Why You Should Buy Bitcoin — And Why You Shouldn’t.
Right now, there’s a lot of buzz around Bitcoin, and for good reason. It’s a cutting-edge technology (and currency) that has attracted the interest of governments and banks pretty much everywhere… and, of course.. the price!
Insane, right?
But should you actually buy Bitcoin? Or should you stay away?
Well, there are a lot of really good reasons to buy Bitcoin.
Here are a few of them:
1) You are weary and distrustful of the banking system, especially after the 2008 crisis (and bailout), and you’re looking for a place to actually SAVE (pun intended) your money. Ideally, you’d like something that is separated from the global financial system, yet more usable and practical than gold — particularly given the increasing political uncertainty we’re experiencing in many parts of the world right now.
2) You’ve come to realize that since the 1970’s and Richard Nixon, the money in your pocket isn’t based on anything more than a promise from a deeply-indebted government that is in way too deep and has no way out. You realize that while this system of “fiat” currency has worked for a few hundred years, it has some serious problems… Namely, the fat that most governments — including your own — are deeply, deeply in debt — and probably won’t ever be able to pay off those debts. This concerns you, and you’re looking for a way to hedge against all of this mess.
3) You are tired of watching your wealth decrease by an average of 2% every single year as governments print more and more money to cover the interest payments on their debt. You, like economist John Maynard Keynes, feel that this is basically an undetectable scheme to steal money from the common people without them noticing, and you’re tired of it. You want something that can’t be printed endlessly and decrease in value, but, again, is more mobile and usable than gold.
4) You feel that it isn’t fair to pay 2–3% transaction fees, 3% foreign transaction fees, $25–75 bank transfer fees, or $10 monthly account fees to your bank just for storing or sending YOUR money. You have come to realize that the only reason you’re paying those high fees is because the systems being used by banks and payment services like PayPal or Visa/MasterCard are inherently flawed, resulting in huge amounts of fraud, and you’re sick and tired of paying the overpriced bill to help them cover their losses! On top of all of that, you are tired of waiting 2–3 business days for money to arrive into your account, and worrying for 90 days that a customer can easily file a chargeback or dispute. You want your money to arrive into your account, irreversibly, in minutes — not days.
5) You want a safe, proven way to store value that is not only more secure than gold or foreign bank accounts (which can be and have been confiscated by governments or bad actors), but also provides you with a level of privacy in your dealings. You don’t have anything to hide, but you don’t feel it’s fair that no matter where you go in the world or what you do, your bank reports it back to your government — especially if you’re an American.
6) You feel it’s unreasonable that 62% of the world’s population has absolutely zero access to banking or financial services, and even those who do have to jump through hoops to get access to them. You envision a world where anyone, anywhere, can safely store and use their value, without having to stuff money under the mattress and hope it doesn’t get devalued, demonetized (which happened in India recently), or outright stolen
7) You feel that the technology behind Bitcoin (or it’s predecessors) is going to change everything, by unlocking a world of truly “trustless” commerce. You realize that the immutability and security of blockchain technology will not only reduce friction and unlock unprecedented speed in many industries ranging from government to finance, but also see the potential of a payments system that doesn’t require you to place your trust in a bank, a government, or even another person. While you realize that this may not be a huge deal for you, you’re able to understand that many people in developing countries are very hesitant to trust someone else with their money — and for good reason.
8) You’re sick and tired of having YOUR finances and privacy be compromised by the poorly designed security systems out there today. Whether it’s Equifax, VISA, or your hospital… you are no longer willing to live in a world where your information is stored in insecure, centralized databases for anyone curious and talented enough to steal
Those are just a few of the reasons why you SHOULD invest in Bitcoin — and if any one of them made you nod your head… then by all means, I encourage you to buy a small amount.
But there are a couple of really BAD reasons to invest in Bitcoin, too:
They go like this:
1) You are looking to put your life savings into something that will increase in value, and you’re risk averse. Look somewhere else. Cryptocurrencies are still very volatile, and so I would never recommend putting more into them than you can afford to lose.
2) You heard something on the news about this Bitcoin thing, and while you don’t really understand or care about it, you wanna get rich with everybody else.
As Naval Ravikant recently said,
“Bitcoin is a tool for freeing humanity from oligarchs and tyrants… dressed up as a get rich quick scheme.”
It’s a revolutionary new technology that is already changing the way that money is perceived and used. For all of the reasons stated above, it’s important that you understand that this is a seismic shift that is poised to completely change everything… not just payments and remittances, but the entire concept of “money” as we know it. So while many people, myself included, ARE making CONSIDERABLE gains on their cryptocurrency portfolio’s — that’s not the point.
If you’re here to make a quick buck, but not willing to invest in understanding how this technology actually works and the responsibility you assume when you become your own bank… stay away. You will lose your money like so many before you.
If you just want to ride on the coat tails of this revolution and make as much as you can, without participating in this social and financial revolution in earnest and contributing to it… stay away. Not only will you probably lose your money, but you’ll create a bubble that will make the rest of us lose ours, too. Come back when things have calmed down.
But… if you are sick and tired of a financial system that does nothing but get in your way and steal from you — directly and indirectly… then join us. Bitcoin is the tool you’ve been looking for: a revolutionary technology, created for the people, by the people, which anyone can use, contribute to, and improve upon. It is the liberating technology that will allow ALL of us to transact freely and affordably with everyone else… and guess what? The revolution is already very much under way.
JL
P.S. If, after reading the above, you’re still interested in learning more, I invite you to check out this completely free, 90-minute seminar with a colleague of mine, where we’ll help you get yourself up and running.
