If you haven't heard of cryptocurrency by now, it's either you're living under a rock or you are just plain blind.
Either way, here's a story I think you should read.
Back in 2011, I used to frequent blackhat sites. Once in a while, I would comment on a post and as I was wont to do, because I am a cool guy, I made a couple of acquintances
on them. One of those people became somewhat a good friend of mine.
Till date, I do not know his name (because I didn't ask), I only referred to him by his username. And he told me about this new e-currency technology called cryptocurrency.
When I asked him what the currency was called, he said it was called...
BITCOIN.
Then he offered to sell me 10 units of this bitcoin for $200.
"$200?" I screamed! "Dude, are you insane? How do you think I am just going to give you $200 for something I didn't even really understand how it worked and which as far as I know is based on how that it will be 'profitable in future'"?
The reason I declined is you see, back in year 2003 - 2006, I used a service called E-Gold to pay for services online - domain names, hosting, etc - and also got people to pay me with it. You could convert it to dollars and vice-versa.
In 2007, the US Governnment arrested the company's founders for money laundering, shut down the company and
all the money I (as well as others) had in egold was lost.
It was painful. 4 years later, I had not forgotten, the pain was still there. To cut the whole long story short, I declined my internet friend's offer to buy the BitCoin.
Fast forward to 2016, I started hearing more and more about cryptocurrency. And Bitcoin.
And many other types.
Then I saw the Richard Branson's Virgin Airlines and indeed all his 200+ companies were accepting Bitcoin as a means of payment.
Then I saw that I could pay for services on Fiverr using BitCoin.
Then I saw that Grant Cardone (he's one of my favorites gurus) had the option for you to pay for his products in Bitcoin.
Then I saw that hotels, supermarkets, and so many other businesses were accepting this BitCoin thing.
Then I saw that the UN, yes, the same UNITED NATIONS was looking at the technology. And Microsoft. And IBM. And J.P Morgan. And Intel. And many world renowned banks. Even credit card companies like VISA.
Plus the US Government!
So I became increasingly intrigued. Then became interested. Then became super interested.
I reasoned that if all these big companies and reputable individuals, including millionaires and billionaires alike were accepting Bitcoin, then there had to be something good about it they were seeing.
So I did a deep dive and decided to research it further.
Brethren, what I have discovered has me
Mind...Blown!
I found that Bitcoin wasn't the only cryptocurrency game in town. There was so many of them, most of them fake and worthless.
For example, once some smart alecs saw the popularity of Bitcoin, some went and started their own coins, put an MLM around it and then started selling the worthless coins to other eager unsuspecting people.
Here are some of them.
OneCoin
The Bullion Coin
E-Denarii
TrumpCoin
NairaCoin
I have even gotten offers to set up my own cryptocurrency, call it RonCoin and sell it to you guys.
Hahahahaha. :-D
But why would I do that? Why would I knowingly sell you something that's worthless?
Naa, I do not play like that.
Note: If you are one of the people pushing any of these fake currencies, I am not interested in your "opinion". Do not comment here with your contrary opinion.
Here's How These Scams Rob People Of Their Hard Earned Money.
First these coins are worthless. How do I know this?
Because they are based on nothing, that's how.
See, BitCoin is also based on nothing but here's the difference between it and these fakes. BitCoin is not expandable. You cannot make anymore BitCoin. The supply is limited and that's why it has value. As demand for it increases, the value rises as supply is scarce and when there's any available, you have to pay as high as those selling it want to accept.
These other coins? They have to keep expanding them to accommodate more people. The more the supply, the lesser the "value". For example, if 10,000 join the OneCoin MLM, they have to create a corresponding number of coins in their database in exchange for the dollars they bring
in order to accommodate them.
The more coins created, the lesser the value goes down.
And speaking of dollars, here's the second way these fake cryptocurrency guys scam people, which is...
What the people who join these MLMs don't know is that the operators take their dollars (real money), give them the worthless coins in exchange, then use the real money (dollars) to go buy and BitCoin and the other real cryptocurrencies! (More on this in a little while)
Even Ijegu Jacob Ogbaji wrote about it on his wall the other day, where people ask you to join their TBC (The Bullion Coin) exchange but you pay to join using BitCoin.
