As a followup of what I just posted here...
https://steemit.com/bitcoin/@nosebear/do-bitcoin-invest-into-the-one-thing-that-does-not-cost-money
I decided to watch and take notes on the closest related video from Andreas Antonopoulos (had to check the spelling - but it's an important name to remember, trust me)
Investing in Education Instead of Speculation
Note how the talk is from 2016 but has not lost in relevance. One more sign it's more effective to put your time into understanding the technology than to follow the price. Which is quite volatile.
So my first recommendation, before anything:
Don't spend more money than you are willing to lose!
Why did I not say "invest"? Because I learned from Andreas' talk just now that we should not treat this as an investment, like stocks or bonds would be.
It's a technology. Like the Internet is a technology - there is not "Internet stocks". And we know what can happen with real stocks...
https://www.marketwatch.com/story/facebook-stock-crushed-after-revenue-user-growth-miss-2018-07-25
But that's besides the point. Just wanted to bash a bit on Facebook, now that I am here on Steemit :)
Bitcoin is not a Get Rich Quick scheme
Don't buy bitcoin because you think you will become a millionaire. You might, I have no idea. You might also go broke, and then don't blame anyone.
Especially if you start daytrading. Buy the newest ICO! Bitconneeeect! Dogecoin!!
Yeah, not so smart moves. (That being said, props to the Dogecoin community, they are really nice around there)
https://www.reddit.com/r/dogecoin/
(Treat it as monopoly money, you will not "get rich" from this!)
Anyways, yes, Bitcoin. If you start trading altcoins without knowing what you do, you are likely to lose your money.
If you know what to do, you are likely to lose sleep and your hair. I'm serious. I might speak from experience...
So, the takeaway: Bitcoin is not a stock. Don't get into it to monitor its prices, volumes etc.
Bitcoin is a technology platform (which happens to behave kind of like stocks and also has the properties of a currency).
Get ready for emotional debates
As you learn about bitcoin, and especially if you discuss with others, you will get hit by emotions. It's money we are talking about (that you make, you lose, you spend, you lose access to because you did not write down your seed words.....)
Money = big drama, Baby.
One thing you will soon learn, is that every other day, in the newspaper, on blogs, on social media, they try to change your mind.
Bitcoin Explodes!
Is Bitcoin Dead!
etc.
By the way, as of now, Bitcoin has "died" 306 times! I'm sure, the next time will be for real ;)
https://99bitcoins.com/bitcoinobituaries/
Don't get sucked into hundreds of altcoins, ICOs and the "next big thing"
There are many people out there that have "invented" copies of Bitcoin. Some of them have value, 99% have not. (To be fair, there are over 1000 altcoins
https://en.wikipedia.org/wiki/List_of_cryptocurrencies
So that leaves room for a good dozen or so :)
For now, let's focus on Bitcoin.
What I want to recommend to you, limit the information you take in. Learning about 1 cryptocurrency will be hard work. If you get distracted into the world of many other coins, then you end up going in circles. Especially if you don't have the basics down.
Invest in something you CANNOT lose out with - your education and skill in this field
There are not many people very experienced with Bitcoin right now. The reason: it only exists for 9 years. If you learn about it, you will be one of the few experienced people in your circle of friends and colleagues.
Nobody can take this from you. No ups or down of the price will influence that you have learnt a very real, and rare skill.
Who knows, it might become a new career in the future
One takeaway from Andreas' video for me was: if I would have learned about building blogs when the internet was young, I could have made a career out of it.
Now is a similar opportunity. If you know your stuff about bitcoin, blockchains, proof of work (did I already lose you? then it's not time to send out the resumé yet!) - then new doors will open for you.
You might become a consultant. Or a coach. Or an internet star. Who knows what will happen with this technology the next 10-20 years...?
Insert Meme:
Nerd + Suit = Profit $$$
Learn about everything in this space. The stuff you and I can learn will not run out. But many of the skills and attitudes can be used elsewhere.
For other currencies, for economics (yay, money!), but even for being critical with information on the internet, being computer literate, understanding security, risk management...
If you start to think of attack vectors in your private life, then you are on a good track :)
Summary:
Learning about Bitcoin is a get rich SLOW scheme!
But it's something that will work for you far better than jumping on the next trap that you will see tomorrow when you click on an ad.
(Seriously, please use an adblocker)
http://lmgtfy.com/?q=adblock+plus
Bitcoin offers for unique new possibilities
Bitcoin is THE distributed, worldwide and complex system, mixed with complex human behaviour and all of that.
Think of it as a big adventure!
Bitcoin is a global system of unbreakable trust and security. (Specifically, proof of work)
In times of "fake news", manipulations, lies - I can't think of anything more important to have.
Bitcoin will turn the world around
The question will not be, how will laws change Bitcoin. But how will Bitcoin change the laws.
I truly believe that. The way we will do contracts will change. The way we will interact with each other will change. Nobody knows how far this will go, because we never had anything like this before.
One example in the video that resonated with me:
Imagine a government that is transparent and accountable to you as a citizen. Not the other way round!
Revolutionairy thinking = looking like a fool
People we think of as geniuses were not popular during their lifetimes.
My solution: I will keep my crazy thoughts to myself and when I need to vent - that's what steemit can be great for!
Invest your money with the goal to learn
If you really want to learn something with an increased motivation, it makes sense to invest money into it. Not with the goal to be righ later (might be a side effect, no guarantees!)
But just to be involved, to have a personal stake in it. It can be a small amount (whatever this means to you).
Take that small amount, spend it without expecting it to come back, and play around with the systems.
Get a wallet. Understand what a seed word is. Recover your wallet. Spend the money for a coffee where possible and get talking to people about the experience. Donate some of it to a project or person and track the transaction on the blockchain...
Learning by (spending and) doing!
Put your money where your mouth it - in order to learn. Be part of this global adventure where no one knows how far it will go in the future.
DON'T spend more than you can afford!
But if you fail somewhere (we all do), do the best out of it and learn from it. With time, you will make better decisions, have more skills, which will translate to more success!