implementation, virtual anonymity. It’s also become quite the hot investment.

If you had purchased $100 of bitcoin when it was worth $10, your investment would be worth more than $27,000 today.

Of course, it hasn’t been a straight trajectory. In 2013 when the value of bitcoin rose to about $1,100, the price only stayed above $1,000 for 10 days. Prices stumbled in 2014, were mostly flat in 2015, and didn’t recover to the 2013 peak until 2016. In fact, bitcoin lost 75% of its value from its peak in 2013 to its low in late 2014.

But in 2017, bitcoin has made enormous gains. Since the start of the year, it has gained a stunning 141%. And that includes some significant downturns, including a heart-stopping 25% decline in a single day in May. Since then, bitcoin has recovered about half the ground it lost, although it’s still down 12% from its peak.

In an era when opening a bank account requires running the gauntlet of due diligence procedures, it’s refreshingly easy to open a bitcoin account. When I set up my first bitcoin account, the whole process took about 15 minutes.

Because bitcoin transactions are peer-to-peer (between individual users – not through a central authority), they’re far more private than transactions through a bank. The transactions are functionally anonymous. And because of the blockchain, the details are traceable, but the identities of the persons involved are not.

Edtor’s note: Mark Nestmann is an expert in wealth protection at Nestmann.com.

P.S. Discover how you can enjoy a more laidback, authentic, independent way of life in The Savvy Retiree Daily. Sign up below to have it delivered – free of charge – to your email inbox.

Image: ©iStock.com/Tsokur

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