Strange? You bet! I mean, if their TBC was so valuable, why do they ask you to register using Bitcoin instead of their own TBC currency? Huh?
And if doing what they do to the unsuspecting public isn't wickedness, I do not know what is. But wicked people can only bait and catch people who do not do their homework well.
Many of you reading this have a really bad habit of jumping into investments and making financial decisions without doing as much as a basic Google search, so permit me to not feel an iota of pity when you lose.
Onward.
The third way people are scammed is getting them to believe that they can somehow "magically" increase the amount of Bitcoin they own, not by buying the real Bitcoin but by manufacturing it.
I get people ask me, "But what about all these sites that say you can "mine" Bitcoin?"
LMAOOOOOOOOOOOOO! :-D :-D :-D.
You believe that shit? You really believe that horseshit? If you give them your money to "mine" bitcoin for you, that's your funeral.
Like I said BitCoin has a cap. The supply cannot exceed that amount. It cannot be added to. You cannot "mine" it. I do not care who tells you otherwise, it's a fucking lie that you can "mine" Bitcoin.
Next!
There's more but I'll stop here.
But the story is not all gloom and doom, though. There's a lot of money to be made from the right cryptocurrency.
I believe that whether you like it or not, in a few years, you will be using cryptocurrency. More and more companies are building on the Blockchain technology that power them. Now is the time to pay attention and position yourself to profit. In fact, it's a bit too late already.
And when I say, profit, I do not mean just by buying, storing and hoping to sell at a later date. There are many other ways to profit from cryptocurrencies.
You can...
- Buy, store, and resell
- Sell goods and services and get paid
So which cryptocurency are legit?
There's...
- Bitcoin
- Ethereum
- Ripple
- Litecoin
- Dash
- Monero
- and many more
This week, BitCoin's value is at $2465.28 for 1 BTC (BitCoin). If I had listened to my friend from the Blackhat forum back then and bought the 10 Bitcoins he offered me for $200, it would be worth $24,652.80 now.
That would be at least a return of over 1,000%!
I missed out because I let a past bad experience affect my judgement. But guess what, I am not worried. Now I know exactly what to do to profit. The good thing is all of this new technology is still at a nascent stage.
The world is changing guys and it is changing fast. Only those who change and adapt along with it will profit handsomely.
If you for a moment think this cryptocurrency thing won't become the standard for payments, watch this video below.
The video is clip from a morning TV talk show broadcast in the USA in 1994. At minute 0.31, the guy anchoring asks, "What is internet anyway?"
Let me not give it away, just watch:
Amazon.com was launched in the same 1994 because the founder, Jeff Bezos believed in this "internet" thing even when the majority didn't believe in it.
And that guy in the video above, if he's alive, I am sure he's using the "internet" to buy things from Amazon and making Jeff Bezos get richer.
P.S. If you want to know what cryptocurrency I am considering finding someone who truly knows what they are doing and bringing him to do a webinar for all of us. What do you think?
And hey share this article!
So this article has since blown up and I have been notified I was wrong about the BitCoin mining bit.
As I have now learnt, bitcoin mining is not about generating new bitcoins or minting new bitcoins. It simply means helping people process their bitcoin based transactions because these transactions need computing power and as they happen virtually every second.
So what bitcoin mining simply means is that your offer the free space on your computer or server to the bitcoin system to use in processing people's transactions automatically and then you earn money from the process. So the bitcoin you earn from providing this space/power it is the transaction fee when you have the engine to mine.
Also the highest volume of bitcoin that could ever be in circulation is like I said, definite (21million). Currently, there's only around 16 million BitCoins (BTC) available right now. When miners supply electric power force and server space through their high specialized mining machines.. eg. ASIC, the BitCoin node operators use this force to process transactions, and the blockchain generate a certain amount of bitcoin for the miners to share as a reward for facilitating transactions. Every year.. this mining reward is halved in order not to deplete the available finite amount quickly, meaning, it could take another 20-30 years for the total available 21 million BitCoins to be completely mined.
However, these rewards are most times not worth the stress of doing the mining. For one, you may not have the server space and even when you do, you may not have the engine required. And when you invest in an existing engine in order to share the rewards, say you invest $100, you will get back only about $20 in a month. Which means, you will get your $100 back in 5 months. And you haven't even earned a profit on it yet.